Statement: Ethereum ProgPoW to make a secure chain-split, to preserve the entire ethereum network against ASIC takeover

January 14, 2019

Today, we, the Ethereum ProgPoW developers including full-time workers from Progpool, Frogmob, and ProgPoW, declare to Chain-Split Ethereum before Constantinople upgrade.

Recently we’ve received several reports of a well-organized opposition from ASIC manufactures to delay ProgPoW adoption on Ethereum mainnet, and we think this is part of a plan to take over ethereum network.
Since ProgPoW is meant to be a secure mining algorithm by eliminating the risk of well-known 51% attack from ASIC miners, we see this opposition as a serious challenge to network security, and thus we announce a counter plan to defeat against this recent attack.

Our plan is to preserve the ethereum network by creating a backup chain, a post-Constantinople chain supported by a secure ProgPoW mining algorithm. By doing this we expect we can minimize the risk of issuance reduction and build a strong foundation of decentralized mining, to make a guarantee of digital assets that is hosted on the network.

Ethereum ProgPoW or it’s related organizations doesn’t hold any responsibility for on-chain digital assets being effected by chain-split activity. Ethereum ProgPoW will serve it’s best to guarantee the network stability or security concerns however we don’t guarantee for the operation of a split chain. Therefore, We would like to urge the service parties, who are supposed to be affected by our chain-split, to also announce their position on split assets to support or not. This is not only limited to Exchanges who holds digital assets for their customers but also token publishers like TUSD, BNB, etc.

We will provide a limited time of Customer support for our forked network and node software, and please feel free to contact us about Ethereum ProgPoW, we will love to provide any kinds of information.

Sincerely

Nayoung Lee

CEO of Progpool

Contact: info@ethereumprogpow.com