Cryptocurrency

25/03/19 09:00 UTC-4

The upcoming Ethereum hardfork will include the ProgPow consensus model

The upcoming Ethereum hardfork Istanbul will include the ProgPow algorithm
The upcoming Ethereum hardfork Istanbul will include the ProgPow algorithm

Just a month after the launch of the long-awaited Constantinople hardfork, the Ethereum network is already planning another important hardforkHardfork
– a fundamental change in the source code, incompatible with the old protocol and the used software.Details
, – as reported by Medium.

Called the "Istanbul hardfork", it will include the long-discussed Ethereum Improvement Proposal (EIP) 1057 regarding the Progressive Proof-of-Work (ProgPoW) consensus model.

Interesting in the section: Hardfork, softfork or division of blockchain of cryptocurrency

 

Implementation of the ProgPoW model

This decision was obviously made after the meeting of kernel developers took place on March 15, at which the question of the proposed ProgPoW algorithm was raised again.

A team of developers with 94% of the votes cast approved the implementation of ProgPoW. The launch is scheduled for early October 2019. The existing consensus model of PoW is extremely inefficient, Vitalik Buterin considered it "a huge waste of resources." Moreover, they say that such a consensus model is subject to 51% of attacks.

The transition to a ProgPow consensus model will be able to solve the above problems and at the same time reduce the gap in miningMining
– is a type of activity for creating new blocks in the Blockchain to ensure proper system operation. Details
efficiency between the GPU and ASIC miners, which will increase participation in the ETH network.

Interesting in the section: Status: uniqueness of the project

The new Ethereum hardfork will support the ProgPow algorithm. After the success of the last Constantinople hardfork and the forthcoming Istanbul hardfork, Ethereum hopes for a bright future and sees the next Ethereum 2.0 generation.

Editor: Yuliya Soroka

See also: "Tron announced 4 updates in the second quarter of 2019"

#hardfork #EthereumIstanbul #algorithm #ProgPow #Ethereum #ETH

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