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P2Pool Managed pools create the possibility of cheating by the pool operator, who might direct the pool effort to double-spend transactions or invalidate blocks (see “Consensus At‐ tacks” on page 214). Furthermore, centralized pool servers represent a single-point-of- failure. If the pool server is down or is attacked by Denial-of-Service, the pool miners cannot mine. In 2011, to resolve these issues of centralization, a new pool mining meth‐ od was proposed and implemented: P2Pool is a peer-to-peer mining pool, without a central operator. P2Pool works by de-centralizing the functions of the pool server, implementing a par‐ allel blockchain-like system called a sharechain. A sharechain is a blockchain running at a lower difficulty than the bitcoin blockchain. The sharechain allows pool miners to collaborate in a de-centralized pool, by mining shares on the sharechain at a rate of one share block every 30 seconds. Each of the blocks on the sharechain records a propor‐ tionate share reward for the pool miners who contribute work, carrying the shares forward from the previous share block. When one of the share blocks also achieves the difficulty target of the bitcoin network it is propagated and included on the bitcoin blockchain, rewarding all the pool miners who contributed to the all the shares that preceded the winning share block. Essentially, instead of a pool server keeping track of pool miner shares and rewards, the sharechain allows all pool miners to keep track of all shares using a de-centralized consensus mechanism like bitcoin’s blockchain con‐ sensus mechanism. P2Pool mining is more complex than pool mining, as it requires that the pool miners run a dedicated computer with enough disk space, memory and internet bandwidth to support a full bitcoin node and the p2pool node software. P2Pool miners connect their mining hardware to their local p2pool node, which simulates the functions of a pool server by sending block templates to the mining hardware. On P2Pool, individual pool miners construct their own candidate blocks, aggregating transactions much like solo- miners but then mine collaboratively on the sharechain. P2Pool is a hybrid approach that has the advantage of much more granular payouts than solo mining, but without giving too much control to a pool operator like managed pools. Recently, participation in P2Pool has increased significantly as mining concentration in mining pools has approached levels that create concerns of a 51% attack (see “Con‐ sensus Attacks” on page 214). Further development of the P2Pool protocol continues with the expectation of removing the need for running a full node and therefore making de- centralized mining even easier to use. Consensus Attacks Bitcoin’s consensus mechanism is, at least theoretically, vulnerable to attack by miners (or pools) that attempt to use their hashing power to dishonest or destructive ends. As 214 | Chapter 8: Mining and ConsensusPDF Image | Mastering Bitcoin
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