Cryptology ePrint Archive: Report 2019/1081

OCEAN: A Built-In Replacement for Mining Pools

Raymond Chee and Kartik Chitturi and Edouard Dufour-Sans and Kyle Soska

Abstract: We propose OCEAN, an alternative miner reward system for blockchains that seeks to discourage pooling by providing a pool's variance mitigation functionality as a blockchain built-in. Our proposal relies on Succinct, Non-interactive Arguments of Knowledge (SNARKs), an advanced modern cryptographic tool that enables anyone to prove complex statements with the proof not growing in size with the complexity of the statement. We expect that blockchains that implement our proposal would see less pooling centralization than what is currently observable in deployed cryptocurrencies.

Category / Keywords: applications / Cryptocurrencies, Mining Pools, Risk, SNARKs.

Date: received 22 Sep 2019

Contact author: e dufoursans at gmail com

Available format(s): PDF | BibTeX Citation

Version: 20190924:070449 (All versions of this report)

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