Key Takeaways
- OCEAN launches DATUM, a decentralized mining protocol designed to restore miner control over block template construction, enhancing Bitcoin's decentralization.
- DATUM allows individual miners to participate in pools while constructing their own block templates, addressing centralization risks from large mining pools.
- The introduction of DATUM is seen as a major step in safeguarding Bitcoin from transaction censorship and 51% attacks, ensuring its long-term security.
OCEAN Launches DATUM for Decentralized Bitcoin Mining
OCEAN has introduced DATUM, a decentralized mining protocol designed to return control of block template construction to individual miners.
The new protocol is aimed at enhancing Bitcoin’s decentralization and protecting the network from centralization risks, such as financial censorship.
Jack Dorsey, OCEAN’s lead investor, praised DATUM as essential for Bitcoin’s long-term health and the future of permissionless mining.
How DATUM Restores Miner Control Over Block Creation
DATUM addresses the issue of large mining pools dominating block template creation by giving individual miners the ability to construct their own templates.
Miners can still participate in pools for consistent rewards while maintaining control over the block creation process.
Jason Hughes, OCEAN’s VP of Engineering, emphasized that DATUM provides a ‘leap forward’ in decentralization with a lightweight, portable codebase written in C.
Importance of Decentralization for Bitcoin’s Security
More than 50% of Bitcoin’s hash rate is currently controlled by large mining pools, creating a centralization risk for the network.
This centralization increases the potential for transaction censorship, weakening Bitcoin's foundational principles of openness and decentralization.
Luke Dashjr, Co-founder of OCEAN, stated that DATUM will restore security to the Bitcoin network by moving block creation back to individual miners.
