Ethereum (ETH) core developers have decided to execute a new proof-of-work (PoW) algorithm that would improve the performance of GPU-based — as fought to ASIC-based — mining on the network. The improvement was considered in a meeting on Jan. 4, reported Coindesk.
Ethereum’s community has agreed to achieve a new algorithm that would block specific mining hardware. The coders are working to conduct further analyses on the code to examine its viability and effectiveness. The new algorithm known as ProgPoW would block ASICs, such as those created by influential mining companies like Bitmain. This new software would permit common design, or GPU hardware – to race for prizes on the platform.
Security-lead Martin Holst Swende said that he favors this shift as it will support and guarantee the security of ethereum’s inevitable shift to proof-of-stake, a new method in which users mine the cryptocurrency not by consuming electricity, but by placing out coins they own.
We know today that Ethhash has flaws which are currently being targeted. So, that’s why I would like to switch as soon as possible to give us time to move to proof-of-stake.
ASIC applies to mining hardware that utilizes Application-Specific Integrated Circuit (ASIC) chips, which are developed to effectively mine cryptocurrency based on a particular hashing algorithm. While, platforms that apply graphics processing units (GPUs) are short technoscientific, and have consequently to season fought to strive for awards on the network with those that use ASICs.
Ethereum Foundation communications officer Hudson Jameson said that “Sounds like we have come to agreement that we are tentatively going ahead with ProgPoW, which means we are going ahead unless there is a major problem found with the testing or things of that nature. We will be going forward with ProgPoW”
Ethereum co-founder Vitalik Buterin recently stated broad remarks on proof-of-stake (PoS), declaring they will be “thousands of times more efficient” than current networks.
ProgPoW – A Programmatic Proof of Work
The design purpose of ProgPoW is to have the algorithm’s demands level what is accessible on commodity GPUs: If the algorithm were to be realized on a routine ASIC there should be a small possibility for performance accumulations correlated to a specialty GPU.
ProgPoW is a proof-of-work algorithm created to stop the performance gap possible to specific ASICs. It employs nearly all members of commodity hardware (GPUs), and comes pre-tuned for the various traditional hardware employed in the Ethereum network.
Any algorithm that can operate on a stock ASIC (a CPU or GPU) by description can have a customized ASIC designed for it with somewhat limited functionality. Some algorithms are deliberately created to be “ASIC friendly” – where an ASIC implementation is more effective than the equivalent algorithm operating on common end hardware. The security that this gives when the coin is concealed also presents it an engaging aim for a dedicate mining ASIC firm as soon as it becomes valuable.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.
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