Twitter founder Jack Dorsey is investing in decentralized mining pool-and it first censors certain transactions
Image by GPA Photo Archive via Flickr.com. License: Creative Commons
As a rule, mining pools keep the money of their miners to pay it evenly later. The mining pool Ocean contrasts a non-trusting model. But a censorship of certain transaction types shows an attitude that has little prospect of gaining the market – but not for the obvious reasons.
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Jack Dorsey, as a former Twitter boss, almost the former Elon Musk, has largely focused on Bitcoin for some time. Under his leadership, he brought together an investor round that gives the Mummolin company $ 6.2 million so that it decentralized the mining with the Ocean pool.
“So that Bitcoin continues to exist as a decentralized currency, the role of the mining pools must change,” explains Mummolin co-founder Luke Dashjr. Anyone who follows Bitcoin for a while knows this name: The long-term core developer, which is very special, but very special, is one of the inventors of Segwit and founded one of the first mining pools in 2011. Ocean calls him “the guardian angel of Bitcoin”, which fits well in this respect, as Luke is known as a fundamental Catholic.
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Ocean continues Eligius. Unlike many traditional pools that keep the yields from the mining and then distribute them to the participating miners, Ocean pays the miners directly from the coin base reaward. This does the network more robust and allow the miners to verify their income: Bitcoin mining “as it was thought”, titles like website.
You invest in Mummolin, explains Jack Dorsey, “out of deep respect for the mission.“He knows Luke“ And I was inspired by the vision and, above all, the implementation.“How Mummolin will use the money remains a bit vague. In 2024, “several phases of improvements for the decentralization of bitcoins will start,” said the company, which is named after a French-Belgian saint, the Bishop Mummolin from Noyon.
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An open question remains, however, for what reason a pool that has been live since 2011 but is less than one percent of the hashrate, because suddenly Bitcoin is said to save Bitcoin because Luke and his team have received $ 6.2 million. It is something like a bet that the market for mining turns upside down.
Because in the mining the model of payout by FPPS has long since prevailed, “full pay per share”. In this, miners are paid out in the entire hashrate of the pool according to their shares, whereby the pool initially retains the income in order to divide them later. This model gives the miners a regular current of the income, which is obviously more important to them than a non-trusting option.
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In any case, many bitcoiners are already struggling whether Ocean meets the self-knitted demands on their own Bitcoin ethos. Because a day later the first censorship allegations were loud. The Canadian Miner Checksum0 mentioned that a check of the transactions and its fees show that Ocean does not confirm transactions that include “any data according to op_false”.
Checksum0, which is connected by the Blocksize Wars 2016/17 in old feast, suspects that Ocean Lukes Bitcoin-Fork uses “Bitcoin Knots” that integrated a “hard censorship”. This not only breathe Bitcoin’s spirit, but also cost the miners money.
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This was confirmed shortly afterwards. Giacomo Zucco, a poisonous Bitcoin maximist from Milan and also in the Ocean team, explains that Knots only “filters inscription spam” because the pool is currently using Knots to generate the block template in a centralized manner.”Therefore,” Shitcoin-Spammer “would have to wait for the second phase of Ocean-the decentralization of the template-” to produce their own template full of sh **** e “.
“Bitcoin Mechanic”, another employee of Ocean, also confirms the accusation with partly identical vocabulary: The pool will “continue to filter inscription”, whoever disturbs this, please use another pool.
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Presumably the Mindset from Ocean is in a nutshell: Should they mines-if you want consistent payouts if you want to take fees through ordinary transactions if you want something that contradicts the “Ethos of Bitcoin” as a small, fundamental clique around Luke and Giacomo.
It is Ocean’s good right to choose which transactions come into the blocks. Every pool has this right. Some refuse to confirm transactions because the US Ministry. Everyone can do it as they want. However, there is no reason to expect that Ocean will have a serious impact on Bitcoin with this attitude.
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