ZoneBitcoin EditorialBitcoin mining pools can be criticized for their lack of "decentralization" in several ways. By the very nature of the Bitcoin protocol, this is an ideal to strive for, which leads all Bitcoin supporters to be vigilant about the issue.
Thus, initiated by the developer of Bitcoin Luke dashjr, the idea of further decentralizing bitcoin mining internationally has brought to fruition the decentralized mining pool called " Ocean"
Jack Dorsey which strongly supports the project has enabled a fundraising of 6,2 million dollars to develop the pool. The investors are among the most influential on the Venture-Capitalist scene, including MoonKite, Barefoot Bitcoin Fund and the Bitcoin Opportunity Fund.
An investment which demonstrates the importance to be given to this new type of mining pool.
Presentation of the Ocean pool
It is then a transparent and non-custodial mining pool, open to all bitcoin miners in the world. Thus, miners receive block rewards directly, without payments being initially held by any entity.
Indeed, remember that traditional mining pools keep the block rewards (as well as the fees) before distributing them among the participating miners. This withholding of payment is problematic in the sense that the entity that withholds can also decide not to redistribute them. Thus, the fact that Ocean is a non-custodial platform allows miners to benefit directly from their rewards.
Luke Dashjr, developer of Bitcoin Core and co-founder of Mummolin has declared » Ocean is a new type of pool that allows miners to truly be miners. We are launching the most transparent pool and also the only non-custodial pool where miners are the beneficiaries of new block rewards directly from Bitcoin.
Why does Ocean represent an innovation in mining pools?
Although Ocean is still in its infancy at the moment, the pool plans many developments in the future with the aim of decentralizing more and more bitcoin mining.
However, already, here are the innovations that Ocean brings to this sector:
Avoid centralization:
Centralization of block construction in the context of mining refers to the concentration of the block creation process by a small number of entities or participants. Thus, the way in which information is gathered to form a block in the Bitcoin blockchain can be centralized.
The block construction process typically involves selecting transactions to include in a block, creating the block, and propagating that block throughout the network.
With Ocean, the idea is to introduce a way for miners to be able to independently carry out block model construction while benefiting economically from their participation.
Be non-custodial
In fact, most pools today operate on a business model called FFPS for “Full Pay Per Share”. This means that the pools pay miners proportionally based on the work they do for the pools. When a block is found, the Bitcoin protocol “pays” the pool directly. This then becomes the place where the funds are placed before being redistributed to the miners.
This procedure of "keeping" is not optimal because there is a risk, even minimal, that the pool decides not to distribute the funds for x reasons. By using Ocean, miners are then paid directly by the Bitcoin network.
Transparency:
The majority of pools are not sufficiently transparent about all the transactions that are carried out and which require computing power. Thus, pools can also hide or increase certain fees without reporting to miners since the latter do not have transparent access to operations.
With Ocean, all transactions are publicly visible and all included transactions are presented. This allows miners to be familiar with the construction of blocks so that they can also choose where to place their computing power.
Final word:
This is a completely honorable and important initiative for Bitcoin mining. The principle of decentralization being one of the pillars of the protocol, it is undeniable that this type of mining which pushes for decentralization will become a future norm.
To find out more about Ocean and how to use it, simply visit the official Ocean website here.
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