Ethereum and the Case for Programmatic Proof-of-Work

Date : 03/11/2019 @ 4:18PM
Source :ADVFN Crypto NewsWire
Stock : Ethereum (ETHUSD)
Quote : 254.76000000  20.74000000 (8.86%) @ 4:36PM
Ethereum share price Chart

Ethereum and the Case for Programmatic Proof-of-Work


 
 

Bitcoin Global News (BGN)

March 11, 2019 -- ADVFN Crypto NewsWire -- Unless you are a Proof-of-Work miner with a lot to lose if something changes, the chances are good that you know how wasteful Proof-of-Work networks can be. Since shortly after the creation of Bitcoin, numerous projects have arisen with the aim of trying to shift the industry away from its’ significant reliance on Proof-of-Work consensus algorithms.

The fact is, none of these proposed solutions seem to have made enough of a wave to bring about this sort of change. Related to this, the mining space is still dominated by ASICs, which logically discourages the usage of GPUs, since they have become largely unprofitable.

In an opinion piece for CoinDesk today, two partners from Primitive Ventures detailed a solution that just might end this centralization of crypto mining, for the better. Programmatic Proof-of-Work, as a consensus protocol, would basically be the same as its’ traditional PoW counterpart, although it would be tailored for GPUs instead of ASICs.

In other words, a ProgPoW protocol would favor the average computer owner over a wealthy corporation that throws a fortune into the research and development of a chip that is optimized for a specific crypto network.

ProgPoW has reportedly been proposed as something to be implemented on the Ethereum network. The key theoretical benefit from doing so would be that the movement away from ASICs would decentralize the network’s mining community and therefore, further decentralize the network itself.

The major caveat is, these writers as well as others, seem to think that espousing this idea would actually have the opposite effect. Today’s CoinDesk piece argues that using ProgPoW would mean centralizing the network in favor of GPU miners.

Perhaps, to dispel both this fear and the fear of what will happen if ASICS continue to rule, Ethereum developers should bundle ProgPoW together with a set of governance procedures that discourage centralization in response to this new optimization.

 

 

By: BGN Editorial Staff

Ethereum (COIN:ETHUSD)
Historical Stock Chart

1 Year : From May 2018 to May 2019

Click Here for more Ethereum Charts.

Ethereum (COIN:ETHUSD)
Intraday Stock Chart

Today : Sunday 19 May 2019

Click Here for more Ethereum Charts.

Latest ETHUSD Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts
Your Recent History
TSX
BCE
BCE Inc
TSX
IVN
Ivanhoe Mi..
FX
CADUSD
Canadian D..
USOTC
XUII
Xumanii In..
FX
EURCAD
Euro vs Ca..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:ca D:20190519 15:36:36