Rigly on Nostr: One year ago, Rigly Co-Founder Nico Preti presented at bitcoin++ in Buenos Aires! ...
One year ago, Rigly Co-Founder Nico Preti presented at bitcoin++ in Buenos Aires! 🇦🇷
ICYMI, a YouTube video of that presentation just dropped.
🎧 We know the audio is rough, so here’s a summary of what Nico talked about, mainly hashrate + privacy.
🥕 Did you know mining & privacy go together like peas and carrots? Because they do!
⛏️ Mining Pool Problems: A major challenge in Bitcoin mining is inconsistent payouts from pools due to the risk associated with "pay-per-share" systems, leading to issues like high electricity costs.
⛏️ Privacy Concerns: Using Bitcoin can lead to privacy issues, as transactions might link coins to users' real-world identities. Nico emphasizes the importance of privacy in a world where third-party services can track transactions.
⛏️ Mixing Services Debate: Mixing services are controversial because they can blend coins with others, leading to a lack of accountability and traceability, but some use them to increase privacy.
⛏️ Use of Multiple Pools: Analysis showed coinbase rewards being distributed from multiple mining pools, which may indicate efforts to obscure the origin of funds, posing privacy risks.
⛏️New Mining Payment Models: Nico highlights recent innovations in mining payment models, such as open market "hashrate marketplaces" (like Rigly!) and new reward systems that allow for more transparency in mining contracts.
⛏️ Privacy in Mining: Hashrate marketplaces could price privacy as a commodity, offering greater transparency in reward systems and making privacy a marketable factor, not just a byproduct.
⛏️ Decentralization and Censorship Resistance: Future improvements like eliminating reliance on mining pools for block production could boost decentralization, making Bitcoin more resistant to censorship.
⛏️ Proposed Solution for Hashrate Marketplaces: Nico proposes using proxy servers for hash rate distribution to ensure transparency, providing a way to track shares and ensure miners receive proper compensation even with fluctuating mining pool difficulty.
Now you know what keeps us awake at night 😉
https://www.youtube.com/watch?v=NDnSuT9FAmU&ab_channel=bitcoin%2B%2B
ICYMI, a YouTube video of that presentation just dropped.
🎧 We know the audio is rough, so here’s a summary of what Nico talked about, mainly hashrate + privacy.
🥕 Did you know mining & privacy go together like peas and carrots? Because they do!
⛏️ Mining Pool Problems: A major challenge in Bitcoin mining is inconsistent payouts from pools due to the risk associated with "pay-per-share" systems, leading to issues like high electricity costs.
⛏️ Privacy Concerns: Using Bitcoin can lead to privacy issues, as transactions might link coins to users' real-world identities. Nico emphasizes the importance of privacy in a world where third-party services can track transactions.
⛏️ Mixing Services Debate: Mixing services are controversial because they can blend coins with others, leading to a lack of accountability and traceability, but some use them to increase privacy.
⛏️ Use of Multiple Pools: Analysis showed coinbase rewards being distributed from multiple mining pools, which may indicate efforts to obscure the origin of funds, posing privacy risks.
⛏️New Mining Payment Models: Nico highlights recent innovations in mining payment models, such as open market "hashrate marketplaces" (like Rigly!) and new reward systems that allow for more transparency in mining contracts.
⛏️ Privacy in Mining: Hashrate marketplaces could price privacy as a commodity, offering greater transparency in reward systems and making privacy a marketable factor, not just a byproduct.
⛏️ Decentralization and Censorship Resistance: Future improvements like eliminating reliance on mining pools for block production could boost decentralization, making Bitcoin more resistant to censorship.
⛏️ Proposed Solution for Hashrate Marketplaces: Nico proposes using proxy servers for hash rate distribution to ensure transparency, providing a way to track shares and ensure miners receive proper compensation even with fluctuating mining pool difficulty.
Now you know what keeps us awake at night 😉
https://www.youtube.com/watch?v=NDnSuT9FAmU&ab_channel=bitcoin%2B%2B