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Thursday, October 28, 2021

Bitcoin On A Slippery Slope With New Censors For Mining Pool Transactions

BlockSeer has now launched a brand new censoring technique to discover blacklisted transactions happening on Bitcoin.

This mining pool can easily verify verified traders and target blacklisted marketeers with the help of BlockSeer as well as data from Walletscore. The sources that have been blacklisted can be identified while they carry out any transaction with bitcoin. This pool requires the miners of bitcoin to have access to the verified protocols of Know-Your-Customer (KYC).

Bitcoin Preventive Measures

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One of the developers, Riccardo Spagni tweeted that this pool will identify nefarious wallets that are slyly transacting through cryptocurrency and prevent such harmful business for bitcoin.

Bitcoin has had a mining pool since 2011 called P2pool which operates in a decentralized manner. Stratum V2 is being developed by Braiins that overhauls the implementations of BetterHash which is a subsidiary protocol. It helps in enabling the pool elements and decides upon the constituents of the mine, instead of giving control to the pool to decide on which transactions need to be blocked and which should be allowed.

Leo Wandersleb, Wallet Scrutiny founder, said that this censorship will act as a ‘slippery slope’ where the pool will find themselves rejecting the building of the blocks which do not make usage of those filters.

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A major bitcoin user, Eric Voskuil had predicted a flourishing of a pool in the black market that will bring in black market charges. This will be due to the failure of government pools. Many Bitcoin users believe that this pool will remain ineffective. 

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