Ethereum Developers Approve Funding In Progressive Proof-Of-Work (ProgPoW) Mining Code Contest

Ethereum Developers Say Funding Has Been Approved To Audit ProgPow Mining Proposal

Funding has been approved in order to start auditing the code change called Progressive Proof of Work (ProgPow). The information was released by Ethereum (ETH) developers a few hours ago. Developers have been gathering theFese funds since February.

ProgPow Audit Could Start Very Soon

After several months waiting, Ethereum developers announced that they were able to gathe enough funds to start a third-party audit of the ProgPow code. The intention was to receive 50,000 DAI, close to $50,000. Donations made by the bounty platform Gitcoin will allow Ethereum to keep moving forward.

The main intention behind this third-party audit is to examine the effects that ProgPoW will have on the security of the whole Ethereum network and mining landscape. With the implementation of ProgPoW, it will be more difficult for ASIC miners to mine Ether, the second largest virtual currency in the market. In this way, graphics cards will play a more active role in the Ethereum network.

With ProgPow activated, the efficiency gains of ASIC miners over GPUs will be very small. That would make GPUs much more efficient for mining ETH. ASIC hardware consumes large amounts of energy.

One of the developers behind ProgPoW, Kristy-Leigh Minehan, commented during a interview with CoinDesk:

“ProgPoW is a dynamically changing algorithm that is tuned for today’s GPU’s… The compute vs memory intensity is tuned to match current consumer GPUs, which minimize any gains from a specialized ASIC.”

The Berlin-based computer security firm Least Authority is the one that will be performing the audit on the ProgPow algorithm. This is not the first time that the company works for the cryptocurrency space. In the past, they have announced that they were hired by the Electric Coin Company for separate security audit reports.

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