X

4170 Views

The Alternative Mining Protocol Praised By LTC’s Charlie Lee

Spread the love
  • 2
    Shares

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.

 

0 Shares

You may be interested

US Rep to Hold Roundtable Discussion With Blockchain Expert
News
209 views
News
209 views

US Rep to Hold Roundtable Discussion With Blockchain Expert

Joshua Tayo - September 26, 2018

Currently, the U.S does not have a solid regulatory structure that governs the action of blockchain related innovations. In order…

New ESMA Regulations May Boost Up Crypto Exchanges Volumes
News
347 views
News
347 views

New ESMA Regulations May Boost Up Crypto Exchanges Volumes

Anca Faget - September 26, 2018

Recent ESMA  regulations have overhauled the retail trading industry. Although they probably haven’t been met with all the warmth especially…

How to Avoid Cryptocurrency Thefts
Learn
920 views
Learn
920 views

How to Avoid Cryptocurrency Thefts

Solomon Magawi - September 25, 2018

Bitcoin itself is tough to hack, thanks to the blockchain framework that underpins it. Since the blockchain is regularly reviewed…