Hudson Jameson, the core developer of the Ethereum Foundation, announced that third-party review funding for the ProgPoW code is in place. ProgPoW is a controversial change to the Ethereum network. Jameson announced the news at the Ethereum Core Developers Conference on April 26.
Jameson explained in a blog post in March that the review aimed to study "the impact of ProgPoW on the safety of Ethereum" and the impact of mining on Ethereum. The review will be handled by Berlin-based Least Authority, which was previously employed by Electric Coin (the company behind Zcash).
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In the meeting, Jameson said:
The ProgPow review will receive financial support… it should start this week or next week.
Ethereum developers have been working hard since February to raise the necessary funds for this code review (50,000 DAI, about $50,000). These funds were raised through the open source donation platform Gitcoin, along with some anonymous donations from the cryptocurrency community.
Since the introduction of ProgPoW, it has been questioned – once successfully deployed, this code improvement has made it difficult for high-cost and specialized hardware to capture mining revenue from the Ethereum network.
Specifically, ProgPoW will severely limit ASIC miners, and the return of Ethereum miners using such miners will be greatly reduced.
The purpose of deploying this new code is to create a level playing field. After all, some miners cannot afford expensive mining equipment.
After the algorithm is updated, the Ethereum miners who use low-cost graphics cards will get more simple mining rewards, which is good news for miners without advanced equipment. However, the Ethereum mining reward competition will become more and more The more intense.
Can Ethereum successfully deploy ProgPoW to resist ASIC mining? Can ProgPoW really create a fair mining environment? What do you think?