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The core developers of Ethereum (ETH) have reached an attempt to implement a new proof-of-work (PoW) algorithm that would reduce the efficiency gap between ASIC and GPU extraction on the network. Development was discussed at a meeting today, January 4.
During the meeting, the developer Hudson Jameson noted that he had heard "very little dissent" in the implementation of "ProgPoW", which has so far been tested through client implementations performed on the "Gangnam" testnet. As previously reported, a testnet is essentially a simulated version of the primary network that allows developers to try upgrades or execute smart contracts without having to pay "gas" (calculation fees) for their execution.
ASIC refers to data mining hardware that uses Application-Specific Integrated Circuit (ASIC) chips, which are customized to efficiently extract cryptocurrency based on a specific hashing algorithm. Meanwhile, configurations using graphics processing units (GPUs) are less specialized and therefore have so far struggled to compete for network rewards with those that distribute ASIC.
Two developers of the ProgPoW team have provided their summary of recent developments in algorithm specifications, which they say have not only made "a little harder" for ASIC miners, but have also stabilized hashrate.
Security Officer Martin Holst Swende has expressed his opinion that ProgPoW is more resistant to both ASICs and certain accelerators that can be used for GPU-based configurations and that a switch to ProgPoW "would postpone the ASIC level on our network to at least a year on our network, or maybe more. "
He also noted that Ethereum's current PoW algorithm, Ethash, "has flaws that are currently being targeted," stating "that's why I'd like to spend as soon as possible to give us time to pass the game test. ".
As reported, after the evolution through the PoS-PoW Casper hybrid protocol, it is expected that Ethereum will move to the PoS (Casper v2) phase. In addition to sharing, the latter will aim to mitigate the excessive power consumption associated with PoW, "problems with equal access to data mining hardware, centralization of data mining pools", as well as providing a solution of chain scalability.
The meeting of developers today comes shortly before the planned implementation of the fifth system update of Ethereum, or hard fork, nicknamed "Constantinople".
The developers pledged to launch ProgPoW some time before the next scheduled rigid fork launch, Istanbul, as a standalone but extended system update, even though the exact timing of ProgPoW will continue to be discussed at the next developer meeting on January 18th. .
Ethereum co-founder Vitalik Buterin has recently published extensive commentaries on future proof-of-stake (PoS) based blockchain, and said they will be "thousands of times more efficient" than existing networks.
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