Ethereum Blockchain Use Cases Increase as Community Fights over ProgPoW
Ethereum Blockchain is undoubtedly one of the widely used networks in the blockchain world. The latest reports reveal that the network now powers the F1 Delta Time blockchain game. Developers have released the game, which is currently selling in the in-game item crates.
Players can now buy a collection of parts, cars, drivers, and racing gear using the ERC-721 non-fungible tokens (NFT). The F1 Delta Time official announcement published on February 25 stated that the sale would run through March 9, with a total of 6,500 crates up for grabs. The prices are scheduled to increase from the current levels after March 3.
Non-fungible tokens are a type of digital collectible that are not interchangeable because they are characterized by unique qualities and differ in their level of rarity.
What is available?
Any user who acquires these crates will also have an opportunity to win one of the three limited-edition cars supplied by the “Four Guardians Apex.” The rarity level of the crate will determine the number of entry tickets.
The game offers four crate types that range from Common ($18) to Legendary ($450), which are available for purchase. Additionally, F1 Delta Time also announced that players could earn in-game REV currency via a NFTs Staking mechanism.
By description, REV is an ERC-20 fungible token. This token serves as the main currency in the F1 Delta Time merchandise. It is used to conduct payment as well as issue rewards after the races.
Promoting Ethereum Blockchain in F1 auction
According to reports from November 2019, F1 Delta Time held an auction of F1 car-branded NFTs last year. Confirmed reports revealed that Formula 1 signed a global licensing agreement with Animoca Brands. Animoca is the blockchain startup that was powering the F1 Delta Time in March 2019.
The startup has previously auctioned off other cars, which includes a car known as “1-1-1” that was released on May 24, 2019. This car is described as a:
“Truly one-of-a-kind digital collectible and a digital milestone in motorsport”
1-1-1 was sold for 415.9 ETH in May 2019, translating to $113,000 at the time.
Ethereum Blockchain community opposes ProgPoW
As developments and user cases continue to increase on the Ethereum blockchain, the community is disgruntled. The latest reports indicate that opposition continues to grow against the implementation of the controversial Programmatic Proof-of-Work (ProgPoW) proposal.
ProgPoW is described as an ASIC-resistant PoW algorithm. It is designed precisely to enable it to replace the current hashing algorithm for the Ethereum platform, ETHhash. Originally introduced two years ago, it came up as a solid plan structured for release in the middle of this year after a call of core developers happened on February 21.
On February 26, just five days later, the major stakeholders filed a petition on Github. The petition was filed to express the community’s disapproval of the decision to introduce ProgPoW. Written by ETHBoston Organizer Justin Leroux, this petition claims that the scheduled change does not have any community support:
“Because Ethereum is a global platform with a large and diverse group of stakeholders, it is critical that major changes to the protocol have a clear purpose and broad support. EIP-1057 clearly lacks that support, yet activation is still being considered.”
It is signed by over 70 people, including Hayden Adams, the CEO and founder of Uniswap. Other notable participants include the co-founder of DARMA Capital, Andrew Keys and the CEO of Truffle Suite, Tim Coulter.
“Changing the Eth1 hashing algorithm at this point in Ethereum Blockchain evolution shows community division and introduces technical risk at a time when efforts and attention should be focused elsewhere.”
By description, ProgPoW is the proof-of-work (PoW) algorithm. It is meant to smooth the transition of the ETH network shifting to proof-of-stake (PoS). It will eventually minimize the gap that exists in efficiency between graphics processing units (GPU) and Ethereum ASIC miners. Thus, it will protect the Ethereum network against the monopoly threat posed by the ASIC hardware manufacturers.
The ProgPoW proponents believe that the change will help in avoiding miner-led fork through the months that lead up to the Proof of Stake. On the other hand, the opponents state that the exact opposite could happen. The petition reads:
“A stated goal of ProgPoW is to avoid contentious forks while transitioning to proof-of-stake, yet it is at odds with its aims if activation increases the likelihood of that undesired outcome.”
Ethereum is scheduled to shift from the proof-of-work consensus towards proof-of-stake, aiming to launch the first phase of ETH 2.0 in mid-2020.