Author: Ron Elliott 2014-06-17 14:06:41
Published on: 2014-06-17T14:06:41+00:00
The proposal aims to create a mining protocol that does not rely on the pool sending the list of transactions to include in a block and requires individual miners to collect transactions by themselves. This can be achieved by running a full node or an SPV like a node that asks other nodes for transactions. The protocol will standardize, and all pools will have to use it, which will make it impossible to perform some of the possible 51% attacks. Pool owners could send instructions using this protocol to the miner about how many transactions to include, how many 0 fee transactions to include, the minimum fee per KB to include transactions, and some info about the Coinbase field in the block.It is also suggested that miners who join a pool should be treated as independent miners rather than slave miners. A pool owner cannot mine a new chain (selfish mining) or perform double-spends or reverse transactions. They cannot decide which transactions not to include but can configure the minimum fee. A pool owner cannot get all the rewards by avoiding other pools from mining blocks because the pool client knows the last block independently that is from his pool or other.The only thing that a 51% pool owner can do is shut down his pool and drop the hashrate by 51% because he does not control the miners. If the pool owner owns all the hardware in the pool, the proposal is not valid, and if the pool clients don't use this protocol, the idea is not valid. The proposal suggests creating a new mining protocol that does not rely on the pool sending the list of transactions to include in a block.
Updated on: 2023-06-09T00:16:01.875808+00:00