Jack Dorseyfounder of Twitter, led a $6.2 million (R$30 million) investment round linked to it OCEANa decentralized Bitcoin mining pool project founded by Luke Dashjrfamous BTC developer.
In short, the main difference between OCEAN and other pools is that they do not hold the mined bitcoins in custody. In other words, balances are sent to miners immediately, right after each block is mined.
Since each individual miner would receive a transaction, which could incur high fees, OCEAN developers are studying using the Lightning Network to overcome this problem.
OCEAN receives an investment of R$30 million led by Jack Dorsey
On the OCEAN website, developer Luke Dashjr notes that he started mining Bitcoin in 2011, but the security of the network is under threat. Therefore, your project appears as a possible solution linked to bitcoin pools.
“Bitcoin’s security model is at great risk; We have already lost the censorship-resistant feature that many consider one of Bitcoin’s key benefits.”
For example, a recent study found that some pools may be censoring Bitcoin transactions. Given that regulators are putting increasing pressure on the industry, this could become a major problem for Bitcoin.
That is why OCEAN is proposing to decentralize mining within pools. One of the strategies is to let miners compile their own blocks, making it difficult to censor transactions. Unlike the current market payment model, OCEAN is also going against the grain by offering direct payments to miners.
“We are also the only non-custodial pool, allowing miners to receive new block rewards directly from Bitcoin”points to the OCEAN website.
Another point mentioned is the use of the Stratum V2 protocol, also supported by Jack Dorsey, which allows improvements in the mining system, especially in places with poor internet connections.
Jack Dorsey comments on the investments in OCEAN
Although he founded Twitter, Jack Dorsey left his social network after selling it to Elon Musk. Now the developer is much more active on Nostr, a decentralized social network created by a Brazilian.
“Decentralized mining pool. No KYC, no registration. Rewards go directly to your Bitcoin address. Real-time hashrate score without moving average over period N. Block model examples. Stratum v2. Lightning [Network] coming next year”reveals a post shared by Dorsey on OCEAN.
According to data from the OCEANthe pool already has that 126 PH/sec of computing power and 163 miners. For comparison: the Foundry it has 133 EH/s100 times bigger than OCEAN, while holding 27% of all Bitcoin hash rates.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
