Ethereum (ETH) core developer Hudson Jameson announced that a third-party audit of the Application Specific Integrated Circuit (ASIC)-resistant proof-of-work algorithm ProgPoW has been funded. The dev made the announcement during the latest bi-weekly Ethereum core developer meeting held on April 26.
During the call, it was specified that the targeted funding amount of 50,000 units of decentralized, Ethereum-based USD-pegged stablecoin DAI had been reached. The funds were reportedly crowd-sourced through donations.
Jameson noted that the audit is set to begin “this week or next week hopefully.”
ASIC refers to mining hardware that uses single-purpose chips, which are tailored to more efficiently mine cryptocurrency based on a specific hashing algorithm. Meanwhile, set-ups that use graphics processing units (GPU) are less specialized, and have therefore to date struggled to compete for rewards on the network with those that deploy ASICs.
ProgPoW aims to decrease the efficiency advantage of ASICs over GPUs.
A recent Cointelegraph analysis uncovered that as of lately, stablecoin DAI has been struggling to keep its peg, but its proponents apparently believe that it will soon become crypto’s default stablecoin.