Decentralized Mining Pools Based on Ethereum Smart Contracts
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We use Ethereum smart contracts to build a decentralized pooled mining protocol called SmartPool. Our solution implicitly replaces the centralized pool operator by network participants who run the Ethereum network.
##HUNTER'S COMMENTS
More than 80% of the Ethereum mining originates from 5 centralised mining pools. Same is the case with bitcoin. These centralized mining pools control and dictate the transaction set of new blocks and are prone to DDoS attacks. Also their transaction fees are too high for small individual miners.
SmartPool are basically decentralized mining pools that runs on Ethereum smart contract. No centralized identity controls the pools but the participants of Ethereum network.
Smart Pool offers many advantages in comparison to centralized pools, like:
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