To save the Ethereum mining community, a group known as the Ethereum Genesys Foundation (EGF) has successfully forked the chain hard to continue ProW-of-Work (PoW) mining.
With the ETH 2.0 upgrade, the switch to Proof-of-Stake (PoS) would make miners superfluous. In addition, miners claim they are slowly phasing out even before ETH 2.0 is fully implemented. Community splits are difficult at best, and even more so, as the original chain tends to do better. In this sense, is Ethereum Genesys doomed to fail?
Ethereum Genesys wants to continue PoW
The EGF successfully initiated the hard fork of the Ethereum mainnet in mid-April, which they called the “Maple Fork”. They intend to save the PoW mining community and create a split token called Ethereum Genesys (ETG).
Why users would prefer this to the original Ethereum is less decentralized than PoW due to the Ethereum Foundation’s PoS approach, as most Beaconchain validators run on either AWS, Google Cloud, or Azure. They also mention that the minimum wagering requirement of 32 ETH ($ 88,000) is prohibitively expensive for the average person.
“Our first priority is to save the miners around the world who secured the Ethereum blockchain from the start. Therefore we remain a pure PoW blockchain. We do not agree with Ethereen [sic] Future path with a pure PoS model. “
Core developers are considering implementing the Ethereum Improvement Proposal (EIP) 3238 in the London hard fork planned for July. This “difficulty bomb” increases the difficulty of PoW puzzles. The result is longer block times and therefore less reward for miners.
The difficulty will increase over time until the “Ice Age” when mining becomes so difficult that it is not economically attractive.
Founding member of the EGF, Earl Maysaid the “difficulty bomb” is the first step to end PoW mining on Ethereum. However, thanks to the Maple Fork, this code has been disabled.
“The Ethereum GeneSys Foundation has deactivated this code forever so that mining can continue indefinitely. All parameters required to enable fork in the geth and openethereum codebases are submitted on GitHub for easy node setup, including fork configuration changes. “
The community response to ETG has been overwhelming as little has been reported of the split.
Sense of community
That month, community sentiment over the miners’ “show of force” against the EIP 1559 was met with hostility.
EIP 1559 is a revision of the fee market that introduces predictable fees and a burning mechanism. This could lead to a decrease in revenue for miners. To protest, some Ethereum miners threatened to focus the hashing power on a single pool, potentially leaving the chain open to a 51% attack. They planned for this to happen on April 1st, but that day came and went with no action.
At the time, many said the threat caused miners to isolate themselves from the rest of the community. This just highlighted a conflict between the different segments of the Ethereum community.
A successful project therefore needs all stakeholders on board. However, maintaining PoW is a huge challenge for users who are tired of high gas prices.
Source: ETHUSD on TradingView.com