Question for the more experienced.
How is one new pool decentralization?
Isn’t it just one pool next to the 7 currently mining.
I don’t see anything different from what the other pools do. Alright maybe more transparent. But so?
How was I sold that transparency = Decentralization.
Can someone educate me.
My understanding was that rich ppl are making a richie new think with the Rich friends to get richer in name of decentralized new world 🌎🌍🤡
It’s funny. They said they want to solve centralization.
The created a more transparent, non-kyc, “non-custodial” pool.
Cool. But doesn’t solve the problem they presented. lol
- There is more to mining than simply hashing
- The other pools do everything else except the hashing (this is the part that is ~centralized), e.g. block templates, custody, perhaps filter certain transactions, perhaps return large fees unilaterally *cough* *f2pool* *cough*
- ocean doesn't do those things
Today's ocean talk was helpful, I learned something
But they do. And said you can see what we picked for the template, and if you don’t like it you can leave. 🤷🏻♂️
The others don't show the template and the transactions currently being worked on. The example given was that you're directing your hashpower toward a pool; they fill the block with one jpeg (which gets very low fees) but those contributing don't know that until after the block is won, and their work is rewarded less than it could have been
BTW I'm not defending any of this stuff just passing along what they said today
Another significant point -- correct me someone if I get this wrong -- was that the decision to flip the bitcoin core version is made by the template creator. Imagine a BIP that the plebs don't support gets through but hashrate-contributors don't know until after the block is won? I assume this is another part of the transparency - the version the template is based on (created for?) will somehow be transparent *before* the block is won so we can pull our hashrate if need be
Other pools are essentially borrowing your hashpower. The pool operators make all decisions, build the block, and recieve the rewards. They divvy out to the "miners" (more appropriately shld be named hash lenders) as they see fit based on the pool rules they decide.
Ocean allegedly does not custody the rewards. They are sent firectly to your bitcoin address. They are do not borrow your hash but instead you are split a proportional amount of rewards based on your real-time hash rate (not a moving average) directly from the coinbase. Stratum v2 gives miners (more appropriately named in this case) the ability to select transactions and take that decision away from the pool operators.
Thanks you said this more clearly than I could.
To be clear the decentralizing aspect is that in the legacy pool setup, you're simply lending hashpower. The pool operators are mining and provide you a payout after the fact for your efforts based on their distribution rules. With only a few major pools, that's centralized.
In the ocean model, each "miner" is in fact mining. It is one pool but the operators are not necessarily making all the mining decisions. Rewards are never centrally custodied and individual miners can select different transactions tho I presume the actual worker that mines the block ultimately builds the block.
Maybe it's not perfect but it's a step in a better direction.
I don’t disagree with any of these points.
But that’s the part I’m struggling to understand.
How are individual miners “selecting” transactions… collectively?
Ultimately someone is making the decision. Right? Who is making the decision?
Read up on how stratum v2 works.
Now I could be wrong here but my understanding is that Ocean will preselected a set of transactions which everyone can see ahead of time. But the nature of the stratum v2 protocol allows for individual miners to select their own transactions or modify the pools preselected default. My assumption is if your specific machine guesses the nonce, it is your set of transactions that ultimately gets mined.
