cryptonews.net
Twitter and Block founder Jack DORSEY has offered significant seed investment to support OCEAN, an innovative project that aims to revolutionize Bitcoin mining worldwide. The announcement stated that the funding is aimed at launching OCEAN, the first venture in a series of initiatives to decentralize Bitcoin mining.
OCEAN, the brainchild of Bitcoin Core developer Luke DASHJR, stands out as an innovative force in the industry. The developer highlights a critical paradigm shift for true Bitcoin decentralization, stating that “the role of mining pools must change.” The main principle of the project is to redefine the concept of mining pools, giving network participants the opportunity to regain their independence. Unlike traditional pools that hold exclusive custody of block rewards, the new initiative is set to be the first noncustodial pool, ensuring that miners receive new block rewards directly from Bitcoin itself.
Jack Dorsey sees this project as a solution to the growing threat of centralization in BTC mining pools. The entrepreneur emphasizes that OCEAN addresses a common problem in the crypto community, highlighting its positive impact on the broader Bitcoin ecosystem. Earlier in October of this year, Dorsey introduced another of his innovations related to Bitcoin, in particular data storage capabilities — a cold wallet called BitKey. The idea is designed to solve a well-known problem by eliminating any intermediaries for users when working with their crypto assets.
Image: Fidelity Investments