Former CEO of Twitter (now X), Jack Dorsey, initiated the initial funding process for OCEAN with the goal of decentralizing Bitcoin Mining. The initial financing consists of $6.2 million dollars destined to develop the project of that protocol. It should be noted that this is a remarkably important mission, given that it seeks to eliminate third parties in the mining sector.
According to a press release, this OCEAN initiative dates back to Bitcoin core developer Luke Dashjr and Mark Artymko. In any case, the financing was recently announced during the Bitcoin Mining Conference event. In simple words, the initiative is a new concept in digital mining pools.
As is known, the mining pool sector is completely centralized in a small group of firms. These control all aspects of the process, from miners’ interaction with the network to permissions to apply updates. In simple words, it is up to mining pool companies to make some important Blockchain updates happen.
With OCEAN’s initiative, miners will be able to interact with the network in a non-custodial manner. This reinforces the commitment of the protocol and of Jack Dorsey in compliance with the original philosophy of BTC. If this project manages to be successful, a new stage for Bitcoin mining would be born.
Jack Dorsey announces seed funding for OCEAN.
Jack Dorsey committed to decentralized Bitcoin mining
It is important to keep in mind that Dorsey’s focus on this initiative could change the landscape. This businessman is one of the most recognized in the business arena in the United States. Aside from Twitter, Dorsey has led high-caliber companies such as Bluesky, Nostr and currently at Block, formerly known as Square.
For years, the entrepreneur stated that he was completely committed to Bitcoin. On several occasions he assured that the queen Cryptocurrency had become the cause of his life. In that sense, from now on he would dedicate all his energies so that Satoshi Nakamoto’s objective would be fulfilled.
The latter explains the businessman’s interest in financing the aforementioned OCEAN Protocol initiative. For their part, the creators of this idea express their full confidence that there will now be greater opportunities to decentralize the mining pools sector.
Dashjr expresses that the initiative can be considered the most transparent form of pool that has ever existed. Now, he continues, “miners are the recipients of new block rewards directly from Bitcoin.” He adds that the project is not only about a new pool, but something that restores the role of miners in the Bitcoin network.
As already mentioned, centralized mining pools stand as all-powerful within Bitcoin mining. Consequently, centralization becomes a harmful element for the entire ecosystem. Although this initiative would not decentralize mining in general, at least it would do so with the fundamental part of the so-called mining pools.
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