Ethereum ProgPow update is coming in July 2020 as ETH core developers prep to make the coin more ASIC resistant. Core developers of ETH have reached a consensus to implement ProgPow hardfork after the EIP-1962 update that is scheduled around June. The EIP-1962 update will add minor features to the cryptographic functions of Ethereum. Core … Read more
Ethereum ProgPow update is coming in July 2020 as ETH core developers prep to make the coin more ASIC resistant. Core developers of ETH have reached a consensus to implement ProgPow hardfork after the EIP-1962 update that is scheduled around June. The EIP-1962 update will add minor features to the cryptographic functions of Ethereum.
Core developers have been vigorously promoting the implementation of ProgPow hardfork as they stand behind the improvements it brings to the coin. Some have expressed their displeasure as it could split the community. The contentious update raises concerns about exchanges running different Ethereum versions comprising of both old and new mining algorithms which can essentially mean a new Ethereum fork. The exchanges can increase their fee while the community may split. Now that they have reached a consensus, its implementation will become a reality.
Ethereum ProgPow update is ready-to-go
Ethereum hardfork coordinator, James Hancock, said that there would be no split in the Ethereum community as the hard fork is the ‘read-to-go’. It is worth mentioning that Ethereum split happened some time ago when a ‘decentralized autonomous organization’ (DAO) exploit took around three and a half million ETH. The affected parties were refunded by the developers, and the dissenters set up Ethereum Classic as they saw the move as developer overreach.
Despite the minor dissent to the Ethereum ProgPow update, most of the core developers have stood behind the update. The discussions did bring to fore the fissures in the developer network, as many influential developers expressed their contrarian viewpoints. Still, the meetings were elaborate, and most of the issues were resolved amicably.
How ASICs pose a threat to Ethereum
Ethereum has been resisting ASIC mining since its early days. It was always favorable for the Ethereum community to distribute Ether via simple computer hardware. It invoked community participation and helped in the decentralization efforts of the token.
When Bitmain Ethereum ASIC was launched in 2018, it was seen as an attack on the community. Other manufacturers followed suit and launched similar products. Staking was also in the works which would have rendered future updates unnecessary. So far, resistance to ASIC has been successful as developers keep the platform more transparent.
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