Blockchain company Bitrise is launching a fund to support ETHPOW, Ethereum Classic and iPolloverse. What are these blockchains and how much help will they get?
A $10 million fund is being launched by a Singapore-based blockchain startup, Bitrise Capital. The Singapore-based venture is known for several investments. The largest of these, for $8.6 million, went to game studio OP Games.
The new fund from Bitrise will support the development of Proof-of-Work networks, viz:
- ETHPOW (ETHW);
- Ethereum Classic (ETC);
Let’s take a closer look at each of the three projects.
ETHPOW is a likely hardforward that will be launched after Ethereum (ETH) moves to the Proof-of-Stake consensus. The idea behind ETHPOW is to preserve the original Proof-of-Work consensus, which is supported by many miners led by Chandler Guo and some exchanges, including Poloniex. Proof-of-Work supporters believe this consensus is safer and more resilient before centralization.
Ethereum Classic is a blockchain identical to Vitalik Buterin’s Ethereum. In fact, it is Ethereum Classic that claims to be the original Ether, while Ethereum (ETH) can be called its fork. The ETC ecosystem is not as broad, but a pretty strong community has formed around it. The developers of Ethereum Classic plan to continue to adhere to the PoW mechanism. The comments of Vitalik Buterin, who urges those who disagree with Proof-of-Stake to abandon the ETHPOW fork and switch to Ethereum Classic, are in favor of the platform.
iPolloverse is different from its “ethereal” competitors. This platform can be roughly divided into two parts: the iPollo set of infrastructure services and the iPolloverse set of tools for the iPolloverse meta-universe. The creators themselves call iPolloverse a Web3D chain. iPolloverse uses a proprietary consensus mechanism to gather global computing power combined with new rendering technology to reduce costs and render virtual objects and worlds in real time with lower latency.
But back to Bitrise.
The company believes: Proof-of-Work is the past and present of Ethereum. Bitrise plans to actively support the oldest consensus in the cryptocurrency space. The fund expects that after the Merge, or Merge – which is the name of Ethereum’s transition from PoW to PoS – proof-of-work miners will continue their work, and the ETHPOW hardfork will be successful.
Bitrise Capital confirms that the fund will primarily focus on developing and researching applications for the ETHPOW blockchain.