Programmatic Proof-of-Work [ProgPoW] has been one of the key topics of discussion in the Ethereum community, with some favoring its implementation, while others staunchly against it. Kristy-Leigh Minehan, a developer working on ProgPow, recently spoke about the reason behind the debate, in an interview with BlockChannel.
The discussion on the reason for the debate began with Minehan stating that ProgPow was not only a technical discussion but also a political one. This was followed by the developer listing the reasons why it concerned the technical side as well as the political side of the Ethereum community.
Under the technical aspect of the debate, Minehan stated that the first concern was regarding the kind of hardware they want to secure the Ethereum network with, GPUs or ASICs. She stated that GPUs were naturally decentralized, readily available and cater more to home miners, while ASICs were “usually only” sold to enterprises. The second was whether there was still a need for ASIC resistance, considering that ASIC resistance was one of Etheruem’s goal four years ago. She said,
“[…] things evolve over time. So, there’s a lot of discussion from both the developers, application users, stakeholders and miners about, is AISC resistance part of our vision for Ethereum’s future. The third piece is, do we even care about the Proof-of-Work portion of Ethereum anymore because Proof of Stake is ‘on the horizon’.”
This was followed by the developer speaking about the political discussion surrounding ProgPow implementation. Minehan stated that this discussion was with regard to the governance of Ethereum. She stated that on one hand, there were a lot of stakeholders and application developers who felt that their “opinion was not heard” and that the decision of ProgPow implementation was made “without their input”. While on the other hand, miners felt like they were not heard and that their contribution to the Ethereum network was not valued anymore.
“And, the third piece is that many people are really pushing back because one ProgPow is very technical. It does take a bit of understanding of GPUs intimately work about how hardware intimately works and that can cause a bit of confusion, stress, a little bit of chaos […]
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Bitcoin: Would you rather HODL Bitcoin or trade? ex-CTO of Coinbase opines on investing in cryptos
With the inception of Bitcoin and the advent of altcoins, there has never been a good chance to make quick money by simply investing. The last time such an opportunity was seen during the DotCom bubble. However, scams are also a part of this opportunity which became more than evident during the ICO frenzy of 2017.
Millions, if not billions were lost to the ICO scams, which caused the regulatory bodies like SEC, CFTC, and others to step in to protect investors. As the space matured over time, so did the actual number of projects in the ecosystem; there are more than 3000 cryptocurrencies with different and implied use-cases, which is confusing to most of people in the crypto industry and to the people outside of this space as well.
The ex-CTO of Coinbase, Balaji Srinivasan tweeted in support of the above; how an investor who is not familiar with the crypto space should go about investing. Srinivasan said that there were a few people who can be profitable and can beat the market, however, he added that “buying BTC in crypto” was like “buying vanguard in traditional equities”.
Investing in traditional assets or Bitcoin, for people who are inexperienced should be a longterm investment, hence the best thing to do with Bitcoin is to stack and/or HODL.
The DotCom bubble pushed the innovation to its maximum which led to the birth of massive companies like Google, Amazon, Uber, etc. The same can be said for Bitcoin, which led to the development of Ethereum [ETH], which is the second largest cryptocurrency in terms of market cap. However, Ethereum brought smart contracts to the world, which has further led to the development of dApps and other use-cases.
1) ETH is/was also both a phenomenal investment and a major technological breakthrough.
2) Some other digital assets are very promising; I don’t believe innovation ends with BTC and ETH.
But for the person outside the space who wants exposure, just buy BTC.
— Balaji S. Srinivasan (@balajis) June 22, 2019
The bottom line with the Srinivasn’s tweet thread for the people who are inexperienced with crypto space was to just buy Bitcoins and hold it rather than trading it.
A Twitter user @mskvsk, reflected Srinivasn’s tweet as he replied:
“Buying BTC, dollar-cost averaging, forgetting about it for several years. This is the soundest strategy for most people. #stackingsats”
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