Ethereum Hits Funding Target for ProgPoW Audit

Ethereum has gathered the funds required to have a third party audit of the controversial code change known as Progressive Proof-of-Work (ProgPoW), company developers have revealed.

The audit aims to examine any effects switching from Ethash to ProgPoW may have on the security of Ethereum, whether or not it meets the goal of Application Specific Integrated Circuit (ASIC) resistance, and any other potential advantages and disadvantages PrgPoW may present compared to Ethash.

ProgPoW to level the playing field

ProgPoW, a dynamically changing algorithm tuned specifically for mining machines based on graphics processing units (GPUs), is expected to somewhat level the playing field for both miners using specialized ASIC machines and miners with relatively lower-cost GPU-based machines.

Once ProgPoW is active on the Ethereum network, it would minimize the efficiency gained from using a specialized machine compared to the more consumer-friendly GPU systems, lessening the chances that those using the former would effectively kick those using the latter off the mining field, as it were.

Audit commencing soon

Ethereum had previously revealed that the amount required for ProgPoW’s third-party audit is 50,000 DAI (around $50,000).

Ethereum developers have spent the past two months gathering the required amount, which has reportedly been met fully through donations from unnamed community members as well as donations made through the open-source funding platform Gitcoin.

Hudson Jameson, the community relations manager for Ethereum Foundation, revealed during the company’s most recent bi-weekly Ethereum developer call that the third-party audit, which has been contracted out to the Berlin-based computer security firm, Least Authority, will begin within the next couple of weeks.

With funding already confirmed, Jameson notes that only a few logistical matters, such as funds being sent and paperwork to be signed, are all that’s left to complete before the audit can fully commence.