According to a video posted online by the Ethereum foundation, the ETH dev team has seemingly come to a consensus in regards to the implementation of its new proof-of-work (PoW) algorithm — that will reportedly enhance the efficiency of GPU-based mining on its network.
Details Of The Meeting
As part of their most recent meeting, core programmer ‘Hudson Jameson’ pointed out that there nothing holding his team back from implementing “ProgPoW” on the currency’s mainnet. Additionally, on the matter, two developers from the ProgPoW team also came forth and reported that by making use of this latest algorithm, it will become a “little bit harder” for ASIC miners to procure ETH.
If that wasn’t enough, Security lead ‘Martin Holst Swende’ also went on to add that the above mentioned ‘ProgPoW’ protocol is designed to “postpone the level of ASICs on the native ETH network for at least a year.”
Swende also added:
“Our Current PoW algorithm, Ethash, has flaws which are currently being targeted, that’s why I would like to switch as soon as possible to give us time to move to proof-of-stake.”
More On The Matter
After evolving from its previous hybrid PoS-PoW Casper protocol, Ethereum is now expected to finally deploy its PoS (Casper v2) algorithm in the near future. In terms of V2s intrinsic design, the protocol will come loaded with features such as ‘sharding’ (that will help mitigate excessive energy consumption associated with PoW). Additionally, the new update will also provide the ETH network with an on-chain scaling solution.
According to some reports circulating over the internet, the ETH dev team has been looking to roll out ‘ProgPoW’ before the launch of the next planned hard fork, Istanbul. With that being said, an exact release date has yet to be confirmed for the upgrade, but many expect an announcement to be made in this regard before the 18th of January.
Last but not least, Ethereum co-founder Vitalik Buterin recently sent out a tweet stating that once active, ETHs blockchain will become a “thousand times more efficient” than other existing PoS networks.