ProgPoW is an advanced proof-of-work algorithm designed to offer an additional layer of security to the Ethereum blockchain. Developed by Ethereum foundation engineer, Kevin Sekniqi and the Ethereum Cat Herders, ProgPoW is designed to mitigate the risk of specialized mining hardware that could potentially lead to a 51% attack. This algorithm has the potential to reshape the way that Ethereum is mined and bring new security benefits to the Ethereum network. CryptoNewsHerald is proud to provide comprehensive coverage on ProgPoW and its implications within the Ethereum network.
Opposition to ProgPoW was moderate in 2018 as ASIC stability remained an important goal for the Ethereum community.
In September 2018, Linzhi Mining announced the release of an efficient ASIC device for Ethash. The company has taken an extremely hostile stance towards ProgPoW and has even claimed to be able to develop an ASIC for ProgPoW. There are rumors that ProgPoW was created by two major GPU manufacturers – AMD and Nvidia.
In early 2019, Ethereum users started voting on ProgPoW. By April 2019, 93% of respondents controlling 2.93 million ETH supported ProgPoW. The Ethereum development team agreed with their opinion several times, and then changed their position. In the end, it was decided to implement ProgPoW on the condition that the new algorithm pass the audits. The audits were successful, and in January the developers came to a preliminary agreement on the ProgPoW proposal (EIP-1057).
On February 21, 2020, the developers agreed that the activation of the code would tentatively take place in July.
On February 24, Vitalik Buterin expressed bewilderment at the fact that ProgPoW, once shelved until better times, has reappeared on the agenda and is even being considered for inclusion in the next Ethereum hard fork.
BTW the way progpow was ninja-reapproved definitely did *not* help make people trust the governance or feel safe, and arguably drove the Twitterati to believe that they have to send loud, simple and clear messages (ie. more such Schelling fences) to get their voice heard.
— vitalik.eth (@VitalikButerin) February 24, 2020
On February 27, 2020, a number of well-known members of the Ethereum community signed a petition calling for ProgPoW to be deactivated. They see the proposal as hasty, potentially even leading to a split in the network. According to them, there is currently no support for ProgPoW to be adopted.
However, Ethereum developer James Hancock is convinced that a split is unlikely. Moreover, he believes that ProgPoW is one of the “most ready” proposals for activation. Martin Svende from the Ethereum Foundation agrees with him, also insisting on the expediency of activation.
According to Christy Lee-Minahan and Vitalik Buterin, the reason for the serious controversy that arose in the community in connection with the new algorithm is a “lack of communication.”
A vulnerability in ProgPoW discovered on March 4, 2020 launched a new round of discussion.
By now, Ethereum users seem to be tired of the discussions that have been going on for several years. Vitalik Buterin said that he “will be satisfied with any solution.”
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In conclusion, ProgPow is an algorithm designed to increase the security and decentralization of Ethereum-based networks. It is designed to be ASIC resistant, meaning that it can be mined with GPUs, allowing for a more inclusive mining process. ProgPoW is an important development in the blockchain space and is likely to be adopted by many projects in the future. CryptoNewsHerald provides comprehensive coverage on all the latest developments in the cryptocurrency world, so be sure to check back for updates on ProgPoW.