According to a video published online by the Ethereum foundation, the ETH apparently, the development team reached a consensus on the implementation of its new proof-of-work (PoW) algorithm, which reportedly improved the efficiency of GPU-based extraction on its network.
Details of the meeting
As part of their most recent meeting, the main programmer & # 39; Hudson Jameson & # 39; stressed that there is nothing that can prevent his team from implementing "ProgPoW" on the currency mainnet. In addition, two developers from the ProgPoW team also came out on the matter, reporting that using this latest algorithm will become a bit more difficult for ASIC miners to get ETH.
If that were not enough, the security manager & # 39; Martin Holst Swende & # 39; he also added that the aforementioned protocol & # 39; ProgPoW & # 39; is designed to "postpone the level of ASIC on the native ETH network for at least a year".
Swende also added:
"Our current PoW algorithm, Ethash, has some flaws that are currently being targeted, so I'd like to change as soon as possible to give us time to go to the game test."
More on The Matter
Having evolved from the previous PoS-PoW Casper hybrid protocol, Ethereum should finally implement the PoS (Casper v2) algorithm in the near future. In terms of the intrinsic design of V2, the protocol will be loaded with features like "sharding" (which will help mitigate the excessive energy consumption associated with PoW). In addition, the new update will also provide the ETH network with an on-chain scaling solution.
According to some reports circulating on the Internet, the ETH development team has tried to launch & # 39; ProgPoW & # 39; before the next planned hard fork launch, Istanbul. That said, an exact release date has yet to be confirmed for the update, but many expect an announcement to be made before 18 January.
Last but not least, Ethereum co-founder Vitalik Buterin recently sent a tweet stating that once active, the ETH blockchain will become "a thousand times more efficient" than other existing PoS networks.