The Ethereum (ETH) core developers announced they have delayed the decision to implement the ASIC (Application-Specific Integrated Circuit) resistant proof-of-work algorithm until the algorithm is audited by a third party. We are about to find out more why in our latest Ethereum news today.
ETH core developer Hudson Jameson said that ‘’there is a group forming or multiple groups to perform an independent audit on ProgPoW’’ and explained that the audit will establish how effective the algorithm would be.
Jameson also noted that all of the data derived from the third party audit should provide the developers with enough information and confidence to make a decision. There is not a timeline yet for the audit but Jameson expects it to be completed in March.
Martin Holst Swende, another core developer, says that they are trying to figure out about the Prog PoW implementation for a few months now and that he hopes to see the issue being resolved.
The overall consensus is still waiting for the audit to be finished in order to decide on the PoW implementation. Core developer Colvin noted:
“I would happily decide today, but I’m not the expert. I’m happy to wait for the audit, but I’m not happy to make this decision in May or something. An awful lot of people would like to know so they can get on with their business. […] ‘Am I going to spend $1,000 to buy a rack of CPUs or not?’”
ETH developers have finally reached a consensus last month to implement the ProgPoW algorithm that will help divide the efficiency between GPU mining and ASIC on the network.
Craig Wright Calls Out Ethereum For Being Unable To Scale
“This network has already hit its limit and is effectively only being used to raise capital using illegal bucket shops that are designed in such a way that they can deceive nontechnical parties,” wrote Wright. “No technology released within Ethereum for the provision of computation or ICOs has been created that did not exist prior and in a more effective manner before this network was launched.”This isn’t the first time Craig Wright attacks Ethereum but Vitalik Buterin has also attacked Wright calling him a ‘’fraud.’’
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Ethereum Price Increases By 13% Overnight, Is The Market In For Recovery?
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
Ethereum Rises 13% Overnight, Crypto Market Is Ready For A Recovery
“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.”Over the past several months, Bitcoin and the rest of the market have shown similar price patterns. However, because the market had experienced extended periods of low volatility in the past few months, many traders expected the trend to continue. According to the cryptocurrency analyst DonAlt and his statement:
“I’m incredibly bullish on ETH for the next few weeks. I’d get a cardboard Vitalik cutout if I could just so I have it by my side 24/7. No matter what BTC does ETH will outperform the market in my mind. I’ll use dips as giant buying opportunities.”However, he also added that the movement was controlled and it is currently at a key resistance.
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