The project team presented a manifesto, highlighting among the main points the absence of pre-mining and inflation of the asset

Developers of Ethereum PoW-hardfork reject proposal to burn part of the fees

10.08.2022 - 15:35

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2 min

What’s new? The developers of the potential Ethereum hardfork on the Proof-of-Work (PoW) consensus algorithm, which may come as a result of the network upgrade, have published a manifesto of the digital asset. One of the main points was the rejection of proposal EIP-1559, according to which part of the transaction fees in the blockchain is destroyed. The team also highlighted the absence of pre-mining and inflation.

Pre-mining is the procedure of issuing tokens by developers using a special algorithm before the public launch of the project.

What else did the developers say? They presented themselves as a “truly decentralized community of volunteers,” noting that the Ethereum Foundation NGO refused to decentralize. The developers recalled that in 2016, as a result of the attack on The DAO, the organization rolled back records in the blockchain to recover financial losses. At that time, Ethereum Classic (ETC) appeared as a result of this hardfork. Regarding EF, the developers added:

“There is nothing decentralized about the decision-making process; and the community-driven governance is in-name only; ideology and everything else is set aside in favor of higher token prices.”

As for the EIP-1559 proposal, the team called it “an attempt to create a bullish narrative at the expense of miners.” This upgrade was part of the London hardfork, held in August 2021. It was supported by developers and users, but some miners opposed it because their earnings depend on network congestion, with fees going up as well. The developers concluded:

“The network, EthereumPow (to distinguish it from the soon-to-be PoS alternative chain) is to eventually become completely autonomous and self-sustained, devoid of any governance entity. We set the goal to achieve it in 3 years.”

Earlier, Tether Limited, the issuer of the USDT stablecoin, supported Ethereum's transition to PoS. In its official blog, company representatives called the event “one of the most significant moments in the history of blockchain.”

You can read about the prospects of making money from Ethereum's fork in GetBlock Magazine's article.

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