A few weeks ago, one of the most anticipated projects in the virtual currency was launched. Ethereum marks a milestone in the history of Bitcoin and digital currency, as this project raised over US$10m in funding before a single piece of code was delivered. One year after that fundraising, Ethereum was unveiled to the public, even though there was still a lot of work to be done.
Ethereum Launch – A Work in Progress
Once Ethereum was released to the public, it became quite clear there was still a lot of work to be done. During the first few days, there was no graphical user interface for the Ethereum client whatsoever. Enthusiasts who own a computer running Windows, Mac OS or Linux still had quite a bit of compiling to do, which sometimes involved installing additional software that would only be used once.
To top it all off, the initial launch was not bug-free either. Ethereum users suffered from compromised private keys and a fix was released after a few days. Luckily for all parties involved, no major amount of coins were stolen during the process. A ton of negative press is the last thing that an anticipated virtual currency project needed.
As you would come to expect, Ethereum saw a lot of trading action across a variety of exchanges. Not all of these exchanges seemed to be playing by the same rules, as certain user groups were able to trade Either back and forth before others could do so. An initial dump of coins and value ensued, which stabilized in the following days.
Ever since that time, it has been relatively quiet as far as Ethereum has been concerned. The developers have been putting a lot of time and effort into further finalizing the software for their users, as well as finish up some earlier announced projects. One of those projects is an open source Ethereum mining pool, which is now available for everyone in the world.
Etherchain – Open Source Pooled Mining for Ethereum
It is important to note that the product released by Etherchain is not a full mining pool in the traditional sense. This collection of code will sort out work distribution and share validation, but reward calculation and payments are not available at the time of publication. Similar to the Ethereum release itself, Etherchain is a work in progress, which community members can experiment with to their heart’s content.
That being said, there is a strong possibility for integrating Etherchain with existing mining pool software. But there are some limitations to keep in mind when experimenting with Etherchain, as the project can only process roughly 600 workers at 30% CPU utilization and 70MB ram usage.
Early testing of Etherchain yielded positive results, as the open source mining pool is playing well with both Geth and Eth clients. In the end, this rudimentary piece of code is a proper starting point for anyone involved in the Ethereum ecosystem and starting a mining pool should not be overly complicated at this time.
A full installation guide for Ubuntu 14.04 users can be found on the Etherchain Github page. The entire setup process seems to be very straightforward and Linux enthusiasts will have some form of mining pool up within an hour or less. More improvements and pull requests will be showing up over the next few weeks and months, once more people get acquainted with the Etherchain project.
Images courtesy of Ethereum, Etherchain