Forking for ASIC Resistance
A battle is being fought within Ethereum: The fight for ProgPow.
ProgPow is a proposal to change Ethereum’s mining algorithm from Ethash (also known as Dagger-Hashimoto) to an ASIC-resistant mining algorithm called ProgPow. Discussions regarding the change have been ongoing since January 2019, when it was brought to light in a meeting of Ethereum core developers. Although ProgPow has been approved for inclusion in future hard forks, integration of ProgPow has been continuously pushed back and is now tentatively scheduled for July 2020.
A few days ago, a group of miners (BTC.TOP, Antpool, BTC.com, ViaBTC, and Bitcoin.com) announced a plan to divert 12.5% of the Bitcoin Cash (BCH) block reward to a developer fund
over the course of six months. The developer fund would be mandatory, meaning that the group will orphan any block that does not adhere to the developer fund proposal. We will explore the implications of this.
There’s been a long history of ASIC manufacturers failing to deliver in the past, and some have been outright scams designed to steal your money. However, a little due diligence can go a long way in saving you from making a potentially costly mistake.
Today we’ll take a look at Veden Miner, a purported ASIC manufacturer based out of Vancouver with US-based manufacturing capabilities. Based on the information we’ve been able to gather on the company through their marketing and interactions with their CEO, we think Veden is highly unlikely to deliver a product at all. Here are some obvious signs:
At WariHash, we are building a “Hash Market”. A hash market is an online marketplace where you can buy and sell hashing power. In this article, we will explore the benefits of buying hashing power through a hash market, rather than a traditional cloud mining provider.