In line with a recent ‘announcement‘ published in bi-weekly Ethereum core developers meet, Hudson Jameson – Renowned Ethereum [ETH] core developer proclaimed that a 3rd party audit of the ASIC [Application Specific Integrated Circuit] resistant PoW [Proof-of-Work] algorithm ‘ProgPoW’ has been funded.
Within the call, it had been specified that the targeted funding quantity of around 50,000 units of decentralized, Ethereum-based USD-pegged stablecoin namely ‘DAI’ had been reached. The funds were reportedly crowd-sourced via donations.
Jameson outlined that the audit is ready to start from “this week or next week hopefully.”
ASIC refers to dedicated mining hardwares that employ single-purpose chips, tailored to a lot more efficiently mining cryptocurrency based on a specific hashing algorithm. Moreover, set-ups that use GPU’s [Graphics Processing Units] are less specialised, and have thus to ‘date‘ struggled to complete for rewards on the network with those who deploy ASICs.
ProgPoW aims to decrease the efficient advantage of ASICs over GPUs.
As reported earlier in Feb., once having first ‘approved‘ ProgPoW’s implementation, core developers amended their mind and delayed the decision till a 3rd party audit was completed.
Even earlier this month, stablecoin DAI has been struggling to keep its peg, however its proponents apparently believe that it’ll soon become crypto’s default ‘stablecoin‘.