Theodoz, a Singapore based blockchain startup has just announced the launch of a new Ethereum hard fork coin with the ticker symbol, EOZ. The hard fork will take place at a predetermined block height of 7,280,000, to permanently split the original Ethereum blockchain into two chains at the time when Ethereum Constantinople upgrade happened.
All ETH holders as of the Ethereum network upgrade will also be the holders of EOZ. This new coin EOZ will be as friendly and easy to implement as ETH, but with improved features that allow for creating security tokens, implement privacy features, and opens a new door for decentralized applications to build on top of the EOZ mainchain.
The hard fork is going to happen because the mining community does not agree to the chosen consensus of moving to PoS mechanic from the PoW mining mechanism, and many miners are saddened by the fact that the Ethereum would decrease the miners’ reward from 3ETH to 2ETH. Ethereum has dropped by more than 10 times from its all-time high, and the miners are already struggling to make a profit from mining. “The EOZ hard fork is necessary because Ethereum transitioning to PoW involves too much risk for miners and it is unfair to the mining communities because they have staked in investment and energy to maintain the network,” said by Tom Cheung, the project manager of Theodoz.
This new fork is backed by a notable mining pool in Asia and as of now, several exchanges are interested in supporting the EOZ hard fork, to handle the technical requirements for all the users holding ETH and distribute EOZ assets to the users.
EOZ will be used as the primary cryptocurrency for all the services offered on the Theodoz ecosystem. As Ethereum is switching to PoS protocol and the mining will end soon, EOZ is empowering the miners by continuing to support the PoW consensus. This project will allow anyone to mine EOZ and earn rewards globally, for enabling true decentralization of wealth. All the Ethereum holders as of block 7,280,000 will receive EOZ.
More information about the EOZ coin and Theodoz ecosystem can be found on their official website.