The American celebrity Kim Kardashian has been forced to pay a $1.26 million fine by the Securities and Exchange Commission (SEC). The fine pertains to her undisclosed promotion of EthereumMax (EMAX) over Instagram. She failed to reveal that she was paid $250,000 to promote the token. Kim Kardashian Promoting Crypto? Per a statement from the SEC on Monday, Kardashian’s problematic post contained a link to the Ethereum Max website, and instructions for purchasing EMAX tokens. The Instagram story said Kardashian’s…
Via a lengthy Twitter post, Ethereum fork advocates recently promised to put an end to EIP-1559. In a detailed open letter, they claimed the Ethereum Foundation had used the proposal to foster a bullish narrative that ultimately harms miners.
Ethereum Abandoning Decentralization
Ethereum’s forthcoming transition to proof-of-stake has seen a lot of positive attention, with several eagerly awaiting the Merge. However, there have also been opponents who believe the switch to Proof-of-Stake is a step backward. The account behind the earlier mentioned post “EthereumPoW (ETHW) Official” is one of the detractors.
EthereumPoW’s thread was called “The Manifesto of Proof-of-Work: An Open Letter to the Ethereum Community.” The post noted that the goal of the Merge is to completely do away with PoW. According to advocates, the consensus mechanism was the only thing that distinguished Ethereum and Bitcoin as truly inclusive networks.
The letter leveled a slew of accusations at the “once almighty” Ethereum Foundation. In the release, the PoW supporters insisted that the organization is giving up decentralization as it embraces the Proof-of-Stake consensus mechanism. They highlighted an event where the foundation supposedly made a decision without community agreement.
According to them, 2016’s ETC fork was the result of differing views that saw Ethereum’s “elites” abandon the network’s immutability.
We never forgot that, in 2016, without the community’s agreement, the “immutable” ledger was rolled back to recoup the financial losses during The DAO Hack.”
EIP-1559 Detrimental to Miners
The letter also pointed to EIP-1559 the team’s attempt to “create a bullish narrative at the expense of the miners.” PoW proponents view miners as essential given their position in a Proof-of-Work network. Hence, the post asserted, that miners are a “political force” and should have political authority.
However, despite miners’ importance to the network, the letter accused the elites of silencing miners. Rather than give them a voice, the Ethereum Foundation is supposedly forcing them into peacefully participating in the network. This, EthereumPoW claims, is because the platform’s executive, narrative, and governmental entities are all “dangerously centralized.”
How Fork Supporters Hope to Preserve ETH’s Decentralization
EthereumPoW described itself as a truly decentralized community of volunteers who were intent on keeping Ethereum open and inclusive. To assure PoW supporters they plan to remain true to these features, the thread outlined a few plans. To start with, the post-fork token will be deflationary and will not be pre-mined.
Their central focus will be preserving the Proof-of-Work and the Nakamoto Consensus mechanism. Another key aim is to abolish Ethereum proposal EIP-1559.
In a truly open and inclusive system/society, there is no justification for punishing one group of participants in favor of another. We will never idolize leaders, unlike our predecessors. We strive to be an enlightened society.”
Ultimately, the fork proponents aim to become entirely autonomous and self-sustaining. They will not accommodate any entities that will govern the blockchain. The post also gave a timeline for their mission, they intend to achieve their goal within the next 3 years.