Ninjastic
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Board Announcements (Altcoins)
Re: [ANN][WEB]Webchain⚡️CPU mining⚡️DApps via Websites and IoTNo ICO or ASIC
by
typeplus
on 30/05/2018, 02:25:29 UTC
Quote from: kraftminer on May 28, 2018, 08:19:01 PM
Quote from: albertod on May 28, 2018, 06:00:19 PM
Quote from: kraftminer on May 25, 2018, 09:17:36 PM
I appreciate stable official pool especially in early days. However, with current hash distribution the blockchain is not suitable for trustless transactions  Smiley instead we need to trust pool operator not to mess around - Not that I wouldn't, but it's just not the point in blockchain tech. Therefore it should be one of the top priorities to reach full decentralization.

Hello! Thanks for your comment. Reaching full decentralization is a common objective when it refers to blockchains. As it has been said before, blockchains create a system where trust is no longer an issue, as it is simply no longer required.

Using PoW, we make sure that participants on the network securely agree on the transactions that should be added, plus Webchain is a smart-contracts enabled blockchain, where by definition there is no disputing whether a party fulfilled obligations, as doing so is automated against clearly defined terms.

We invite you to join, in case you hadn't already.


The only issue being that most of the POW hashrate is bundled into a single pool right now. Which in theory will allow pool operator to add unverified blocks, initiate double spends, etc. Decentralization must be paramont, not just common objective for these kinds of projects. A centralized blockchain is worth nothing more than a centralized database (with public API for transaction transparency). It just won't work as a trustless platform, no matter about having smart contracts or not. Those won't be worth anything, either. I suggest devs make equal promotion for all pools by including an up-to-date pool list in the first post of this thread and on the project website. If you are serious about this you might also consider temporarily closing down official pool or making it less attractive as an alternative by charging higher fees.

This is the solution in my opinion. As it stands they control the absolute majority of hashrate and as a result gain the most from pool operation. When you consider the default fee is 5% (which can be lowered to 1%) in addition to the pre-mine of 20%, nothing is really decentralized. If people are OK with that (and it looks like they are by the participation of the official pool) then I guess nothing will change.

Its a bit of a conflict of interest in my opinion.