For many years, the attempts to make efficient, decentralized mining pools have failed or petered out after time. Although some instances of decentralized pools have existed many faced issues such as security concerns, lack of miner usage, and failures to achieve both efficiency and full decentralization. Innovation in mining pool infrastructure and software has also plataued, with Stratum v1 being the standard method of communication for sending and receiving work to mining pools. LITHOS proposes a new solution to the decentralized pool challenges, one which also brings signifcant benefits to miners outside of just decentralization.
The LITHOS protocol plans to usher in a new era for PoW mining, one where mining pools live on-chain, fully decentralized and trustless. Stratum will serve as the “networking layer” for the protocol, while the LITHOS protocol will help to verify miner’s work and pay them out accordingly. LITHOS is a blockchain agnostic protocol, and mining pools for ANY PoW blockchain may be supported by LITHOS.
3 Likes