Eligius Pool Relaunched As OCEAN Pool, Raises $6.2M in Seed Funding
The seed funding will support the launch of OCEAN Pool - a non-custodial Bitcoin mining pool where miners are paid directly by the Bitcoin network. The pool also offers complete transparency into its operations, particularly in the areas of block template creation and reward distribution.
"Mummolin, Inc., announced today that it has raised $6.2million in seed funding, led by Jack Dorsey, Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, the Bitcoin Opportunity Fund, and other strategic partners."
"Today, pools operate like custodial bank accounts and have the ability to decide who can and who can't use Bitcoin. The so-called "51%" attack vector is already a reality because it only actually takes 20-30% of network hashrate to have a good probability of getting away with an attack," wrote Bitcoin Core developer and Mummolin co-founder Luke Dashjr.
"As we stand today, Bitcoin is not a censorship resistant network, rather it just happens to be a network that is not currently being censored. As with other forms of centralization (hardware, firmware, ...), the role of mining pools must change for Bitcoin to exist as a truly decentralized currency."
"To that end, I am relaunching Eligius as OCEAN, a new type of pool that enables miners to be truly miners again."
"At the start, we are already the most transparent pool giving you full visibility into block templates, generation payouts, miner stats, etc. As miners, you should have the ability to know what transactions you are mining with your hashrate. We are also the only non-custodial pool, making you, the miners, recipients of new block rewards directly from Bitcoin."
"Over the next year, I will be redesigning the process of block template construction, leveraging and improving Stratum V2 where possible, to truly decentralize mining."
"We also plan to incorporate Lightning payouts which will solve the dust problem for small miners. This will also serve the dual benefit of bringing more liquidity to Lightning."
"To make it worth everyone's effort to switch, OCEAN will be at 0% for the first 2 months of operation. After that we will need to introduce fees, but they will be kept reasonable and fair for all sizes of miners," said Luke Dashjr.
The also pool supports a wide range of Bitcoin address types, including P2PKH, P2SH, Bech32, and Bech32m, reported D-Central.
"When I see a project that is good for Bitcoin broadly, and that’s also good for me and my companies personally, it becomes a simple decision for me, and I’m happy to be a part of it," said Jack Dorsey, co-founder of Twitter and CEO of Block.