War On ASICs Might Not Be The Solution

The war on ASIC mining has been raging on in recent times in the cryptocurrency world. One of the largest cryptocurrencies in the world, Ethereum, has been one of those very active in the bid to make the blockchain network impervious to ASIC mining but if one of the core developers from the Ethereum blockchain network has its way, Ethereum might actually be welcoming ASIC miners. This war on ASIC miners has seen many of the cryptocurrencies like Ethereum and Monero take aggressive steps in order to ensure that their networks become ASIC resistant. Yet amidst all of this, one of the developers from the Ethereum blockchain network, Cody Burns, has made a proposal labeled ECIP-1043 that goes against the conventional opinion of the Ethereum community. In the proposal that was published by Burns, he says that there should be an alteration made to the coding of the Ethereum classic blockchain network in order to accommodate the new mining technology. If this change does happen, it would make Ethereum classic more than just an odd ball in the cryptocurrency world. While the rest of them are looking at ASIC mining as a threat to the egalitarian system of distribution of cryptocurrencies, Ethereum classic would be embracing the would-be dominators with open arms on the blockchain network. Fear Of ASIC Miners Not Without Reason The resistance to let ASIC miners make it a profitable experience to mine on the Ethereum blockchain network (or any others for that matter) is not based on speculation that they might be able to dominate the mining. This is based on facts and people in the cryptocurrency community do not want to see history repeating itself. Bitcoin is already seeing the centralization of the cryptocurrency distribution because of Bitmain’s ASICs and how a few companies are now dominating the Bitcoin ecosystem. ASIC Competitive Not ASIC Resistant The logic behind Cody Burns’ proposal for the Ethereum classic ECIP-1043 is that since the blockchain network works on the proof of work algorithm, the process of mining becomes more and more difficult as more blocks are added to the blockchain network. With time, even the everyday usage GPUs are going to find it harder to effectively mine Ethereum classic. With ECIP-1043, the ASIC resistant aspect of it will be removed and the mining process dominated by ASICs will become more efficient. Other than that, he believes that the domination in the cryptocurrency mining industry exists because of Bitmain’s dominance. Instead of making ASIC mining more difficult, if ASIC mining is allowed to happen more easily, there will be more companies that will be able to produce hardware to efficiently mine cryptocurrencies and eliminate Bitmain’s dominance on the mining industry. Bottom Line Convincing all the users on the Ethereum classic blockchain network to go along with the ECIP-1043 will not be easy at all. In fact, it is Ethereum classic that’s been adamant on sticking to the original code that even the main community has split apart from because they wanted to maintain the “code is law” motto they follow religiously. The ECIP-1043 will not only go against their original resolution, which saw them split from the main blockchain network, but it will also bring about the possibility of another hard fork or just simply result in ASIC mining take over the GPU mining entirely. It remains to be seen whether or not Cody Burns goes ahead with the ECIP-1043 and while the intent might be good, the implementation of the proposal does not seem very likely. Charlie Shrem is a Bitcoin pioneer, a social economist and digital currency trader. His work in this field is legendary. In 2011, at the dawn of the crypto era, he founded BitInstant, the first and largest Bitcoin company. In 2013, he founded the Bitcoin Foundation and serve as its vice chairman. Since then, Charlie has advised more than a dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is the go-to guy for some of the world’s wealthiest entrepreneurs. In short, he is the ultimate insider at the epicenter of the crypto universe. Crypto.IQ is a premier advisory firm providing expert research, education and advice in the world of cryptoassets. The company is unique in that it combines the unparalleled expertise of crypto pioneer Charlie Shrem with the unparalleled market knowledge of three Wall Street experts with more than a century of combined financial industry experience. Together, they have managed and traded more than $1 billion in assets. In a world of "instant experts," who have little knowledge or trading experience, the Crypto.IQ team offers the proven depth, insight and knowledge to help their clients achieve success. Raise your Crypto.IQ…and profit! Crypto.IQ gives you the insider knowledge you need to succeed as a cryptocurrency investor.

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by Adrian.Today - yayimages.com