- Vitalik Buterin explains the consensus algorithm issues on the network
- Not everyone agrees with the implementation of ProgPoW before Ethereum 2.0
Ethereum News Today – The co-founder of Ethereum – Vitalik Buterin – was recently in the news for releasing a post where he explained the consensus theory problems. In the post, Buterin said:
“I believe that proof of Work algorithms that provide a medium level of ASIC resistance can be created, but such resistance is limited-term and both ASIC and non-ASIC Proof of Work have disadvantages; in the long-term, the better choice for blockchain consensus is proof of stake.”
Ethereum Community Deliberates on the Implementation of ProgPoW before Transitioning to Ethereum 2.0
The Ethereum community has been considering a high-profile proposal that would replace the present Ethash mining algorithm with ProgPoW. ProgPoW is short for Programmatic Proof of Work and it is a GPU-extension to the present algorithm. Programmatic Proof of Work is the controversial proposed implementation on the Ethereum network, and it has met with opposition from the Ethereum community.
Ethereum (ETH) Price Today – ETH / USD
The prospect of implementing the ProgPoW mining algorithm before transitioning to Proof of Stake in Ethereum 2.0 was not something everyone in the Ethereum community was happy about. The co-founder of the crypto project believes that the ecosystem of Ethereum has tackled the consensus theory issue to an extent.
Ethash, which is a memory-hard algorithm, achieves ASIC resistance to an extent by making memory access the dominant part of running the computation of the Proof of Work algorithm. In his recent post regarding this same issue, Buterin said:
“Ethash has proven remarkably successful at ASIC resistance; after three years and billions of dollars of block rewards, ASICs do exist but are at best 2-5 times more power and cost-efficient than GPUs.”
The Majority of Miners Are in Favor of ProgPoW Implementation
According to Vitalik Buterin, there is an evolving consensus that ASIC-resistant algorithms will certainly have a limited lifespan and that ASIC-resistance algorithms have disadvantages because it makes 51% attacks cheaper.
For quite some time now, Programmatic Proof of Work has been a bone of contention. It has even brought possible chain split concerns to the table. The vote of miners showed that the majority of them are in support of the implementation. However, some of them believe that the implementation is a bailout for GPU miners while others questioned the need for it since Ethereum 2.0 was scheduled for launch next year.
Ethereum Price Action
Ethereum recently plunged below a major support level. The digital currency lost a considerable fraction of its value over the past few days. The digital currency seems to be following Bitcoin (BTC) – the world’s largest digital currency by market cap. However, Ethereum (ETH) has recovered significantly over the past few hours. Ether is now back to the $150 level, after an increase of more than 10 percent over the past day.