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The Core Developers of Ethereum (ETH) had a meeting on January 4 that discussed various developments on the network as the imminent gallows of Constantinople and Istanbul. Another EIP (Ethereum Improvement Proposal) discussed was to update the current hashing algorithm to reduce the incentive to extract Ethereum using Application Specific Integrated Circuits (ASICs).
Known simply as "ProgPoW", the proposal provides an alternative work test algorithm that will bridge the efficiency gap available for specialized ASICs over GPUs. One of the main developers, Hudson Jameson, believes that ProgPoW will be implemented unless major problems are encountered during the testnet test. The proposal presents a tuned algorithm for GPUs of raw materials and reduces the benefits that specialized ASICs have in the mining sector on the Ethereum network.
Chip makers competing to create efficient ASICs for my Etheruem
The motivation for the EIP to reduce the competitive advantage that ASICs have on GPUs comes after it has been observed that chip makers like Bitmain and Canann Creative are constantly refining their ASICs to extract ETHs in a way more efficient. Those who support ProgPoW believe that the implementation of this initiative will slow down this run to create more efficient ASICs and provide a more uniform distribution of blocks for miners using GPUs. The proposal will also increase security on the ETH network as it moves to a Proof of Stake algorithm.
The ProgPoW contributor, Else, explained to The Block how EIP intends to reduce this advantage.
The ETHhash ASICs on the market can be about 2 times better … those on the market that use DDR4 [marginally better].. the DTH6 ETHhash base set for launch will be ~ 2 times better than any other [chips] existing … but ProgPoW brings that 2x down to 1.1x – 1.2x.
No exact timeline
The January 4th meeting ended without a clear timetable set for the implementation of ProgPoW on the network. Also note that upgrading the network to ProgPoW is not backward-compatible. It will require the adoption of a fork.
Siacoin & # 39; s (SC) Similar fork to block ASIC
This move by the Etheruem community is not unique. Siacoin (SC) bifurcated hard on October 31 last year to block the Bitmain ASIC miners. This happened after Bitmain released an ASIC miner to compete with those produced by Siacoin's parent company in Nebulous. The blind Bitmain move from Nebulous who leads the SC Community to decide to block Bitmain ASICs from the network.
What are your thoughts on the core Ethereum developers who propose an update to reduce the advantage held by ASIC miners? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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