Bitcoin on Nostr: Braidpool: A Potential Game-Changer for Decentralized Mining Kulpreet Singh has ...
Braidpool: A Potential Game-Changer for Decentralized Mining
Kulpreet Singh has received a grant to advance Braidpool, a fully decentralized mining pool protocol designed to enhance the decentralization of the mining ecosystem. Unlike centralized mining pools, Braidpool facilitates each individual miner to run their own node, construct their own block templates, and implements a blockchain of "weak blocks" to track workers' contributions. To distribute rewards, Braidpool uses a non-custodial, multisig threshold model, allowing miners to cooperatively manage payouts. However, the protocol faces challenges in bootstrapping without a central company to absorb initial instabilities.
- Braidpool aims to address centralization issues in mining without reliance on a central entity, in contrast to other pools like Ocean, which still maintain some central functions.
- The protocol suggests financial instruments to hedge against the bootstrapping risk, which may encourage participation from miners and market makers.
https://bitcoinmagazine.com/technical/braidpool-a-second-competitor-in-decentralizing-mining
Kulpreet Singh has received a grant to advance Braidpool, a fully decentralized mining pool protocol designed to enhance the decentralization of the mining ecosystem. Unlike centralized mining pools, Braidpool facilitates each individual miner to run their own node, construct their own block templates, and implements a blockchain of "weak blocks" to track workers' contributions. To distribute rewards, Braidpool uses a non-custodial, multisig threshold model, allowing miners to cooperatively manage payouts. However, the protocol faces challenges in bootstrapping without a central company to absorb initial instabilities.
- Braidpool aims to address centralization issues in mining without reliance on a central entity, in contrast to other pools like Ocean, which still maintain some central functions.
- The protocol suggests financial instruments to hedge against the bootstrapping risk, which may encourage participation from miners and market makers.
https://bitcoinmagazine.com/technical/braidpool-a-second-competitor-in-decentralizing-mining