July 21, 2024

Ethereum community protests activation of ProgPoW algorithm

Ethereum community protests activation of ProgPoW algorithm

Members of the Ethereum community published a petition on GitHub in which they expressed their disagreement with the plan to activate a new hashing algorithm that reduces the efficiency of ASIC mining.

Platform management wants to activate EIP-1057in order to soften the transition to Proof of Stake and avoid a hard fork blocking the transition to Ethereum 2.0. The new ProgPoW algorithm should increase Ethereum’s resistance to ASICs, putting them on the same level as GPUs, in order to free the network from the monopoly of integrated circuit manufacturers.

Howeverprotesting developers and representativesThe crypto industry states that since Ethereum is a global platform with a large and diverse stakeholder base, any significant changes to the protocol should only be implemented with the support of the majority of the community members, something EIP-1057 clearly lacks.

According to them, ProgPoW initially caused a lotcontroversy, and debate continues to this day, as many question its effectiveness and feasibility. Part of the community believes that the team is wasting time on the transition algorithm.

The petition was signed by not onlyrepresentatives of the development team, but also heads of exchanges, various funds, mining companies and Ethereum-based projects, organizers of crypto conferences and others interested. Protestants call on everyone who disagrees with EIP-1057 to join them in order to prevent a split in the community.