Turbocharging Mining Decentralization in Cryptospace

in #ethereum8 years ago (edited)

decentmining

Consider the mining situation for the top cryptocurrencies - Bitcoin, and Ethereum. There are several large mining pools maintaining the network. You may argue that it is sufficiently decentralized, but the current situation about mining isn't exactly autonomous. Some of these physically concentrated mining pools can be destroyed, abandoned, or simply become defunct over time. Mining should be made extremely accessible. It further promotes the idea of decentralization, and is ultimately beneficial for public blockchains.

For those without miners, but looking to take part in mining, it should be as easy as buying hashrates on the various, privately-owned centralized "cloud-mining" services. Except this time around, the providers would be the network of individual operators, living side-by-side with the rather conventional "cloud-mining" services. The mining marketplace should be democratized - and the power to vote when it comes to forking will be more decentralized. Consider the coming of IoT. Anything can be part of the mining network.

I'm by no means an expert - just writing out what ought to be developed. I want to do this, but I don't have enough skills and know-how to pull this off.

We need a smart-contract that can bind itself to certain devices and mine away. Simple enough to use. Such a smart-contract would need to have the following broad-stroked characteristics:-

a) Self-marketer. It needs to be aware of the hardware that it's attached to, along with its processing characteristics, so that it can list itself in a mining marketplace. It could mine for the owner of the smart-contract, or even rent itself out for others.

b) Profile-maximizer. It needs to automatically mine for cryptocurrencies with socioeconomic benefits, with various basic to advanced parameters that are adjustable according to personal (or shared) preferences.

c) Energy-saver. Smart-contract should only sample various details of the network at a set amount of time T, to determine the next best cryptocurrency to mine, according to the rules of the Profile-maximizer. Fast-switching to change different mining algorithms fitted for different profiles will be highly inefficient on resources.

d) Responsible-actor. Mined resources will be dumped into a secure wallet retrievable only by renter after release of escrowed payment (or any other arrangements between hashbuyer and hashseller). Convenience for voting via mining mechanism should ideally be built in as well. With heavily decentralized mining, meeting the threshold for majority voting could become a problem.

Is something like this already out?

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