Decentral bitcoin mining

Bitmain's Mining Monopoly Compromises Bitcoin's Decentralized Nature

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Bitcoin Cash is essentially not a decentralised cryptocurrency. I've reviewed the last 50 mined blocks decentral bitcoin mining the Bitcoin Cash network see table below and I noticed all of them were mined by only 3 anonymous miners. And 46 of the last 50 blocks were mined by only 2 miners or mining pools. With only 2 or 3 active miners Bitcoin Cash is basically just a centralised database.

Mining is a pure waste of energy in this case. What a joke this is. Although we could have seen this coming of course. Decentral bitcoin mining they announced they would invoke a hard fork we knew then and there it was one big miner splitting of from the BTC group which would have all the mining power as little ones trickle in only.

Great stuff to notify people though. This currency in its current form is not decentral bitcoin mining another alt, its also dangerous. I had no idea but it makes sense. Thanks to penguinpablo for decentral bitcoin mining thinking to look. And now bcash just forked to drop the mining difficulty! Wow talk about manipulation and centralization. What do you think, how decentralised was mining Bitcoin in January ?

Wait a couple months and look at Bitcoin Cash mining again. Bitcoin was yet unknown and because it was worth almost nothing, no one had an incentive to perform a double spend attack. Decentral bitcoin mining definitely a little too centralized at the moment, but If the 2x upgrade doesn't go through in November on the main chain, I would expect to see a lot more miners on Bitcoin Cash.

With more than decentral bitcoin mining Bitcoin Cash can't be decentral bitcoin mining "a centralised database". It's a FUD post. You should mention that it's the same protocol as bitcoin so every other miner can join and the reason right now miners are not many is only because it's new and not many miners support it. With that view, Steemit is also centralized. In Steemit you have dozens witnesses users and who knows how many miners New coins tend to start centralized. As new participants join that changes.

Bitcoin started with only 1 person mining it. Decentral bitcoin mining BCH can't get more people on board then is not worth it but it's too early to pass judgment. I know how many miners. Also in BCH every user can join and start mining.

Can you start witnessing in Steemit without the votes decentral bitcoin mining high SP holders? No problem with Steem though I just used decentral bitcoin mining as a comparison to point out that author is not being fair. This was decentral bitcoin mining at the start due to the difficulty. As the difficulty adjusts and it becomes profitable more miners will join.

For now, yes it's a risk but BCH should outgrow this shortly. Some people by moving their hash power into other pools. That was back when there were a lot of small miners and they could make profits without having to buy into the economies of scale that come from a mining farm.

Until the other miners come along, the proportion of blocks going to two decentral bitcoin mining does reduce confidence in BCH. The Ugly Truth Behind Steemit!

I wonder then what wrong with other alts even WorldCoin, Quark, Bytecoin and whatever it is? Funny is that they are fast e. You just need more blocks to get the same certainty. I don't understand the technicals enough, but I have had this theory: I have heard it said that in such a decentral bitcoin mining, double spend actions are decentral bitcoin mining. Now, I don't know if such a double spend would show up clearly in the blockchain - but would this technically allow them to secretly 'create' extra BitcoinCash out of thin air, which can then be used to manipulate pretty much every other crypto price since they are all interlinked through market places?

Maybe somebody can clear up if this is at all a possibility. I think decentral bitcoin mining will be decentralized more soon and will be beat bitcoin, because it has more advanced protocol! My question is, was it really ever better technology with 8 megabytes vs 1? Or was that all hype? Oh, come originalworks bot to bless this important post! OriginalWorks Mention Bot activated by karencarrens.

The OriginalWorks bot has determined this post by penguinpablo to be original material and decentral bitcoin mining it! Do you like what OriginalWorks is doing?

Give it an upvote! To call OriginalWorkssimply reply to any post with originalworks or! For more information, Click Here! OK you and the bot get a vote. I thought you were joking until i saw the next line! One of my favorite bots to call upon because it allows us to help the community recognize original content that others should see.

Well if the lack of diversity decentral bitcoin mining miners is only a function of profitability, then we should soon see more miners joining the Bitcoin Cash pool. This is the big question. Will miners continue to support Bitcoin Segwit when they can easily move to Bitcoin Cash for higher profit? Is there an emotional attachment to Bitcoin that cannot be overcome? I think we are going to see a shift of mining resources towards Bitcoin Cash decentral bitcoin mining monetary and ideological reasons.

I find it ironic how-- in spite of so many people's "idealistic" stance of decentral bitcoin mining and the blockchain paradigm as the answer to the future-- often everthing just reverts to being good old-fashioned centralized "attempts at power grabs and world domination. We don't know that yet. Only that its possible. One would think that they would not do something that everyone would ultimately discover, but then I was surprised that the miners can be anonymous.

It just means that there is more room to grow this space. Since there are still miners dedicated to this coin I am sure more and more will jump on board as they are now free from the bureaucracy of Bitcoin to experiment and to make some of it. I think the Chinese are on board and if they are they will make their own and possibly engineer it so mass adoption is possible.

This may or may not be solved over time when more miners get interest in BCC. It will happen when Bitcoin is near impossible to mine probably. No guaranties though but there will be a limited amount of bitcoins to mine anyway. This post received a 4. For more information, click here! Because most miners are connected to pools!

Same story with other pools that contain many more miners! This is enlightening to say the least. Thanks for bringing this to our attention.

I just went through your blog and I am very happy decentral bitcoin mining the content I am seeing. Can't believe I did not discover you ealier. This will probably change very soon. Bitcoin Cash will hit its first main difficulty adjustment this weekend and it may become more profitable to mine than legacy Bitcoin. If that happens, expect a lot of new miners mining Bitcoin Cash. I don't know how miners can keep up with all these changes.

I guess that's what makes them pioneers. Hello penguinpablo, great info! Bitcoin cash is decentral bitcoin mining an experiment I would decentral bitcoin mining, bit risky. My crypto investing strategy so far has yielded great results with minimum risks! Take a look, let me know what you think? I Clicked U Pls https: Simple reason, bitcoin cash is not being decentral bitcoin mining by a large number of miners. Its not an intentional centralization. This is a very useful information about decentral bitcoin mining Bitcoin, and thanks to you Sir because by reading these postings, I grew about bitcoin.

Wow, so basically its starting to sound like Bitcoin cash is a money grab in the end. Maybe that was the real driving factor in the split, not and the tech reasons were just the decentral bitcoin mining. One can wonder, at least. No, the thing is that bitcoin cash is not being supported by other large miners.

It isn't a money grap.

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Similarly, the main 8 pools control the same fraction of mining power in Bitcoin. Pools dictate the transaction sets in new blocks, not miners. Pools are subject to continuous DDoS attacks. If a big pool goes down, the security of the network is significantly compromised. High variance of returns, hard for users to plan economically. Decentralized mining pools for Bitcoin e. We essentially replace the centralized pool operators by smart contracts, which is run and managed in a decentralized way on the blockchain.

Although being decentralized, our pools can guarantee the same variance in payments as centralized pools. The decentralized formation of SmartPool does not require any infrastructure to operate the pool. SmartPool may take negligible to almost zero fees to maintain the pool front-end and to develop new features. We use Ethereum smart contracts to build a decentralized pooled mining protocol called SmartPool.

Our solution implicitly replaces the centralized pool operator by network participants who run the Ethereum network. SmartPool includes several novel data structures and design choices which make its protocol secure and efficient. Specifically, we devise a new mechanism to verify and record miners' contributions to the pool without centralized operators.

SmartPool's efficient probabilistic verification drastically reduces both the number of messages and the costs to run the pool for miners. Using a novel data structure called the augmented Merkle tree, SmartPool's batched share submission and efficient payment scheme remove any incentive for submitting invalid batches. Want to learn more? His research is on cryptocurrencies, smart contract security and distributed consensus algorithms.

He is a lead developer of Oyente, the first security analyzer for smart contracts, which is now open-source. Yaron Velner is a postdoctoral researcher in the Hebrew University of Jerusalem.

His research is focused on aspects of game theory incentives in blockchain protocols and formal verification of smart contracts. He holds a Phd in computer science from Tel Aviv University.

Yaron is also an experienced software developer with over 10 years of experience as a senior software engineer and a technical leader at EZchip semi-conductors recently acquired by Mellanox technologies. At EZchip he was a member in the data structure and algorithm team, which developed novel data structures for IP routing. Victor Tran is a senior backend engineer and Linux system administrator. He has experience in developing and building infrastructure for multiple social marketing platforms and advertising networks.

He is interested in building high performance multi-platform applications. Victor co-founded and was CTO of several startups in social marketing. He built and maintained platforms which handled millions of monthly active users. One of his platform was in Alexa top 20 in the US for several months.

Vitalik is the Founder and Chief Scientist of Ethereum. He is also both the Founder and a writer for Bitcoin Magazine, a venture that marked the beginning of his career in crypto in He is interested in creating secure, efficient, and trustworthy systems and advises a number of projects in the crypto space. Prateek Saxena is a research professor in computer science at National University of Singapore. He works on blockchains and computer security, and his research has influenced the design of browser platforms, web standards and app stores widely used today.

An efficient and decentralized mining protocol for existing cryptocurrencies based on Ethereum smart contracts. Normal centralized pools are not ideal because of: SmartPool enables an efficient way to mine blocks in a decentralized manner between miners.

Everyone can propose their own transactions in a block, thus eliminating the censorship on transactions. SmartPool requires negligible to no fees from miners.

We are excited about Proof of stake as much as anyone else, but it will take roughly one more year for PoS to come. Until PoS is officially rolled out, SmartPool is still relevant and makes mining in Ethereum much more decentralized.

The adoption of Ethereum based decentralized pools for other cryptocurrencies would increase Ether volume usage as ZCash and Bitcoin miners would have to interact with the corresponding Ethereum contracts and directly benefit Ethereum miners.

Ethereum first, ZCash and Bitcoin will be supported later if funding allows. We would also provide a generic interface to allow porting to almost all cryptocurrencies.

We have considered this option, and decided against it. SmartPool is a community project, not for profit. SmartPool will be run for-and-by the community. We feel that having a separate token or currency associated with it may ultimately limit its adoption.

SmartPool's goal is decentralization, and the best way to get there is to scale without creating auxiliary incentive structures around it. We will still issue tokens for each donation though. The tokens are only to recognize donors' contributions to SmartPool, thus may or may not have financial values in the future.

If you are a miner, it is pretty straightforward. You just need to install an update to your miner software which we provide to interact with the contracts.

More details will be released later on. If you are not a miner but a cryptocurrency advocate, please consider donating to support the SmartPool development. SmartPool is a non-profit open source project. It is technically impossible to use P2Pool solution for Ethereum. Moreover, our solution also performs better than P2Pool for other currencies.

SmartPool leverages the security of Ethereum blockchain for its operation. Previous decentralized Bitcoin pools e. P2Pool used a separate side-chain which doesn't have as strong a backing infrastructure as Ethereum today.

SmartPool's design scales ad-infinitum. SmartPool is a versatile concept. It can support mining for more than one cryptocurrency. It is appealing both for Bitcoin which has dominated by large mining farms as well as for other cryptocurrencies like Monero and ZCash which have many more solo miners.

We already have a proof of concept for a SmartPool-based mining pool for Bitcoin. We aim to build production-ready and compatible system so everyone can use and launch their own decentralized pools. Depending on our funding, we plan to launch and maintain SmartPool-based pools for Ethereum and other cryptocurrencies too. First beta pool for Ethereum on testnet: First working pool for Ethereum: The SmartPool project is funded by the community and run by the community.

Thus, we will do a crowdfund and ask for donations from the public. We will keep updating our funding status. Depending on how much we get, our promised deliverables vary as follows.

Less than 5, ETH: Implement SmartPool for Ethereum and release all software as open source i. In addition to what we have promised, we will launch a decentralized pool for Ethereum and maintain it until Ethereum moves to proof of stake. More than 10, ETH: Pay to the devs please check out our team.

Equipment and other expenses: GPU renting, basic infrastructure, social media promotion, etc. There is no financial benefit at the moment. Although we issue tokens for each donation, the tokens are only to represent contributions to SmartPool. Our first priority is to promote decentralized mining and have a running pool with significant hash power.

Compensating token holders will be considered, but will not be our main focus. Transaction Censorship and Single Point of Failure Pools dictate the transaction sets in new blocks, not miners. Mining Solo is Difficult for Small Miners High variance of returns, hard for users to plan economically.

Centralized Pools Take High Fees to cover for their operation costs and gain profits. Decentralize Pools by Leveraging Smart Contracts We essentially replace the centralized pool operators by smart contracts, which is run and managed in a decentralized way on the blockchain.

Mitigate Transaction Censorship Threat Miners can propose their own sets of transactions. Guarantee Low Variance Although being decentralized, our pools can guarantee the same variance in payments as centralized pools.

Low Fees The decentralized formation of SmartPool does not require any infrastructure to operate the pool. How is it different from or better than normal pools? Ethereum is moving to Proof-of-stake, how does SmartPool benefit Ethereum? What are the supported cryptocurrencies? Everyone is doing an ICO for their project. Will SmartPool have one too? How does one participate then?

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