Decentralized mining pools using LN?
bitcoin·@sames·
0.000 HBDDecentralized mining pools using LN?
So found a cool old article on mining decentralization using LN. So ordinary mining pool are centralized. They can be hacked and seal users funds. The first attempt on decentralized mining pools was P2Pool. F2Pool creates it's own blockchain, known as a "sharechain," that only the miners in the pool contribute to. The pool determines how much computing power each miner is contributing by how many "shares" they win in a certain period of time. In order to make it practical for nodes to be constantly passing shares around the p2p network, the share difficulty is tuned so that shares are only found 1 every 10 seconds across the entire p2pool network. The result is higher variance than at a traditional pool, but still much less variance than with solo mining. In LN, the payment channel hub, which has proven more flexible for small payments, could have a channel open with each miner so they get paid every time P2Pool finds a block. So Ln can be combined with P2Pool sidechain and make the chain receive faster payments. But you would have to have an initial starting balance. So right now bitcoin block reward is 12.5 btc. Say P2Pool finds a block. That would would include the bitcoin fees. Let say 2.5 btc in fees. The fees have some time passed the block reward but too lazy for that :) So 15 btc would go to the miner. The P2Pool would record the shares using the sidechain connect the bitcoin nodes to the major nodes. This would force P2Pool to follow the nodes rule. And not abuse it power and block transactions https://steemit.com/bitcoin/@sames/another-reason-why-bitcoin-transaction-are-slow-aka-miners The payments would me sent using LN rules. And 15 btc transferred to nodes using the share system. Now P2Pool sidechain has became more of a ledger now which can be shared saving space for miners. The best nope, but like LN can be improved. P2pool dev claim that Almost all of p2pool's variance comes from having too little hashrate. The dev claims few miners because p2pool is difficult to set up and uses a lot of CPU, RAM, and bandwidth However picking backing off bitcoin nodes for network rules might prevent that but it will result in P2pool losing its power,control and security. This issue is not that important, Scaling bitcoin is more important. LN my peeps :) My bitcoin lessons > How segwit is actually a big block increase= https://steemit.com/bitcoin/@sames/how-segwit-is-actually-a-big-block-increase Why big blocks are not the answer= https://steemit.com/bitcoin/@sames/why-big-blocks-are-not-the-answer LN nodes are NOT banks or like banks= https://steemit.com/bitcoin/@sames/ln-nodes-are-not-banks-or-like-banks What is the lightning network= https://steemit.com/bitcoin/@sames/bitcoin-s-lightning-network-simply-explained What is Schoor signatures= https://steemit.com/bitcoin/@tipu/the-next-big-thing-in-bitcoin-network-schnorr-signatures or https://medium.com/@SDWouters/why-schnorr-signatures-will-help-solve-2-of-bitcoins-biggest-problems-today-9b7718e7861c Bitcoin’s ethereum killer-rsk.co= https://steemit.com/bitcoin/@sames/bitcoin-s-ethereum-killer-rsk-co Bitcoin newest scaling method adding bech32 plus others= https://steemit.com/bitcoin/@sames/bitcoin-newest-scaling-method-adding-bech32-plus-others Batching : https://steemit.com/bitcoin/@sames/how-bitcoin-fees-will-get-cheaper-with-out-a-block-increase Adding privacy to bitcoin with softforks or compatible software: https://steemit.com/privacy/@sames/making-bitcoin-have-fungibility-privacy-again Transaction speed count using the new tech coming to bitcoin= https://steemit.com/bitcoin/@sames/segwit-bech32-batching-others-will-lead-to-bitcoin-reaching-passing-ethereum-on-chain-tps-level My bitcoin privacy post series. Post #3 coming out this week! Introduction post: https://steemit.com/bitcoin/@sames/how-bitcoin-plans-on-adding-privacy-fungibility Onchain privacy: https://steemit.com/privacy/@sames/on-chain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility See ya!Have a nice day. Off chain privacy: https://steemit.com/bitcoin/@sames/offchain-privacy-how-bitcoin-plans-on-adding-privacy-fungibility  Picture in public domain.
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