First Day Inaccuracies for Ethereum PoW Network
The Ethereum PoW Network receives complaints due to inaccurate data
It had a miserable first day due to teething issues with Ethereum PoW, the version of the Ethereum blockchain that is still powered by a proof-of-work (PoW) consensus mechanism. Twitter users have expressed frustration at their inability to connect to the network using the instructions supplied by the Ethereum PoW Twitter channel, as well as issues connecting to the network’s web servers.
The blockchain was created as a fork of the Ethereum network, which on Thursday through the “Merge” transitioned to a proof-of-stake (PoS) consensus process. Ethereum is currently the name of the PoS network. Using the given links, we were unable to connect to the web servers for Ethereum PoW. As of Friday morning, a reporter has tried many times to join the network to a cryptocurrency wallet without success.
In a tweet, the scaling tool for Bitcoin Cash SmartBCH noted that the network problems were probably caused by Ethereum PoW utilizing the same Chain ID as a testnet for SmartBCH. Many people confirmed the problem. The browser-based cryptocurrency wallet MetaMask uses a collection of integers called a Chain ID to sign transactions for the network. Because users aren’t linked to the right network when transactions fail due to an invalid Chain ID, a network is rendered useless.
As a result of users receiving the new tokens and immediately selling them on the open market, the price of ETHW, the native currency of Ethereum PoW, dropped during the course of the last day. Several exchanges, notably OKX, list the tokens. Prior to the Merge on Thursday, the tokens were trading at over $42, but by early Friday am European time, they had dropped as much as 78% to as low as $8.20. When they were originally released in the first week of September, futures tracking ETHW traded at more than $54.