Ethereum Dev Team Close to Implementing the New ProgPoW Protocol Focused on Blocking ASICs
Announced several days back on January 4th, Ethereum dev team has come close to a consensus on the matter of making the implementation of the so-called “ProgPoW” protocol that should directly affect the way ASIC miners are validating blocks on Ethereum network.
Using ASIC mining equipment for mining cryptocurrency, which is the case with Bitmain for instance, naturally raises the level of competitiveness among crypto miners as a product of the advantage ASIC miners bring with the type of the equipment they are using.
This is precisely why Ethereum dev team proposed implementation of a new Proof of Work protocol, getting close to a consensus with the latest news that came out at the beginning of 2019.
ASIC Miners Will Find It Harder to Acquire ETH through Mining in Case of ProgPoW Reaches a Full Consensus
Ultimate goal of the new Programmatic Proof of Work implementation as planned by the ETH dev team is to make ASIC miners a bit more difficult to acquire Ethereum units through creating new blocks and mining the crypto.
Core developer, Hudson Jameson, stated that the implementation will most certainly take place on the mainnet in case testing doesn’t show any significant issues or bugs.
The new protocol, ProgPoW, is also described as the best solution while the network is waiting for the official transition to Proof of Stake.
Martin Holst Swende, the Security lead of the team claims that there are some serious flaws that are currently being targeted through Ethash, which is the current Proof of Work protocol so that the best way to resolve this problem would be to switch to a new PoW as the network is waiting for PoS.
The implementation of ProgPoW would close mining rig efficiency gap for ASIC miners, which means that the network would create a certain dose of immunity in oppose to ASICs, that way allowing GPU miners to compete for rewards alongside their better-equipped competitors.
For now, the exact date for the implementation of the new Proof of Work algorithm hasn’t been announced as the team is yet to officially test the new protocol before being able to release it on the mainnet.
Although some members of ETH community are cheering to see Programmatic Proof of Work implemented together with Constantinople hard fork that should take place between January 14th and January 18th once the block height of 7,080,000 is reached.
Ethereum Set to Gradually Acquire Ultimately Scalable Network with a Focus on Efficiency
Ethereum is slowly working on transitioning from Ethash, its current PoW, to a more efficient and more cost-effective Proof of Stake algorithm.
With the upcoming Constantinople hard fork, the team is said to be “smoothening” the network in order to create a perfect environment for the awaited transition, while ProgPoW implementation should represent another step towards reaching 1 million transactions per second in a highly scalable blockchain environment that Ethereum network is et to become.
Hudson Jameson confirmed in the official announcement that unless a major issue occurs during the test, the team will be going forward with ProgPoW implementation.
410total visits,1visits today