DEVCON1: Understanding the Ethereum Blockchain Protocol – Vitalik Buterin
The Ethereum development team agreed to integrate the new ProgPoW algorithm, which blocks ASIC miners and some GPU accelerators, into the platform’s program code.
The innovation will make mining with ASICs more difficult, giving advantages to video cards and other general-purpose hardware that they have supplanted. However, user acceptance is required to run it. Upon successful agreement with the network participants, ProgPoW will be integrated with one separate software update or as an element of hardware expansion in 2-4 months. The dates should be clarified at the next meeting, which will be held on January 18.
During the discussion of the test results on the testnet, there were only minor comments from the participants. The developers strive to launch the new algorithm as soon as possible, as it will become another link on the path to PoS, which means a complete rejection of mining and the associated huge electricity costs. According to them, the innovation will slow down ASICs and some GPU accelerators by at least a year, which will allow them to work on the Casper hybrid protocol..
The discussion took place on the eve of the activation of the fifth major update of Constantinople, which is due to take place on January 16. It provides for a decrease in the reward for closing a block from 3 ETH to 2 ETH, slowing down «difficulty bombs» and optimization of the platform code. Istanbul’s next hard fork scheduled for October 2019.
According to Chinese media reports top managers of the world’s largest company producing specialized mining equipment Bitmain Jihan Wu and Mikri Zhang plan to retire.
text: Ivan Malichenko, photo: Shutterstock, profitconfidential