Ethereum Community Considers Hard Fork To Fight ASIC Miners

Ethereum Community Considers Hard Fork To Fight ASIC Miners

C-Buzz
Apr 3, 2018 by Jenny Jones
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  Ethereum developer Piper Merriam opened Ethereum Improvement Proposal (EIP) #958 on Github on March 30, presenting the idea of a possible hard forkin the Ethereum (ETH) protocol to invalidate ETH ASICs. Vlad Zamfir, another developer with the Ethereum Foundation, posed the same question on Twitter March 28. 57 percent of respondents voted yes. Both developersa  polls emerge amid rumors that
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Ethereum developer Piper Merriam opened Ethereum Improvement Proposal (EIP) #958 on Github on March 30, presenting the idea of a possible hard forkin the Ethereum (ETH) protocol to invalidate ETH ASICs.

Vlad Zamfir, another developer with the Ethereum Foundation, posed the same question on Twitter March 28. 57 percent of respondents voted yes.

Both developersa  polls emerge amid rumors that the China-based ASIC manufacturer Bitmain is on the brink of shipping its first Ethash compatible ASIC miners. Ethash is the Proof-of-Work (PoW) hashing algorithm used by Ethereum and a variety of other altcoins.

Buterins Ethereum White Paper suggests the protocol already has a twofold resistance to mining centralization.

First, the algorithm requires miners to return the hash for data that has been randomly selected from transactions in the preceding block. Since Ethereum contracts can include any kind of computation,an Ethereum ASIC would essentially be an ASIC for general computation  ie. a better CPU.

The second means of defence is to poison the well, which Vitalik characterises as ultimately an adaptive human solution rather than a technical one. If a certain type of computation becomes prevalent, then conventional miners can introduce a large number of contracts into the Blockchain specifically designed to stymie certain ASIC.

As Cointelegraph reported in February, Bitmain profits outstripped the USGPU giant Nvidia in 2017. Research by Bernstein analysts estimated Bitmains profits to be between $3-4 bln for 2017, holding 70-80 percent of the market for BTC miners and ASICs.

Ethereum’s informal poll regarding a possible hard fork follows Moneroas rejection of centralized hashpower last month. Monero devlead Riccardo Spagni warned that the coins protocol would be changed every six months to stymie ASIC monopolies. Rumors regarding possible deployment of Ethash compatible ASIC miners impacted Ethereum markets,according to somecommentators.

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Photo via Getty Images

Source:Cointelegraph

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If you want to know what’s really going on in the Crypto-world, Jenny is your go-to person. Having been active in the Blockchain ecosystem for over 5 years, Jenny comes with an experience that just doesn’t fail. A sincere admirer of the blockchain technology, Jenny keeps a tab on even the most slightest of dips and raises in the graph. When she’s not caught up in with the latest buzz in the ecosystem, Jenny likes to watch movies and read Edgar Allan Poe.

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