VN – EthereumPOW, the network born from the transition to proof-of-stake consensus in September 2022, has announced significant changes to its governance structure. Today, the network said it has disbanded its core development team in a move towards decentralized governance. OneDAO has been appointed to temporarily manage the server during this transition.
Since its inception following Ethereum’s major update last year, EthereumPOW has aimed to maintain the original proof-of-work system that was replaced by Ethereum’s new protocol. Despite facing challenges such as the decline in value of its native token, ETH, and limited backing from large entities such as Grayscale Investments, EthereumPOW continues to be active.
The decision to adopt a decentralized governance model marks a pivotal moment for the network, reflecting a growing trend in the cryptocurrency industry towards such structures. Handing over server management responsibilities to OneDAO is considered a temporary solution while the details of the new governance framework are finalized.
EthereumPOW’s journey since Ethereum switched to proof of stake has been closely watched by industry observers. The network’s resilience in maintaining operations despite setbacks highlights the commitment within certain segments of the crypto community to the proof-of-work concept, often lauded for its benefits. Its security posture despite criticism of its environmental impact.
As EthereumPOW navigates through these changes, stakeholders and participants in the cryptocurrency market will be watching how effectively OneDAO is able to manage the interim period and what this change means. for decentralized governance for the future of the network.
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