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The Alternative Mining Protocol Praised By LTC’s Charlie Lee

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Litecoin’s founder Charlie Lee recently posted a tweet in which he expressed his appreciation for the launch of an alternative mining protocol by Bitcoin developer Mat Corallo. The launch’s aim was to make mining distributed and decentralized.  

 “Great job on a much-needed improvement to mining @TheBlueMatt! Though I do question how many miners would run their own nodes to create block templates. Seems like we need to incentivize miners to do that, otherwise, they will be too lazy to and we are back to square one,” tweeted Lee.

The Protocol

The mining pool employs a protocol named BetterHash, which enables miners to make their own block nodes instead of using the ones administered by major pool owners. Corallo says that Stratum offers the option of making block templates.

These are informative blueprints that feature all the transactions on the block and instruct users on how to build the coinbase. This makes sure that the ‘end-user miners have largely no control over what they’re mining on’.

The Bitmain Issue

Bitmain is the biggest manufacturer in the crypto mining industry, controlling over 40% of the total hash rate, among other major mining pools. To dominate the mining scene, one would have to have a hash rate of 50%.

The current news of ViaBTC getting funds from Bitmain has produced some anxiety among Bitcoin community members as Bitmain could reach the amount of hash rate control and establish a monopoly.

Bitmain and a majority of mining pools have the Stratum implemented instead of Matt Corallo’s BetterHash.

However, the BetterHash mining protocol will not affect the miners’ interactions and work in any way, it will just ensure that the control remains distributed and will not be turned into a monopoly.

“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,” explained Corallo.

 


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