Ethereum PoW, the version of the Ethereum blockchain that continues to run on a proof-of-work (PoW) consensus mechanism, experienced a dismal first day as it ran into teething problems.
CoinDesk wasn't able to access Ethereum PoW’s web servers using links provided. Multiple attempts by a reporter to add the network to a crypto wallet had failed as of Friday morning.
A Chain ID is a set of numbers used by the browser-based crypto wallet MetaMask to sign transactions for the network. An incorrect Chain ID causes transactions to fail because users aren't connected to the correct network, rendering a network unusable.
Meanwhile, the price of ETHW, the native token of Ethereum PoW, fell in the past 24 hours, likely because users received the new tokens and instantly sold them on the open market. The tokens are listed on several exchanges, including OKX.
The tokens traded at over $42 on Thursday before the Merge and fell as much as 78% to as low as $8.20 in early European hours Friday. Futures tracking ETHW traded at over $54 when they were issued in the first week of September.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.