Interesting things are taking place in the Ethereum ecosystem these days. Ever since this protocol rolled out its services a few weeks ago, more and more announcements have been made regarding the progress of Ethereum. According to their latest press release, the first Ethereum mining pool with a decentralized mining process has been released.
TalkEther Introduces Decentralized Mining
In the world of Bitcoin and other digital currencies, the concept of mining has always been somewhat centralized. Every mining pool runs on its centralized servers, effectively distributing the network’s hashpower. However, if anything went wrong with the pool or its operator, payouts would not take place, causing issues for miners.
TalkEther is changing the mining game in dramatic fashion. This is the first mining pool to decentralize the entire concept of bringing new coins into circulation. Not only will this help secure the Ethereum network – just like traditional mining does – it will do so in a completely decentralized way.
To make this concept even more interesting, TalkEther miners will – most likely – receive higher mining rewards compared to other Ethereum mining pools. According to the press release, the difference could be as high as 20%, making it worth the while of every Ethereum miner to check out this mining pool.
As you would come to expect, TalkEther has gone through a vigorous alpha testing stage, which indicated the potential for higher mining rewards. Unlike other mining pool options, TalkEther claims there will be no mining time losses, as every miner will get work and shares from their local node.
The mining difficulty of this decentralized pool will be adjusted through a small Java application, which will force the ethminer instance to look for a solution regarding difficulty-reduced work. Once a solution has been found, it will be broadcast to and validated by the TalkEther share server, and rewards will be processed accordingly.
But that is not all, as this decentralized mining approach takes on the looming threat of a 51% attack against the Ethereum network. At the time of publication, the top 3 mining pools were close to controlling a total of 50% of the network hashpower. By taking the decentralized approach, TalkEther aims to do something different and shake up the mining game.
Similar to how all things regarding Ethereum are these days, setting up decentralized mining, combined with registering for this mining pool, have been covered in dedicated guides. Ubuntu and Windows users have their own guides at their disposal, both of which will get users up and running within a few minutes.
“The talkether.org pool is still in beta phase. We will add further pool and user statistics, monitoring functions on the server side and monitoring and managing features on the client side, as well. During beta phase, the pool fee is 0%. Throughout the beta phase, all miners are encouraged to update regularly their talkether client.“ – TalkEther Press Release.
More Interesting News To Come At DEVCON1?
Starting this coming Monday, the yearly Ethereum DEVCON1 conference will take place in London, England. During this five-day event, many topics in the Ethereum landscape will be discussed and it will be interesting to see which new announcements we can expect. Furthermore, there will be a fair amount of discussion regarding the current development of decentralized applications on top of the Ethereum blockchain.
Images courtesy of TalkEther, Ethereum, Shutterstock