According to the official Twitter account of EthereumPow, the forked PoW version of Ethereum (ETH) will not have a coin burn mechanism.
The statement came in a series of tweets explaining Ethereum’s new manifesto.
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2. In the foreseeable future, maintain PoW and the Nakamoto Consensus mechanism, which is the foundation of everything that ever mattered in the Crypto space: A truly robust and inclusive system.— EthereumPoW (ETHW) Official (@EthereumPoW) August 10, 2022
Ethereum miners, on the other hand, agree that it is pointless to punish one group of network users to protect the rights of others.
After Merge, EthereumPoW will decouple it from the PoS chain and aim to be fully autonomous and self-sustaining, devoid of any governance entity. It is aimed to reach this goal gradually over the next three years.
Why PoWers Don’t Want EIP1559?
Despite all the talk of decentralization, the main reason for this is the blocking of the profits of the miners. Base Fee, that is, base payments going to the burning address and getting out of use, is a factor that reduces the profits of miners.
With the help of the burn mechanism, Ethereum had a separate source of support in the market because with the burn, users were able to get rid of some of the selling pressures that had arisen before. In addition, the controlled decline in supply also provided supply-based value to the asset.
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