Tag: ASICResistant

Monero Implements Hard Fork, Including New ASIC-Resistant Mining Algorithm

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The Monero (XMR) network has been successfully upgraded to RandomX, a new mining algorithm that aims to be ASIC-resistant. On Nov. 30, the Monero community workgroup did a live stream on YouTube in which the upgrade took place at around the 58 minute mark. The new upgrade also introduced proof-of-work (PoW) algorithm, RandomX, which uses random code execution together with memory-focussed techniques to be resistant to application-specific integrated circuits (ASIC) — devices optimized for professional mining operations. The upgrade is also reportedly optimized for general-purpose central processing units (CPU) in…

BitTorrent Creator Calls Vitalik’s ASIC-Resistant Proof-of-Work ‘A Pipe Dream And a Bad Idea’

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Bran Cohen, best known as author of the peer-to-peer (P2P) BitTorrent protocol, has responded to some of Vitalik Buterin’s opinions about the state of technology around cryptocurrencies. On Nov. 25, Cohen, also the current CEO of the Chia network, explained in a Twitter thread why he considers many of Vitalik’s opinions in his Nov. 22 blog post addressing the so-called “hard problems in cryptocurrency,” to be “wrong-headed.”  Sharding is not the only option Cohen started out by taking a few stabs at Vitalik’s views on sharding and blockchain scalability, where…

Ethereum Devs Once Again Approve ASIC-Resistant Algorithm ProgPoW

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Ethereum (ETH) core devs once again discussed the proposed Application Specific Integrated Circuit (ASIC)-resistant Proof of Work (PoW) algorithm ProgPoW during their weekly meeting on March 15. This week, the devs again reached an overall consensus that the algorithm should be implemented, while the timeline for its implementation remains unclear. When discussing the algorithm, the developers argued over how effective ProgPoW will prove to be at diminishing the efficiency advantage of ASICs. Ethereum core developer Greg Colvin noted that the team has discussed such doubts many times in the past.…

Majority of Voters Support ASIC-Resistant ETH Algorithm Implementation, Online Vote Shows

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An online vote over the implementation of ProgPoW in the Ethereum (ETH) proof-of-work (PoW) algorithm shows a majority in favor of the change, according to the results updated today, Feb. 15, on the dedicated voting portal. ProgPoW is an application-specific integrated circuit (ASIC)-resistant PoW algorithm meant to replace ETHhash, Ethereum’s current PoW algorithm. By defining the algorithm as ASIC-resistant, ETH developers mean that the algorithm would decrease — but not eliminate — the efficiency advantage of mining using ASICs over using generic hardware such as graphics processing units (GPUs). At…

Ethereum Devs Delay ASIC-Resistant PoW Algorithm Decision Until Third-Party Audit

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Ethereum (ETH) core developers have delayed the decision to implement Application-Specific Integrated Circuit (ASIC)-resistant proof-of-work (PoW) algorithm ProgPoW. According to an Ethereum core developer meeting on Feb. 1, the team wants to wait until the algorithm is audited by a third party. Ethereum core developer Hudson Jameson declared during the call that “there is a group forming or multiple groups forming to perform an independent audit on ProgPoW.” He explained that the audit is an attempt to establish how effective the algorithm would be in leveling the playing field for…

Ethereum Core Devs to Move Forward With ASIC-Resistant PoW Algorithm

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Ethereum (ETH) core developers have reached a tentative consensus to implement a new proof-of-work (PoW) algorithm that would increase the efficiency of GPU-based — as opposed to ASIC-based — mining on the network. The development was discussed in a meeting today, Jan. 4. During the meeting, developer Hudson Jameson noted he had heard “very little dissent” to implementing  “ProgPoW,” which has so far been trialed via client implementations running on the “Gangnam” testnet. As previously reported, a testnet is essentially a simulated version of the primary network that allows developers…