An online vote over the implementation of ProgPoW in the Ethereum (ETH) proof-of-work algorithm shows a majority in favour of the change, according to the results updated today, Feb. 15, on the dedicated voting portal.
ProgPoW is an application-specific integrated circuit -resistant PoW algorithm meant to replace ETH hash, Ethereum’s current PoW algorithm.
By defining the algorithm as ASIC-resistant, ETH developers mean that the algorithm would decrease — but not eliminate — the efficiency advantage of mining using ASICs over using generic hardware such as graphics processing units.
At press time, over 76 percent (628.000 ETH, equivalent to over $76 million) have voted in favor of the implementation of the algorithm, while over 23 percent (over 191.000 ETH, equal to over $23 million) voted against it.
The voting portal states that “ether token holders are among the people who are going to be financially and economically impacted” by the decision in regards to ProgPoW. As such, the website notes that letting ETH holders express their positions through a vote is a more legitimate form of expression than anonymous comments on online forums.
The election results will not be binding, and no timeframe for ending the voting process has been stated.
After first reaching a consensus for the implementation of the algorithm in early January, the developers changed their mind and delayed the decision until the algorithm is audited by a third party at the beginning of the current month.