TY - GEN
T1 - PoolParty
T2 - 3rd International Conference on Blockchain Technology, ICBCT 2021
AU - Dana Troutman, Nicholas
AU - Laszka, Aron
N1 - Publisher Copyright:
© 2021 ACM.
PY - 2021/3/26
Y1 - 2021/3/26
N2 - Blockchain mining is increasingly dominated by a few centralized mining pools [1]. Large pools can censor transactions on the blockchain and can coordinate their efforts to potentially carry out a 51% attack [2]. There have been 2 previous decentralized mining pools P2Pool and SmartPool, but both had unique limitations and are no longer actively mining. PoolParty is a novel decentralized blockchain-agnostic mining pool. By using smart-contracts to validate shares and punish miner misbehavior, as well as employing fines to disincentivize cheating, PoolParty is both secure and has low overhead operating costs. PoolParty can provide 0.05% overhead costs on Ethereum, and 0.003% overhead costs on Ethereum Classic for users with 20% pool hash-power. Finally, PoolParty can be implemented on less expensive smart contract hostable blockchains to improve scalability and overhead.
AB - Blockchain mining is increasingly dominated by a few centralized mining pools [1]. Large pools can censor transactions on the blockchain and can coordinate their efforts to potentially carry out a 51% attack [2]. There have been 2 previous decentralized mining pools P2Pool and SmartPool, but both had unique limitations and are no longer actively mining. PoolParty is a novel decentralized blockchain-agnostic mining pool. By using smart-contracts to validate shares and punish miner misbehavior, as well as employing fines to disincentivize cheating, PoolParty is both secure and has low overhead operating costs. PoolParty can provide 0.05% overhead costs on Ethereum, and 0.003% overhead costs on Ethereum Classic for users with 20% pool hash-power. Finally, PoolParty can be implemented on less expensive smart contract hostable blockchains to improve scalability and overhead.
UR - http://www.scopus.com/inward/record.url?scp=85121006094&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85121006094&partnerID=8YFLogxK
U2 - 10.1145/3460537.3460554
DO - 10.1145/3460537.3460554
M3 - Conference contribution
AN - SCOPUS:85121006094
T3 - ACM International Conference Proceeding Series
SP - 20
EP - 27
BT - ICBCT 2021 - 2021 the 3rd International Conference on Blockchain Technology
PB - Association for Computing Machinery
Y2 - 26 March 2021 through 28 March 2021
ER -