Ethereum's upcoming hardfork will include ProgPow consensus model

25 Mar, 2019 | Updated: 25 Mar, 2019
by Fifi Arisandi
Ethereum
Ethereum's upcoming hardfork will include ProgPow consensus model

Only a month after the long-awaited Constantinople hardfork was launched, the Ethereum network is already looking into another important hardfork.

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

The decision apparently came after a core developers meeting that took place on March 15th brought up the proposed ProgPoW algorithm issue again.

It was reported that at the time, 94% of the total discussion panel agreed to the implementation of ProgPow on the Ethereum network, which will be implemented starting October 2019, when the Istanbul hardfork is planned to take place.

As previously reported by Chepicap, the existing proof-of-work (PoW) consensus model is highly inefficient, that even Vitalik Buterin himself considered it a “huge waste of resources”.

Read more: ETH to go green by cutting 99% of energy used in transactions by year end

Moreover, such consensus model is also said to be prone to 51% attack.

The switch to the ProgPow consensus model is said to be able to resolve the aforementioned issues, and at the same time, close the mining efficiency gap between GPU and ASIC miners, thus allowing for a broader participation in the ETH network.

After the success of the latest Constantinople hardfork and the upcoming Istanbul hardfork, Ethereum is looking at a brighter future with the next generation of Ethereum 2.0.

Looking at what happened earlier, where Constantinople was cancelled only a day before it's original date, let's hope this time, the core developers will be more prepared to avoid similar incident.

Read more: Ethereum is going through an accidental fork due to Constantinople confusion

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Read more about:Ethereum (ETH)

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