Why is SmartPool not cool at all?
The first time I heard about SmartPool, I was suppose there guys are crazy and try to do impossible things. There are many limitation of technical, you can not pass at this time. I will show you my point of view.
1. What is SmartPool?
An efficient and decentralized mining protocol for existing cryptocurrencies based on Ethereum smart contracts.
2. What is mining pool?
Mining pool is where workers work together to create the proof which’s satisfy proof-of-work. Mining pool will split big cryptography puzzle to apart which was called “work packages”. Mining pool is central point to deliver “work packages” to miners (workers). It’s look like distributed system with central point.
3. Why does SmartPool sound crazy to me?
Work packages need to distribute in realtime, mining pool need to deliver as fast as possible. System latency is a big deal.
4. Proof-of-work verification
If SmartPool based on Ethereum smart contracts, they need to implement proof-of-work verification on smart contracts and keep them up to date meanwhile smart contracts aren’t upgradetable.
5. Transaction fees
Everytime you broadcast transaction to public blockchain you have to pay for transaction fees. These things will increasing the cost of system. A possible solution is sidechain but how could you protect it from Denial of Service?.
6. Gas cost
This idea based on Ethereum smart contracts. That’s why GasLimit of each block will become urgent issue. You may consume all of the gas to execute code like this.
7. At last
I’m not going to judge you guys. If this project is success, I’m glad to find out that “I was wrong”.
Originally published at fkguru.com on August 29, 2017.