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Ethereum PoW Hardfork Token's IOU Accepts Trading on 5 Exchanges

The Ethereum network’s transition from the Proof-of-Work to the Proof-of-Stake (PoS) model was successful, and the industry is agog about it.

Besides ushering in a new era for the Ethereum community, many stakeholders have been preparing for a new token that is billed to be created through a hard-fork split.

The likelihood of creating this token is high as some of the industry’s biggest exchanges have now listed an IOU of the potential token, which is designated with the ticker symbol ‘ETHW’. At the time of writing and according to data from Coingecko, FTX, MEXC Global, Bybit, Gate.io, and FTX.US are the five exchanges that have listed the coin.

The ETHW token is currently trading at an average price of $18 on FTX, MEXC Global, and FTX.US. The token’s price on Bybit is $22, while on Gate.io, it is trading as high as $40.

It is yet unclear how many trading platforms will eventually lend support to the new version of the Ethereum coin that will maintain the Proof-of-Work (PoW) consensus model. The Coingecko data, however, attached very high trust scores to the IOUs being traded on these platforms.

Ethereum is not a protocol that is new to hard forks and the creation of a new token. The Ethereum Classic protocol is one major blockchain ecosystem that spun off as a result of the network’s hardfork back in 2016.

Considering the resilience and success of Ethereum Classic thus far, some major stakeholders in the Ethereum ecosystem have pledged allegiance to support the new protocol as many sought avenues to help maintain the legacy of the Ethereum blockchain as a mining-enabled system.

The argument for the PoS version of the protocol is strongly hinged on its energy efficiency. The proponents also believe that its scalability and attack resilience will be further bolstered with the validation model of confirming transactions.

BlockSec Shares Alerts of ETHPoW Tokens Persistent Attack

It is barely a week since the Ethereum Proof-of-Work (PoW), or known as the ETHW token, went live, and it has become the target of cybercriminals.

According to an alert shared by blockchain security firm, BlockSec, the ETHW protocol suffered a replay attack with the hacker carting away 200 ETHW tokens.

Taking to Twitter, BlockSec said:

“The exploiter (0x82fae) first transferred 200 wETH through the omni bridge of the Gnosis chain, and then replayed the same message on the PoW chain and got extra 200 ETHW.”

As detailed by BlockSec, the attack occurred in part because the gnosis bridge didn’t correctly verify the chain ID of the cross-chain message. Despite the clear observation from BlockSec, the core developers behind the ETHW protocols said the attack did not originate from the ETHW blockchain and only affected the bridge instead.

“ETHW itself has enforced EIP-155, and there is no replay attack from ETHPoS and to ETHPoS, which ETHW Core’s security engineers have planned in advance,” the ETHW Core developers wrote in a Medium post.

The developers said in the note that they have been making attempts to reach the Omni team in a bid to alert them of the exploit.

“We have contacted the bridge in every way and informed them of the risks,” it said, adding that “Bridges need to correctly verify the actual ChainID of the cross-chain messages.”

The ETHW protocol was forked from the mainnet when Ethereum transitioned from the Proof-of-Work to the Proof-of-Stake (PoS) protocol. The PoS Ethereum was long in the making, and its success will allegedly make the Ethereum network expend 99% less energy through the employment of validation consensus models.

The ETHW protocol has not launched on major exchanges, but its token IOU has gone live on top exchanges, including FTX, MEXC Global, and Bybit as reported earlier by Blockchain.News.

Binance Launches Mining Pool for ETHW Protocol

Binance, tagged as the largest crypto exchange by trading volume, has announced the launch of the mining pool for the Ethereum Proof-of-Work (ETHW) protocol.

According to Binance, users who choose to join the ETHW mining pool will not be charged any pool fees with the offer billed to run until October 29.

The exchange said it has only created enablement for ETHW withdrawals but that deposits will be available soon. The trading platform said in a bid to protect its customers, there is no guarantee as to whether it will list the ETHW in the near future. The exchange said it will adhere to strict policies as it does for other notable tokens it supports in order to protect its customers.

ETHW is a Layer-1 blockchain protocol that was forked from the Ethereum network after the Merge event that was initiated earlier this month. With the main Ethereum network now operating based on the Proof-of-Stake consensus model, the ETHW protocol has maintained the mining model to preserve the legacy of the network.

While many Ethereum-focused platforms like OpenSea have pointed out that they will not be supporting the ETHW protocol, the adoption level of the new coin has been broad, especially among retail holders who were airdropped the coin.

While Binance is unsure if it will list the token, a number of prominent exchanges, including FTX, Kraken, KuCoin, Huobi Global and Gate.io have listed the coin for trading. With the traction it has gained thus far, the EthereumPoW protocol has unveiled a list of the first protocols in its ecosystem and has invited the developer ecosystem to join its ranks.

With a price of $11.96 atop a market cap of $1.45 billion, according to CoinMarketCap’s data, ETHW is gaining the needed momentum just like Ethereum Classic, another digital currency that was forked from Ethereum back in July 2016.