It seems that the developers of Ethereum could soon implement a new algorithm that would block ASIC miners from participating in the network. However, the new proposal must be tested and revised before being implemented.
If the proposal were to be accepted, the large companies that extract Ethereum (ETH) using ASIC miners would have to move to the GPU extraction. The new code change is known as ProgPoW and will block specially created ASIC devices Ethereum to operate on the network.
According to Martin Holst Swende, head of security, if the network goes to ProgPoW it will be easier for Ethereum to switch to Proof-of-Stake (PoS). The Ethereum network will evolve towards a full PoS consensus algorithm on the future to make the network more efficient.
Apparently, the consensus among the developers has been achieved according to Ethereum Head of communications at the Foundation, Hudson Jameson. He said that they seem to have an agreement to develop ProgPoW.
Regarding the new implementation he said:
"We seem to have come to an agreement that we are going forward temporarily with ProgPoW, which means we are moving forward unless there is a big problem with the tests or things of this nature." We will go on with ProgPoW. "
Unless developers believe it is difficult to implement this solution or there are other unexpected problems, even ProgPoW will be released. Furthermore, there will be no other changes to the software in the next update.
On January 16th, Ethereum will experience a hard fork in which the network will reduce the blocking premiums assigned to miners from 3 ETH to 2 ETH per block. Although the hard fork was scheduled for November, there have been some problems that need to be addressed before.
In the future, there will be another hard fork called Istanbul that could take place in October. This would allow the network to maintain regular updates, according to Afri Schoedon. There are other cryptocurrencies that have blocked ASIC miners like Monero (XMR) and that can only be extracted with CPU or GPU.
At the time of writing this article, Ethereum is trading near $ 149. It has a market capitalization of $ 15.54 billion. Virtual currency has experienced significant growth over the last few weeks due to positive sentiment regarding the upcoming hard fork on the network.