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ETHW developers announced the dissolution of the organization

Today, in the official blog of the cryptocurrency project EthereumPoW (ETHW), a new announcement has been posted. The developers of the digital startup shared details about their work, stating that the core EthereumPoW (ETHW) team has diligently worked throughout the year to fulfill the commitments made during the initial fork.

The cryptocurrency creators explored and confirmed the feasibility of ETHW operating independently without the support of the Core team. This allowed them to adhere to the fundamental technical and operational conditions for ETHW as outlined in the initially proposed scenario. “After in-depth discussions and based on the consensus of the majority, we have reached a unanimous decision: the conditions for dissolving the core organization have long been matured, and now is the time to fulfill our promises.

Thus, Core representatives have announced that they will no longer be working together. The consensus encompasses several crucial points, including the dissolution of the EthereumPoW (ETHW) core development team to achieve complete autonomy, maintaining the PoW algorithm as the primary mechanism for the chain in the long term. Finally, a decision has been made to transition to full decentralized governance, allowing the public network to evolve without pressure from a group of responsible individuals.

Developers noted that existing servers will be transferred to One Day for temporary maintenance until long-term partners are identified.

According to the latest data as of December 19, 2023, the value of the ETHW cryptocurrency sharply declined after the release of this statement. Quotations fell by 8.7% in the past few hours. The digital coin can be acquired at $2.59, with a market capitalization of $279.1 million.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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