OCEAN [link], the new Bitcoin mining pool backed by Jack Dorsey and the leadership of experienced Bitcoin core developer Luke Dashjr, has launched the latest iteration of its innovative mining pool. The deployment of OCEAN, called the “Path to Decentralization,” offers miners the ability to choose between different block template policies. This deployment accelerates decentralization while progressively reintroducing miners to the crucial role of choosing what belongs in blocks without them having to make the templates themselves. In the coming year, OCEAN will introduce new ways for miners to perform more complex tasks while still enjoying the economical and low-variance advantages of the mining pool.
According to co-founder Luke Dashjr: “Decentralizing mining is necessary for the long-term health of Bitcoin. It can only be maintained if miners do the smart part of mining. This involves running nodes, building block templates, and deciding “This future state is in danger and marks a contrast to the current reality, in which only a small number of funds make decisions on behalf of all the miners in the world.”
The pseudonymous Bitcoin Mechanic, global head of sales at OCEAN, commented: “Block template construction has become so centralized that we can make significant progress towards improving things simply by looking ahead. What OCEAN is offering to miners “Giving them templates with multiple options is an unprecedented step that moves us in the right direction.”
For blocks built with the recommended template, OCEAN will incentivize miners with an expanded 0% promotional rate. This option filters out more spam and processes more real financial transactions than any other fund, helping to manage the latest wave of high transaction fees and Bitcoin congestion. OCEAN also added two more options to the market fees, including the popular Bitcoin Core implementation.
Since its launch last month, OCEAN has created a paradigm shift in what is possible in mining pools. Which includes (1) a permissionless on-ramp where miners can mine simply with a Bitcoin address [link], (2) a custodian-less, middle-man-less system, and (3) radical transparency into mining templates. block [link], where miners can see for the first time what they are using the hashrate for before mining. In contrast to the opaque block designs of existing pools, where miners cannot see transactions until the work has been done.
These elements are aligned with OCEAN’s overall goal of increasing miner sovereignty, disintermediating pool operators, and removing custodian intermediaries from the Bitcoin network. OCEAN’s “Path to Decentralization” announced today takes miner sovereignty to the next logical step.