Litecoin’s Charlie Lee recently tweeted an appreciation post in response to a Bitcoin Developer, Matt Corallo’s launch of an alternative mining protocol. The purpose of the launch was to make mining distributed and decentralized.
His tweet stated:
“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.”
How it works
The mining pool uses a protocol called BetterHash, which facilitates miners to create their own block nodes rather than using the ones assigned by major pool owners.
Corallo says that Stratum provides the option of block templates. These are informative guides that represent all the transactions on the block and direct users into building the coinbase. This ensures that the ‘end-user miners have largely no control over what they’re mining on’.
The Bitmain Concern
Currently, Bitmain has almost become a monopoly in the mining scenario as it has a control of above 40% hash rate, among other major mining pools. The hash rate required to dominate the mining game is 50%. The ongoing news of ViaBTC receiving funds from Bitmain has arisen worry within the Bitcoin community as Bitmain could get sufficient amount of hash rate control and create a monopoly.
Bitmain and other such mining pools use Stratum, a protocol that is widely in use, against Matt Corallo’s BetterHash.
However, the alternative mining pool will not change the way miners interact and work, but the control will remain distributed and will not be transferred to a monopoly. Corallo also explained:
“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,”
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