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Ethereum Hardware News Research

Ethereum Developer Reveals Approved Funding for ProgPoW

Hudson Jameson, Ethereum’s (ETH) core developer, reveals funding has been approved for a third-party inspection of their Application Specific Integrated Circuit (ASIC)-secured algorithm ProgPoW. The announcement was made during the most recent core development ETH meeting.

50,000 DAI Funding for Audit

It was specified during the meeting that the 50,000 units of ETH-based, decentralized, USD-based stablecoin DAI to be utilized for funding has been hit. Developers have been struggling to raise the funds needed to support a third-party audit of the code.

The amount was reportedly finally raised through several crowd-sourced donations made on the open-sourced platform Gitcoin.

The audit aims to examine the effect ProgPoW will have on the security of Ethereum. The proposed code will reportedly make it harder for hardware to mine of ETH.

Jameson added that the audit will commence either this week or the next.

ASIC Specifications

ASIC pertains to the mining hardware that utilizes sole-purpose chips. These are designed specifically to mine cryptocurrency more efficiently using a particular hashing algorithm. Meanwhile, systems that make use of GPUs (graphical processing units) have less specialized features. It’s the reason why it has struggled to compete for rewards against those on the network that use ASICs.

ProgPoW hopes to reduce the efficiency advantage ASICS have over GPUs.

It was reported back in February that despite having initially approved the implementation of ProgPoW, core developers delayed the move until the completion of a third-party audit.

However, recent analysis revealed that the stablecoin DAI has been fighting to maintain its peg recently. The proponents of the program are apparently laboring under the idea that it will eventually become cryptocurrency’s default stablecoin.

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