Bitcoin Core to Launch Alternative Mining Protocol

'The miners are now the miners again', Matt Corallo, Bitcoin Core developer says
04 July 2018   2173

The developer of Bitcoin Core, Matt Corallo launched a new protocol 'BetterHash' to enhance the decentralization of mining. This is reported by Bitcoinist.

The protocol provides an opportunity to use its own block templates. The miners will continue to pay pools and interact with them, but the owners of the pools will not be able to control them.

This protocol is designed to allow users to run their own full node if they want to… they can build their own templates, select their own transactions (not censor transactions), choose which block they’re mining on to prevent a 51% attack or a selfish mining attack. The miners are now the miners again, rather than the miners being the pools.
 

Matt Corallo
Developer, Bitcoin Core

The protocol configuration differs from the main bitcoin pools, such as Bitmain and Antpool, which use the Stratum protocol, the protocol most popular among the miners.

Over Stratum you get the block templates, you get information about how to build the coinbase and also information representing all of the transactions in the block. This means that end user miners have largely no control over what they’re mining on.
 

Matt Corallo
Developer, Bitcoin Core

The fears of crypto community continue to grow due to the impact of large mining pools. In particular, the leading manufacturer of mining equipment Bitmain currently controls about 42% of the hashrate, and its share continues to grow to new record highs.

Bitmain may soon gain control over 51% of the bitcoin hash network. This will be possible if the ViaBTC mining pool, with a capacity of 9% of the total network hash, will join Bitmain.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   319

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.