The 50,000 DAI target amount was achieved and ethereum ProgPoW audit funds were approved

Block pulse understands that ethereum developers today announced that funding for auditing controversial code changes, known as Progressive proof-of-work or ProgPoW, has been approved.

Coindesk (Coindesk)reportsSince February, developers have been raising funds necessary to support third-party audits of ProgPoW code. Eaeum developers announced at their weekly meeting that their goal of raising 50,000 DAI(about $50,000) through crowdfunding donations on the open-source bounty platform Gitcoin, as well as other anonymous donations from the community, had been met.

The purpose of the audit was to examine the "anticipated impact of ProgPoW on ethereum safety" and the overall impact on ethereum mining. The proposed code changes would essentially make it harder to mine dedicated hardware on ethereum, effectively highlighting the gpu-based industry. Blockpulse estimates that out of the $16bn in blockchain returns currently generated, ethereum is reaping about $700m a year from mining.

As ProgPow is activated on the ethereum network, the efficiency gains for ethereum miners using ASIC machines will be much smaller than for relatively low-cost general-purpose computers (also known as gpus), resulting in fairer competition for mining rewards on the network.

ProgPoW's third-party auditor is a berlin-based computer security firm called Least Authority.

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia