The algorithm has been proposed by tevador, who was a co-creator of RandomX used in Monero in 2020: https://lists.torproject.org/pipermail/tor-dev/2020-June/014358.html

RandomX itself is based on the idea to generate random code based on the last block hash, so you can't predict an algorithm to benefit in some way from putting it in silicon, design specs can be found here: https://github.com/tevador/RandomX/blob/master/doc/design.md

Here is a great write-up on the development from RandomX to Equi-X as a DoS protection and why certain design decisions have been made: https://github.com/tevador/equix/blob/master/devlog.md

And finally here is the discussion on Git of the potential benefits and drawbacks of it being implemented: https://gitlab.torproject.org/tpo/core/tor/-/issues/40634