ETHW responds to ETC’s open letter: ETC has not grown in the past and will continue to be a “giant baby”

Editor’s note: Previously, ETC Coop sent an open letter to Mr. Bao, persuading him to abandon the ETHW fork. Click here to view it. This article is ETHW’s response to the content of ETC Coop’s open letter.

Author: EthereumPoW

This “The Merge” upgrade of Ethereum will inevitably form a hard fork of Ethereum. No matter what objection you hold, the community, exchanges, miners and mining machine manufacturers are standing opposite you. If you haven’t been aware of this powerful consensus over the past week, we’ll have to bring you the facts in September. This is not an easy task, but the wonder of the world, strangeness, and extraordinary views often lie in the danger. We are willing to give a helping hand to the community to make this attempt.

We have defused the difficulty bomb and completed testnet preparation.

As you said, “it is the easiest thing in the world for miners to switch to “Ethereum Classic (ETC)”, but is this true? ETH has accumulated a computing power of 996 TH/s, while ETC only has a meager 27 TH/s, switching to “Ethereum Classic” mining sounds simple, but it’s actually a shoe for all miners. The small pool of ETC cannot hold the entire computing power pool of ETH at all. This is a hard fact. In the face of such hard facts, this hard fork is inevitable. Even without ETHW, there will be ETHX and ETHY.

ETC has not grown since it was born. In the past four or five years, it has stood still, stagnant, and failed to establish any ecology. It is conceivable that ETC will continue to be a giant baby in the future. ETC has not been able to attract computing power pools in the past, and will naturally not be able to undertake the computing power pools abandoned by ETHPoS in the future. So whether willing or not, ETC can only learn to live with the newly forked brothers as soon as possible.

As for the concerns raised by you, we will respond to them one by one.

1. Language versions of various chains

There is no need to worry about this at all, let’s start with the Geth version. What you think is difficult is not so difficult. We will talk about the products to be released next. As of the current node, our progress is:

Difficulty bomb has been defused
Chain ID has been updated
Replay protection has been added
The core of the whole thing is not in technology, but in people’s hearts. Looking back, the ETHW community has been established for less than half a month. Why has it made such rapid progress? Why has the team grown so quickly? The reason is that “decentralization” is what people want and what everyone believes. We believe that the Ethereum developers of PoW, after realizing the meaning of “decentralization”, will also join the ranks of the revolution.

How will ETHPoS progress in the next five years, and will ETHPoS still exist? This is all uncertain. Just in case, we believe that all parties should unite to make a hot backup for the decentralized DeFi and NFT world, compete with ETHPoS together, and leave another possibility for the world.

2. Wallet Vendors and Exchanges You Worry About

The aWSB community has set up a dedicated business group for this, consisting of volunteers from all over the world. As of today, 6 exchanges have supported ETHW’s IOU and Future transactions. At the same time, several well-known wallet companies have taken the initiative to contact us to express their full support.

As for Metamask, despite its statement that it does not support ETHW, it has no strength. Technically, adding a chain is just adding an RPC interface, and for wallet users, it is just a “one-click” effort on our official website. In terms of interests, even if Metamask is deliberately mischievous (after all, it has been bought out by those who own Ethereum), which merchant is willing to shut out 200 million Ethereum wallet users? Complete reasoning?

3. There is no “useful” information on our website

As mentioned earlier, the community has been established for less than half a month, and everything is going on at the same time. There are too many more important and more substantial things waiting for us to do. Updating the official website is such a face project, we do not want to do it. “The peaches and plums don’t speak, and they form their own paths”, instead of writing a lot of nonsense, it is better to just write one sentence, we are “The Original Ethereum Blockchain Powered by PoW”.

As for GitHub’s code update problems, one is the code of Ethereum, which has been running stably and does not need major changes; the other is that we have marked the necessary changes and test updates, and there will be before the end of the month; three technical documents, before Ethereum It’s done, we just need to tidy up. While these are all face projects, thanks for the advice too.

4. The merger time is short, it is too late to do anything

In this regard, you need not worry. In order to keep this permanent and stable running PoW of Ethereum, volunteers from all sides poured in regardless of time and money. We have established a core development team. From the preparation of the fork to the present, the main code changes have been completed and successfully entered the testing cycle. There is still more than a month left before the fork of “The Merge” in September. Use this time to do joint testing with mining pools, miners, and miners, and the time is loose.

5. After the fork, the ERC assets on the chain will become waste coins

You are worried that after the fork, the ERC assets on the chain, including stablecoins and other DeFi/NFT assets, will mostly become waste coins: if nothing is done after the fork, it will inevitably cause short-term chaos. Such as DEX and lending platforms, etc., many hackers and scientists will use LP pools and contracts to do various arbitrage, which will cause personal and institutional asset losses (mainly ETHW).

The community is doing in-depth discussions on this point, looking for more thoughtful and specific user asset protection measures. You are cordially invited to participate in the discussion, but the aWSB community will come up with a fair and appropriate plan within two weeks to present it to users of the entire ETH ecosystem.

“One leaf obstructs the eye, but Mount Tai is not seen.” Your view of the world of “unforkability” is precisely the manifestation of one leaf obstructing the eye. Your Excellency has not seen the demands from the community, exchanges and miners, and has not seen the original appearance of the world. Why is the hard fork a success? Because it is a matter of compliance with the community and ecology.

Take DeFi, NFT engineers and users in the community, they missed DeFi Summer, they missed NFT Summer, and they don’t want to miss ETHW Summer again. After the ruins of “The Merge”, how to sprint to rebuild the Great Western Era, and how to call out their “Prince and General Xiangning has a seed”, is the ETHW Summer they don’t want to miss anymore.

Finally, regarding Barry’s tweet, “We fully support ETH PoS other than ETC and will not support any ETH PoW forks, ETH miners should move to ETC to maximize their income long term, it’s that simple.”

I wanted to say something, but looking at the 3 million ETH and 12 million ETC held by Barry’s Grayscale, I remembered the phrase “butt decides the head”, about this, I am sure I have a thousand words, but unfortunately the blank here is too small , I can’t write it down.

Have a good day,

ETHW (https://twitter.com/uniswap12 )