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Ethereum (ETH) ProgPoW Upgrade Criticized by Community

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Sun, 02/23/2020 - 12:49
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  • Sooner or later, every great team goes through unpopular decisions on its road of progress. It looks like the Ethereum Foundation has to make one really uneasy step

Cover image via u.today
Contents

On Feb. 20, 2020, top-level developers of multiple Ethereum (ETH) teams discussed the upgrade of network consensus mechanisms during their latest meeting. It may migrate towards programmatic proof-of-work (ProgPoW). Despite being tentatively scheduled for July 2020, it has already made some influential enemies.

No ASICs in Ethereum (ETH)

Ethereum (ETH) switching its algorithm to ProgPoW has been discussed by the dev community during the last two years since the releases of the first application-specific integrated circuit (ASICs) for ETH mining by Bitmain and Canaan. According to the initial whitepaper of the cryptocurrency, it's better to keep the network optimized for low-cost and easily accessible software to maintain a necessary level of decentralization.

The introduction of ASICs enabled the dominance of professional miners equipped with costly and sophisticated mining gear. According to some Ethereum developers, this fact poses a threat to the decentralization and network security and thus should be removed before the launch of Ethereum (ETH) 2.0.

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As a result, two system-level upgrades are tentatively scheduled for June and July 2020 respectively. While EIP-1962 will re-schedule some aspects of Ethereum (ETH) cryptography, the ProgPoW hard fork will establish a new mining algorithm three weeks later. As previously reported by U.Today, Monero (XMR) network rolled out a similar upgrade on November 30, 2019. The new RandomX proof-of-work algorithm made Monero hashrate skyrocket.

Powerful dissenters

Ethereum Hardfork coordinator James Hancock, who is one of the most consistent advocates of the upcoming upgrade, received tons of negativity from both Ethereum developers and enthusiasts. This fact has been highlighted by Kristy-Leigh Minehan, the author of the Ethereum (ETH) mining algorithm.

Author of Ethereum mining algorithm supports the hardfork coordinator
Image via Twitter

Some members of the Ethereum (ETH) community proposed to create a list of the most powerful opponents of the anticipated upgrade. At the moment, Ameen Soleimani of Spankchain, Martin Köppelmann of Gnosis, Hayden Adams of Uniswap, Igor Lilic of ConsenSys as well as numerous Ethereum (ETH) developers expressed their objection to ProgPoW. 

The dissenters remembered that the possibility of a chain split on two blockchains with different mining rules may occur as a result of this hard fork. It is also very stressful for the community that July 2020 had been named as a tentative date for Ethereum (ETH) 2.0 launch.

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Ethereum 2.0 Developer Revealed the Potential ETH 2.0 Launch Date - READ MORE

With ProgPoW roll-out, the release of the proof-of-stake version of Ethereum may be delayed. Ethereum developer Marc Zeller expressed a very popular and sorrowful opinion:

"Let's be clear, We're years away from PoS on Ethereum. Asics are already there. This situation is a textbook definition of core devs being in an echo chamber. It's to late for #ProgPoW."

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Bitcoin (BTC) Scammers Impersonate Bill Gates and Endanger Almost 30K YouTubers

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Sun, 03/29/2020 - 19:38
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  • Bitcoin (BTC) scammers know no quarantines or self-isolation. Dozens of fraudulent airdrops falsely endorsed by Bill Gates ask YouTubers to send in their Bitcoins.

Cover image via stock.adobe.com
Contents

Typically, fake YouTube airdrops are quite similar to each other. With the current pandemic enraging across the planet, a series of scams that impersonate Bill Gates have some distinct features.

With Bitcoin (BTC) Price Drop, Scammers are Getting Greedy

Just like in several other previous cases, the fraudsters launch fake 'live streams' on YouTube, asking users to send in their Bitcoins (BTC) in order to get redouble the initial amount.  An 'entry ticket' into to this scam starts at 0.1 BTC which is more than $650. With previous scams, it was much cheaper.

Fake YouTube Bitcoin (BTC) airdrop
Image via YouTube

The scammers also publish the URLs of this campaign, which are linked to suspicious websites. Unlike previous cases, fraudsters launch multiple live streams simultaneously. At press time of this article, at least two of them were active.

Multiple scam streams on YouTube
Image by YouTube

According to statistics, the average popularity of one live stream is about 30,000 viewers.

Very Bad Idea

Alongside that, launching fake airdrops on behalf of Microsoft's Bill Gates isn't a slam dunk for the fraudsters. It may seem ironic, but Mr. Gates is a prominent critic of cryptocurrencies, particularly of Bitcoin (BTC). He is sure that digital assets represent a kind of a ‘greater fool theory’ type of investment.

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Cryptocurrencies kill, added Mr. Gates. To him, its only use-case besides short-term speculations is illegal funding for drug trafficking:

Right now cryptocurrencies are used for buying fentanyl and other drugs, so it is a rare technology that has caused deaths in a fairly direct way.

The U.Today team will one more time state that no airdrop will be conducted without the notification from an official website of a product or token. Any YouTube, Medium, and/or Telegram announcements may shill scammers. Never send your money to unknown persons.

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 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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