We Study Billionaires - The Investor’s Podcast Network BTC203: Bitcoin Mining Decentralization with the Datum Protocol at Ocean Mining w/ Bitcoin Mechanic and Jason Hughes (Bitcoin Podcast)
Oct 9, 2024
Bitcoin Mechanic, a pioneer in the Bitcoin mining realm, alongside Jason Hughes, a talented programmer, delve into the intricacies of Bitcoin mining decentralization. They discuss the innovative Datum Protocol and its impact on custom block templates, enabling both small and large miners to thrive. An intriguing Tesla hacking story adds an unexpected twist, while the challenges faced by decentralized mining pools shed light on the future of Bitcoin. The evolution from Stratum V1 to V2 highlights the ongoing quest for miner autonomy.
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Bitcoin Decentralization and Block Templates
- Bitcoin needs decentralization to differentiate it from other cryptocurrencies.
- Block template construction is centralized, with a few entities deciding what goes into the blockchain.
Stratum V1 Explained
- Stratum V1 is a centralized protocol where a central entity generates the work for miners.
- It improved upon "get work" by allowing miners to work for longer periods without contacting the pool.
Stratum V2 and the Rise of Datum
- Stratum V2 aimed to improve efficiency and security but morphed into decentralized template construction.
- Due to slow Stratum V2 adoption, Jason Hughes created the Datum protocol for decentralized templates.