|

Aragon community against Ethereum ProgPOW

  • The proposed protocol ProgPOW would close the efficiency gap available to applicant ion-specific integrated circuits.
  • Almost 860,000 tokens voted yes on the proposal to oppose.

The Aragon community is opposing a proposed protocol change to the Ethereum network. The protocol, dubbed ProgPOW, would close the efficiency gap available to ASICs. In October, the Aragon network introduced community voting service. The Aragon (ANT) token holders could cast their votes on a range of proposals including changes to Ethereum's mining algorithm. The proposal states:

ANT holders who vote "yes" on this proposal oppose Ethereum changing its proof-of-work mining algorithm before the switch to proof-of-stake as part of the Ethereum 2.0 roll-out, unless such change is intended as an "emergency fix" to a fatal flaw in thhe current mining algorithm. A "fatal flaw" is defined here as a flaw that breaks the expected functionality of Ethereum.

The Aragon project’s official twitter account posted the voting results last week. The poll favored a proposal to block changes to Ethereum’s mining algorithm. ProgPOW would alter the Ethereum network’s proof-of-work mining algorithm before the switch to a proof-of-stake model as part of the Ethereum 2.0 roll-out. Aragon utilizes Ethereum smart contracts. It is an open-source software project for creating and managing decentralized autonomous organizations (DAOs).  

Almost 860,000 tokens voted yes on the proposal to oppose, while 390,000 voted no. Jorge Izquierdo, Aragon One CTO, stated in a tweet that the Aragon team will take the community’s decision seriously. At the beginning of October, Izquierdo reported that the Ethereum network’s Istanbul upgrade will break approximately 680 smart contracts on the Aragon platform. Izquierdo further said that DAOs on Aragon will not be able to receive Ether (ETH) from one another anymore:  

The issue we’re going to have hasn’t been deemed important enough for this hard fork not to happen, which from our point of view is unfortunate [but] it’s a hard balance we understand.


 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

More from Rajarshi Mitra
Share:

Editor's Picks

Ripple eyes short-term bullish turn as investor demand returns

Ripple exhibits strong recovery prospects, trading above $1.10 on Friday. This rebound aligns with the broader crypto market and can be attributed to easing geopolitical tensions in the Middle East and growing appetite for risk assets.

Crypto Today: Bitcoin, Ethereum, XRP advance amid renewed capital inflows

Bitcoin maintains its upward momentum, holding above the $61,000 mark at the time of writing on Friday. Major altcoins such as Ethereum and Ripple are also posting gains, signaling a modest uptick in market sentiment and renewed risk appetite among investors.

Bitcoin Weekly Forecast: Quarter-end rebalancing might fuel BTC next bullish move

Bitcoin recovers to $61,800 on Friday after falling to a 21-month low of $57,800. US-listed spot ETFs recorded outflows of $526.64 million through Thursday, pointing to the eighth consecutive week of withdrawals.

Pi Network posts minor gains amid easing risk-off market sentiment

Pi Network (PI) shows minor recovery on Friday, a slow follow-through of the 2% rebound from the previous day. The recovery in PI aligns with the easing broader market risk-off sentiment, fueling speculative interest in the token.

Bitcoin: Quarter-end rebalancing might fuel BTC next bullish move
Bitcoin (BTC) is up over 3% so far this week, trading above $61,800 at the time of writing on Friday after slipping to a 21-month low earlier this week. Institutional selling continued, with spot Exchange Traded Funds (ETFs) recording net outflows of over $520 million through Thursday, pointing to the eighth consecutive week of withdrawals.