Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is also a cryptocurrency, which can be used to pay for goods and services, or to trade like any other currency.
The native currency of the Ethereum network is called ether. It is used to pay for transaction fees and gas, which is the fuel required to run a smart contract or a transaction on the Ethereum network.
Ethereum also has its own programming language, which allows developers to build decentralized applications on top of the Ethereum blockchain.
So, what exactly is Progpow
Progpow is an algorithm that helps to secure the Ethereum network by making it more resistant to ASICs (Application-Specific Integrated Circuits). ASICs are specialized hardware that can be used to mine cryptocurrencies much more efficiently than regular CPUs or GPUs.
The problem with ASICs is that they can be used to gain too much power over a network. For example, if someone owns an ASIC that is able to mine Bitcoin much more efficiently than anyone else, they could theoretically control the Bitcoin network by controlling a majority of the mining power.
This is why Progpow was created; to make it more difficult for ASICs to gain too much power over the Ethereum network. By making it more difficult for ASICs to mine ether, Progpow makes it more expensive for someone to try and control the Ethereum network.
So far, Progpow has been working well and has made it more difficult for ASICs to mine ether. However, it is still possible for someone with enough money to buy enough ASICs to gain control of the Ethereum network.
This is why Progpow is only one part of Ethereum’s security strategy; Ethereum also uses other mechanisms such as Proof of Stake and Casper to help secure the network against attacks.