Varying opinions on ProgPow other than what is officially held are expressed by Ethereum Community members. They have submitted a petition on February 26, 2020, dissenting the ProgPow petition. Perceptions about the evolution of Ethereum standards are changing.
Controversy is increasing in the implementation of the Proof-of-Work (ProgPoW) proposal in the Ethereum community. Proof-of-Work was meant to replace the ETHhash.
The petition claims that there is not enough community support because Ethereum being a global platform with large and diverse group of stakeholders. Therefore, it is important that major changes to the protocol have a clear purpose and broad support. The EIP-1057 clearly lacks support, yet activation is still being considered.
The ProgPoW was supposed to smoothen the transition of the Ethereum Network to POS. It focuses on eliminating the efficiency gap between Ethereum ASIC miners and graphics processing units (GPU) in order to protect the Ethereum network against the ASIC monopoly by the ASIC hardware manufacturers.
The petition contends the reverse: “A stated goal of ProgPoW is to avoid contentious forks while transitioning to proof-of-stake, yet it is at odds with its own aims if activation increases the likelihood of that undesired outcome.”
Sydney Ifergan the crypto expert tweeted: “Ethereum is planning to transit from proof-of-work consensus towards proof-of-stake following the launch of ETH 2.0 during mid-2020.”
By the EIP Ethereum Improvement Proposal, improvements are suggested to the Ethereum Protocol. EIP are created by the standards laid out in EIP-1. The sooner the draft is made, it enters the process for the proposal to work its way to fruition.
The Core Devs, Core Researchers, App Devs, Users, Investors, and Miners are the stakeholder groups in the community.
The flow of EIP happens like Work in progress to the EIP Editors. The editors ensure there is proper formatting. This leads to the Draft EIP. The Core Devs ensure reference implementations, with technically sound specifications, with a rough consensus among ACD.
The Accepted EIP passes through client maintainers who look in to the full implementation and it passes the consensus tests and client tests. This them passes through a phase of personal agreement by anyone who runs a node. The Network updates the nodes and the miners take it through adoption and miners mine new network leading to network consensus.
Though it sounds easy, the entire process is hard. The Ethereum governance is not perfect and it is not easy to make it perfect.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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