Let me start by saying that current LTC miners are going to absolutely hate this suggestion, but hear me out.
It comes down to this fundamental question: How do we, the Litecoin community feel about decentralization?
- Are we for greater decentralization of the network?
- Are we okay with the status quo, a less decentralized network mostly ran by the few that can get their hands on the latest and greatest ASICs that come out? (often in secret)
An opportunity is about to arise for us in a year or so. Ethereum is moving to PoS and basically abandoning Ethash. Meanwhile ethash is a proven algorithm. It has proven to be immensely resistant to ASICs. Even if you have an Ethash ASIC, your advantage over GPUs isn’t that large. There are also a crap load of Ethash miners out there. Orders of magnitude more than Scrypt. It is far more decentralized than we are, objectively speaking.
Additionally, a LOT of work and effort by the Ethereum Foundation and others has gone into developing and auditing ProgPoW, which is even MORE resilient to ASIC miners (which again, are mostly the chip manufacturers themselves, unless you happen to own a few acres of land and can simply compete with chip manufacturers that have the latest and greatest, by having exponentially more of the last generation running). All of this hard work developing and auditing ProgPoW remains unused.
I’m not talking about changing block times or sizes either. Ethash/ProgPoW can be made difficult enough to target our usual 2.5 minute block time.
If we were to adopt Ethash or ProgPow once abandoned by Ethereum, we will have a more decentralized network, and be the top cryptocurrency using it. We will arguably be more secure than we are with Scrypt.
Change is hard to accept for many, but we have at least a year to think this one through, all I ask of that we consider it. The switch really wouldn’t take much work, I don’t mind even submitting some preliminary pull requests of the change. I argue this change will drastically be to our benefit, with minimal risk as this is a tried and true algorithm.
TLDR: We should consider adopting the hashing algorithm ethash/ProgPoW once abandoned by Ethereum as that is more decentralized than Scrypt, with way more miners out there. Difficulty can be adjusted to target our 2.5 minute block time still and wouldn’t require that much work. It would make us the top cryptocurrency with that algorithm so security concerns are basically null.