The upgrade of Ethereum from POW to Proof of Stake (POS) is a change in consensus mechanism and an upgrade of the underlying technology of Ethereum, which brings sustainability and scalability benefits to Ethereum, but on the other hand, customers The complexity of the terminal software will also increase, the potential attack surface of the protocol will also increase, and it will also lead to a situation where the global miners are unemployed and the miners have no coins to mine. The previous POW mechanism relied on the computing power of global mining machines to support security. When the market fluctuated too much, miners were reluctant to sell to maintain the stability of the currency price. After ETH was converted to POS, this mechanism disappeared. Without the support of physical assets, the volatility may be higher. big.
ETC, which is also the Ethash algorithm, currently has no ecology on the chain. If miners migrate their computing power to ETC, the hash rate will increase significantly, and the mining difficulty will also increase sharply. Therefore, ETC cannot catch the computing power from the original Ethereum. Miners are also reluctant to switch computing power to the ETC network.
The POS equity proof mechanism abandons the concept of blockchain decentralization. It is becoming more and more centralized and centralized, and it is more likely to be subject to global national supervision. It is prone to centralized management control and the risk of POS attacks, and attacker-controlled pledges The greater the amount of ETH, the greater the destructive power of its attack, and more miners are willing to continue to maintain the POW version of ETH, while Ethereum will no longer support POW miners after the merger.
Etherum Gold (ETHG) was initiated by Nanopool, the largest Ethereum classic mining pool. Many developers, miners, geeks, and cryptographic elites around the world spontaneously formed a technical team to seamlessly connect the POS version on the original POW version of the Ethereum network. ETH and combined with the POC consensus mechanism to form a new POW+POS+POC multi-consensus mechanism, continue to maintain the original Ethereum chain of the POW consensus mechanism, follow the road of POW, undertake the computing power of global miners, and condense the original two chains of ETC and ETH Computing power, establish supercomputing centers around the world through POC distributed storage technology, promote the security improvement of ETHG network with computing power growth and consensus mechanism upgrade, and seamlessly connect with DAPP on the ETH chain, communicate with each other, and truly realize mutual Operation, improve the scalability of the public chain, adhere to the concept of blockchain decentralization, ETHG proposes full coverage of multi-currency mining pools, and join hands with major top node mining pools at home and abroad to launch global computing power sharing, cloud computing power leasing, Pledge to obtain computing power, physical mining machine mall, etc., to lower the mining threshold, undertake the global computing power of the original Ethereum, and provide cross-chain mining of all mainstream currencies of POW graphics card types such as ETHG, ETH, ETC, etc.
ETHG has completed the first round of financing of 15 million US dollars, led by Hut 8 Mining in Canada, A16Z, Marathon Patent, Riot Blockchain, HIVE Blockchain, Dialog Semiconductor, Northern Data, and miningcity of the United States. The initial investment of 15 million US dollars was used to build ETHG The Canadian Supercomputing Center can stably provide hundreds of millions of computing power after completion, and establish ETHG distributed storage servers in 24 countries and regions around the world, providing blockchain innovation technology and consensus for more than 100 countries and all graphics card miners and consensus users. More diversified services such as data storage services.