Former Twitter (now X) chief and avid Bitcoin supporter Jack Dorsey has recently led a seed funding round for OCEAN, a protocol that’s designed to decentralize bitcoin mining. The seed funding round raised $6.2million to set up the protocol’s initiatives.

According to an official press release shared with CryptoDaily, this initiative for the OCEAN protocol was originally envisioned by Bitcoin Core dev Luke Dashjr and Mark Artymko, co-founders of Mummolin.

Announced at the Future of Bitcoin Mining Conference, the project introduces a new mining pool model that departs from traditional pools by enabling direct, non-custodial payouts to miners. This shows the project’s commitment to and reinforcement of the decentralized ethos of Bitcoin.

“The role of mining pools must change for Bitcoin to exist as a truly decentralized currency,” shares Dashjr. “We are launching as the most transparent pool and also the only non-custodial pool where miners are the recipients of new block rewards directly from Bitcoin,” the developer and co-founder adds.

Luke Dashjr highlighted the need for a paradigm shift in how mining pools operate. OCEAN, according to Dashjr, is not just a pool but a means to restore miners to their original role in Bitcoin’s ecosystem. This approach is expected to counter the perceived centralization seen in the current mining pool sector, with the project’s name itself given as a contrasting counterpoint to the “restrictive, permissioned nature of legacy pools,” explains Bitcoin Mechanic, OCEAN’s pseudonymous Global Head of Sales.

Go to Source to See Full Article
Author: Vince Dioquino

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details