Overview of EthereumFair
What is EthereumFair?
EthereumFair is a fork of the early-stage Ethereum, meaning that it upholds the original design of the Ethereum blockchain with a decentralized ledger running smart contracts, supporting EVM, and using PoW consensus mechanism and Ethash mining algorithm. In order to operate the network, it needs a system of miners instead of crypto-staking validators like the Ethereum 2.0 network.
EthereumFair was founded in 2020 and put into operation in Q3/2022. This was also the time when Ethereum completed its transition to the PoS consensus algorithm. Until now, EthereumFair is building its own empire, the average block time at the time of writing is 14 seconds. Since its launch, EthereumFair has processed around 1.7 billion transactions and 52 million smart contract creations. 255 million wallets have also been created, according to a report on Oklink.
EthereumFair mining
As a clone of the Ethereum network, EthereumFair relies on mining activities to maintain the network. Miners on EthereumFair will receive rewards (native coin ETHF) if they successfully validate a block.
According to the developers of EthereumFair, the mining difficulty has been reduced to increase miner’s chances of earning rewards and profit from running a node. As Minerstats reported, the current mining difficulty is 221.1371T. The major mining pools that support this network include f2pool, Antpool, Hiveon, and btc.com.
EthereumFair and other blockchains
EthereumFair and Ethereum
EthereumFair is exactly the same as the original Ethereum network, meaning it also uses PoW and the Ethash mining algorithm. When the hard fork happened, ETHF – the native coin of EthereumFair was airdropped at a ratio of 1:1 to ETH holders. The transaction speed of EthereumFair recorded at the time of writing is 0.04 TPS (Transactions Per Second) with an average block time of 14 seconds. Meanwhile, Ethereum PoS is 14 TPS and 12 seconds, respectively.
EthereumFair and EthereumPoW
EthereumFair and EthereumPoW are currently the two most prominent forks of Ethereum that seek to maintain a fair distribution of the PoW consensus algorithm. Both chains, in addition to running the PoW algorithm, have 1:1 airdrop for ETH holders. Like EthereumFair, EthereumPoW’s block time is 13s and both run the same mining algorithm (Ethash).
ETHF
ETHF or ETF
As we know, ETHF is the native cryptocurrency of EthereumFair and in fact, ETF is just another name for ETHF. In other words, ETHF and ETF are the same. It is currently unknown how many ETHF tokens are in circulation. CoinMarketCap predicts that there are currently more than 122 million ETHF circulating in the market (February 6, 2023).
How to own ETHF
There are two ways to own ETHF coins: mining and buy ETHF on supported exchanges such as Huobi, MEXC, Gate, etc.
Storage wallets
Users can store ETHF on CEX exchanges listed above some wallets suggested by the EthereumFair project as shown below.
Evaluate EthereumFair and ETHF
Like EthereumPoW, EthereumFair insists on preserving the Proof-of-Work consensus algorithm so it still has its own community of PoW advocates. EthereumPoW itself at launch was supported by many mining pools and exchanges. EthereumFair, meanwhile, targets the niche market.
EthereumFair recently became more widely known as it claimed that it will develop a fork for the Dogecoin network. The project seems to be quite confident in its technology and its team. However, almost no information about the development team and its technology has been revealed. EthereumFair’s TPS (Transactions Per Second) is only equal or even lower than that of Ethereum.
The EthereumFair’s website seems to have not been updated for a long time. The project’s roadmap doesn’t provide the latest information. Its website was last updated on November 10, 2022? The project also has no new activities on Github. The last update was recorded on November 6, 2022.
ETHF price movement
ETHF first appeared on the market on September 15, 2022, right after The Merge happened and its price reached $18.36. Next day, it rallied to an all-time high of $20.73. However, from then until now, ETHF has kept sliding. At the time of writing, ETHF is trading at $0.38.
In fact, after the news of a fork for Dogecoin went viral, ETHF saw a slight increase in price but it quickly dropped then. Trading volume in a day is less than 1 million USD.
Recently, the project’s Twitter has been regularly updated on plans related to Dogecoin. They even intend to establish a DAP to implement this plan. If their plan comes true, it could become the driving force for the ETHF price to increase in the near term. Perhaps that is why some platforms have predicted ETHF can reach over $10 in 2023 and even $63 in 2030. ETHW is trading at $4.21 and the highest price this coin has ever reached is $58.54. So, if ETHF promotes development plans like ETHW, the above prediction is more likely to come true.