An alternative mining protocol for Bitcoin

Matt Corallo, a developer of Bitcoin Core has announced the launch of a new mining pool to increase decentralization. This news is rather welcome since we know that Bitmain is about to become a majority on the Bitcoin network with already more than 42% of the computing power in its possession.

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It was through a tweet from Matt Corallo that we learned about the launch of this new mining pool that is not based on the Stratum protocol as is the case for most mining pools.

Indeed, Corallo decided to use BetteHash which is a protocol to offer the pool users the possibility to choose their own block models instead of those imposed by most other pools. This configuration differs from the main Bitcoin mining pools such as BTC.com and Antpool, which use Stratum, the most used protocol among miners.

In an interview posted on YouTube, Corallo talks about the vulnerability of the current system:

With Stratum you get the block templates, you get information on how to build the database and also information representing all the transactions in the block. This means that end users have virtually no control over what they are exploiting.

For Corallo, decentralization is a priority and that is why developing an alternative becomes urgent.

This protocol is designed to allow users to run their own complete node if they want. They can create their own templates, select their own transactions, choose the block they use to prevent an attack at 51%.

The miners will continue to divide the winnings, but the minors’ control will not fall into the hands of the pool owners.

The miners are the miners again, rather than being drowned in pools.

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