Published on: 2015-02-12T13:56:02+00:00
A proposal has been made to address the issue of centralization in mining by requiring miners to sign the block header prior to hashing. This would prevent cooperating pools of miners from controlling block rewards, as they would be controlled by disparate parties rather than the pool operator. The coinbase for the block would only pay out to the public key counterpart of the private key used to sign the block header. However, some argue that this solution may increase technical trust requirements and potentially break P2Pool.To achieve decentralised pooled mining, it is suggested to chip away at getblocktemplate support. This approach aims to work towards mining decentralisation and resolve the contradiction. The blog post titled "Mining Decentralisation - The Low Hanging Fruit" provides further insights into the measures that can be taken to achieve this goal.The issue of centralisation in mining poses potential risks to users, as pool operators could hold them hostage and change rules. To address this concern, the proposed solution suggests that each miner signs the block header before hashing, with the signature included in the data that is hashed. Additionally, the coinbase for the block would only pay out to the public key counterpart of the private key used for signing. This would prevent illegitimate earning of bitcoins by pooled hashpower and protect against double-spending attacks without sharing the private key with the whole pool.However, there are concerns about increasing technical trust requirements and the potential impact on P2Pool. Some argue that threshold signatures, also known as group signatures, could be utilized by distrusting pool miners to still work together. It is important to consider these factors when implementing any changes to mining processes.In summary, the proposal aims to address the centralization of mining by requiring miners to sign the block header before hashing and ensuring that block rewards are controlled by disparate parties rather than the pool operator. However, there are considerations regarding technical trust requirements and potential implications for P2Pool. Further exploration of decentralised pooled mining and the measures outlined in the blog post "Mining Decentralisation - The Low Hanging Fruit" could offer alternative paths to achieve mining decentralization.
Updated on: 2023-08-01T11:25:30.269342+00:00