Decentralized Bitcoin mining pool OCEAN recently raised a staggering $6.2 million in their seed funding round, led by billionaire Jack Dorsey. Some of the other investors include Barefoot Bitcoin Fund, NewLayer Capital, the Bitcoin Opportunity Fund, etc.
Decentralized Bitcoin Mining
Conventional Bitcoin mining pools typically retain full control over block rewards and transaction fees, redistributing them among miners at their discretion. This setup further grants them the authority to withhold payments from individual miners, either voluntarily or due to legal obligations.
OCEAN’s non-custodial payout system directly disburses earnings to miners from the block reward. Thus, it eliminates the potential risks associated with traditional pools and ensures miners are not subject to undue influence from the pool.
The seed funding is earmarked to facilitate the introduction of OCEAN, marking the initial step in a series of projects aimed at decentralizing Bitcoin mining. Luke Dashjr, a veteran Bitcoin Core developer and co-founder of Mummolin, also emphasized the necessity for a shift in the role of mining pools to establish Bitcoin as a genuinely decentralized currency. Speaking on the development, Jack Dorsey said:
“Our contribution to OCEAN comes out of a deep respect for their mission. OCEAN is solving a problem for Bitcoiners that I think all of us feel – further centralization of pools and mining pools that could plague Bitcoin, and how that risks a bunch of Bitcoin attributes that we hold dear. As part of the launch, Mr. Dorsey noted,”when I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me and I’m happy to be a part of it.“
Jack Dorsey’s Love for BTC
Jack Dorsey has been one of the biggest supporters of BTC and has been working in the space for quite some time. Furthermore, he and his team have been working on improving he Bitcoin Lightning network in order to improve the blockchain’s scalability.
Twitter founder Jack Dorsey also remains steadfast in his efforts to bolster the advancement of the Bitcoin (BTC) protocol, exemplified by a recent financial commitment to Brink, a Web3.0 hub dedicated to assisting developers within the network.
Under the Jack Dorsey Commitment, the disclosed funding commitment amounts to a total of $5,000,000. Also, as per the agreement, the disbursement shall happen over the span of 5 years, allocating $1 million at each year.
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