Bitcoin Developer Launched a Substitute For Controlled Mining Pools (+ VIDEO)
Bitcoin developer Matt Corallo has recently released a mining pool protocol that aims to boost decentralization as BTC mining is highly monopolized.
The mining pool uses the BetterHash protocol that lets users choose between introducing their own “block templates” or using the pool owner’s ones. Matt Corallo wanted to bring a change within the mining pool system and use different tech elements than the famous pools such as Bitmain and Antpool, which are based on the Stratum protocol.
“Over Stratum you get the block templates, you get information about how to build the coinbase and also information representing all of the transactions in the block. This means that end user miners have largely no control over what they’re mining on,” Corallo explained for Jimmy Song’s Youtube channel.
“This is entirely left up to the pool; the pool could if they chose to… have users do anything they wanted, such as a selfish mining attack, a 51% attack, censor transactions or double-spending.”
Matt Corallo announced his followers on Twitter on 5th June about the future project, attaching on a draft of the mining protocols he was working on for a while:
“The miners are now the miners”
The Bitcoin community is increasingly interested in mining pools like Bitmain, which oversight 42% of hashrate. Even if it misses a few more percentages until it reaches a major influence on competitors, analysts are afraid that Bitmain’s involvement in the ViaBTC pool would provide the needed support.
ViaBTC said it now operates on its own and that Bitmain was the main investor only of the recent funding.
“This protocol is designed to allow users to run their own full node if they want to… they can build their own templates, select their own transactions (not censor transactions), choose which block they’re mining on to prevent a 51% attack or a selfish mining attack,” Corallo explained.
Even so, miners will continue to pay for using the mining pool and interact as before. The difference is that access will not be monitored by the administrator of the pool. “The miners are now the miners again, rather than the miners being the pools,” Corallo concluded.