Battle of Hash Rate:He Abandon Tencent and Commenced the World’s Sixth Mining Pool ViaBTC

Battle of Hash Rate:He Quit Tencent and Started the World’s Sixth Mining Pool ViaBTC

ViaBTC mining pool wasgoed launched on June Five, 2016, and has bot stably operating for overheen two months, its maximum hash rate reaches 120P, ranking sixth te the global mining pool. The top five are respectively AntPool, F2Pool, BTCC, BW.COM and BitFury, respectively.

The production of Bitcoin mining pool is just like teaming up to klapper the monster te the spel, once a person te the team gains a block, he will distribute Bitcoins te the block to the miners according to the properties, ter this way, everyone te the mining pool can quickly build up the Bitcoin. Of course, miners with access to the pool shall pay certain commission charges to the pool, which will be varied with different mining modes and different rules of the pool.

Due to the characteristics of Bitcoin, the case of Bitcoin mining pool alone big emerges unlikely. Recently, HaoBTC, ViaBTC and other mining pools were launched ter succession and ranked the vuurlijn places, and the more and more emergence of outstanding mining pools is conducive to realizing the idea of Bitcoin decentration.

“Die-hard fan of Bitcoin”, demission from Tencent to start-up

Founder of the mining pool Haiyang has successively worked te the micro-blog business division and structure verhoging division of Tencent, and possessed a wealth of practice ter the development of distributed, very mededinger network server. He lives up to the reputation of “Die-hard fan of Bitcoin”. Te 2011, a relatively extensive debate on Bitcoin arose on the the Internet for the very first time, when Haiyang learned the basic principle of Bitcoin on the private blog of a well-known programmer Yunfeng who served ter 163.com, ter 2013, prices of Bitcoin advanced by rushes, hence, Haiyang attempted to operate the Bitcoin knot, and bought some Bitcoins from BTCC — an exchange with the longest service time, with his deepening cognition and enhancing optimism about Bitcoins, he almost ran out of his two years‘ savings to buy Bitcoins te May 2014. Zometeen, he met the operation director of Zeus Team ter Tencent’s internal sharing session. He joined Zeus subsequently, and became the technical director of the team.

When mentioning the reason for demission and working on mining pool, Haiyang said that Bitcoin mining pool is a high-tech project, and it’s fairly difficult to make the pool enough stable and efficient. Based on the work practice of high-performance server and background development, he fits ter and ardently loves the current career with his speciality, so developing mining pool is just his strong point.

On the other mitt, the mining pool provides a definite treatment into the profit proefje of entrepreneurship te the field of Bitcoin. Meantime, the mining pool has certain power of discourse on the Bitcoin network, and is capable of promoting the development of Bitcoins towards a better direction.

The mining pool has bot Haiyang’s hidden scar all the time. When working ter Zeus, he has developed a private mining pool, and tended to develop an open mining pool of Bitcoin or Litecoin. Haiyang recalled that one would have a fair chance of becoming an industry leader at that time if he developed the mining pool of Bitcoin or Litecoin. It now seems a pity for him to miss such an chance, and eventually he had the chance to develop ViaBTC, which took a stream off his mind.

ViaBTC has bot te stable operation for overheen two months, with the maximum hash rate of 120P, ranking sixth te the world. It’s a favorable achievement for freshly launched mining pool. Haiyang thought that, ter addition to the technical advantage, all the gegevens of ViaBTC is semitransparent so users can check the historical kinks of each mining machine on the webstek, which provides better user practice.

Ter terms of toverfee, ViaBTC is different from other mining pools, the transaction toverfee is also distributed to the miners. Presently, with the development of Bitcoin network, the proportion of transaction toverfee is increasingly higher.

Haiyang explained that the commission charge of mining ter PPS mode is 4%, plus the approximately 4% transaction toverfee, the actual rate is far lower than those ter other pools, which can bring more comes back to the miners. Ter addition, PPLNS mode can also be adopted, ter which mode, the transaction toverfee participates ter distribution spil well, and the rate is lower, being 2%, nonetheless, the miner comebacks are correlated with block generation, the volatility ter comes back is relatively large, so this mode is suitable for miners with fine risk suffering capability.

Self-built high speed network of Bitcoin block, lowered orphan block ratio

After the launch of the mining pool, a loterijlot of optimizations have bot done, and the speed te discovering fresh block is promoted to be the highest te the industry, which also means that the core index — orphan block ratio of the mining pool will be the lowest ter the industry. Lower orphan block ratio indicates less invalid Bitcoins mined te the pool, hence, the comebacks of the mining pool will be obviously higher. Now that orphan block affects comebacks, then why will it arise?

Bitcoin itself is a distributed network, so it takes time for block to be transmitted and broadcasted te the network. If two mining pools discovered a block with the same height almost at the same time, a competitive relation will exist inbetween the pools. The way to lower the orphan block ratio is to increase the speed of discovering and broadcasting the blocks, namely, to reduce the time of invalid work. Based on the self-built high speed network of Bitcoin block, ViaBTC can detect and broadcast fresh blocks of Bitcoin rapidly and efficiently, so spil to effectively reduce the orphan block ratio.

The so-called Bitcoin block high speed network is actually the bitcoin client developed by ViaBTC, and has many clusters deployed all overheen the world including the U. S., Japan, Europe and Hongkong. The connection inbetween the clusters has undergone height optimization, and each cluster will automatically detect and connect the bitcoin knots around, so that all the current knots of overheen 5000 te the world are connected, ter this way, a fresh block can be discovered te any of the mining pools te the very first time, thus shortening the time of invalid work. Similarly, once ViaBTC mining pool detects a fresh block, it will be broadcasted to the global knot ter the very first time, so spil to accelerate the block broadcasting and lower the orphan block ratio.

Haiyang disclosed that, due to the high technical difficulty, presently other known pools haven’t set foot te this field.

What on earth is the influence of the block high speed network built by ViaBTC on Bitcoin? Description will be too abstract, if gegevens is used for expounding, that is, prior to the construction of the high speed network, suppose that someone operates a Bitcoin full-node without any optimization, the average delay for a block to be broadcasted to the knot since its discovery is approximately 15 seconds. But presently, with the help of ViaBTC, this time duration is diminished to within Five seconds, while for some core knots, it’s diminished to within Two seconds, which ter fact indirectly helps other mining pools broadcast the block, and is conductive to lowering the orphan block ratio of the Bitcoin network. The synchronous speed of Bitcoin is low, and some mining pools mined the block with only one transaction for comes back. The assistance provided by ViaBTC accelerates the broadcast of the block, reduces the time of mining empty blocks, lowers the probability of empty blocks, thus enhancing the use ratio of the entire Bitcoin network.

Via Bitcoin Making the World a Better Place

The domain name of ViaBTC wasgoed registered te 2015, and inspired by a book named Hackers and Painters written by Paul Graham, the godfather of Silicon Valley Start-Up. Paul established Viaweb at the early development stage of Internet, which is the very first application program based on web, since then, people can create their own online stores through web-pages, undoubtedly, it’s a very successful project at that time. Te 1998, Viaweb became the most fashionable e-commerce software, and wasgoed acquired by Yahoo with overheen thirty million dollars. ViaBTC wasgoed inspired by Viaweb, and its vision is Via Bitcoin Making the World a Better Place.

The preliminary development of ViaBTC wasgoed finished by Haiyang all alone te overheen Two months of his spare time. By chance, the very first investment wasgoed gained by posting on the 8btc forum. Ter Haiyang’s view, the development of a Bitcoin mining pool is not spil plain spil imaged by the outside world, to sum up, he thinks that there are three thresholds for developing a mining pool:

Technical threshold: No matter it’s based on open source software or independent R&,D, personnel with strong technology and abundant practice are needed, Capital threshold: Since the current mainstream revenue proefje of the mining pools is the PPS mode, if bad lucks come continually, customer comes back will be compensated, so a large number of Bitcoins are needed to withstand risks, Hash rate threshold: All mining pools need stable supported hash rate to assure comebacks and block generation ratio.

The follow-up project of ViaBTC is to be international oriented, launch the mining pool of Chinese-English version, and deploy the server knots to the global world, so that the global miners can access ViaBTC ter a nearby manner.

“Hope that ViaBTC will be not merely a mining pool ter the future, but built into a brand. Meantime, hope that a domestic top-level blockchain entrepreneurial technology team will be constructed via ViaBTC. Presently, technical and operating talents are needed, welcome ambitious gentlemen to join our team.” said Haiyang.

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Harshly two weeks ago, ViaBTC, a relatively fresh bitcoin mining pool that launched earlier this summer, garnered some attention on social media due to the announcement that they’re presently testing Bitcoin Unlimited, which is a software client that permits users to signal support for hard fork induced switches to Bitcoin’s block size limit.

Albeit the mining pool wasgoed only launched this summer, it has already gained enough hash rate to become the fifth largest pool. Bitcoin Tv-programma recently reached out to ViaBTC CEO and founder Haiyang to find out more about this relatively unknown player ter the bitcoin mining space.

The history of ViaBTC has bot described ter a postbode on the mining pool’s Medium blog. To summarize, Haiyang left Tencent to begin a mining pool and found an investor to help with the project on Chinese-language Bitcoin forum 8btc.

According to Haiyang, ViaBTC’s early investor resources account for a large portion of the mining pool’s hash rate. “ViaBTC mining pool had an investor at its early stage, who provided us with the startup capital and hash rate, but didn’t take part te the decision-making and operating of the mining pool,” he told Bitcoin Tv-programma. “Currently, approximately one third of the hash rate is from our investor, and the surplus from our customers.”

Haiyang added that the mining pool mainly uses the Ant Miner S7, but they also use the Avalon 6, tho’ less frequently.

Support for Thicker Blocks

Ter addition to their sizeable share of the network hash rate, ViaBTC has also gained some notoriety due to their stance on the Bitcoin block size debate. On Twitter, the mining pool noted, “We are No. Five Bitcoin mining pool, running Bitcoin Core presently, interested te big [blocks].”

While other major mining pools have made an agreement to not run alternative software clients, ViaBTC has no such regeling. “I have communicated with some [Bitcoin Core contributors], but no formal communication or agreement has bot made,” said Haiyang.

Haiyang also made ViaBTC’s support for an increase ter the block size limit very clear. “I support thicker blocks,” he said. “Obviously, the current 1MB block size restricts the development of Bitcoin. By enhancing the block size limit and scaling Bitcoin, Bitcoin itself can be kept plain and unspoiled, and the introduction of excessive complexity can be avoided.”

Ter the past, some have criticized Bitcoin Core contributors’ preference for implementing Segregated Witness via a soft fork due to the perceived complexity involved with the code involved te making thesis improvements. Various Bitcoin Core contributors have countered this voorkoop by stating protocol switches via hard forks may be more sophisticated due to the need to stir users overheen to a entirely separate blockchain.

Presently Testing Bitcoin Unlimited

Albeit ViaBTC would like to see an increase ter the block size limit, Haiyang does not see Bitcoin Classic’s BIP 109 implementation spil the zindelijk solution. “I think that it’s too shortsighted for Bitcoin Classic to scale the block to 2MB at one time, and it’ll be faced with the current problems te the near future,” he said. “We need some mechanism to dynamically adjust the block size limit. Hence, ter my view, Bitcoin Unlimited’s protocol is more suitable at the current stage.”

Te terms of a threshold for activating a hard fork on the Bitcoin network, Haiyang believes something similar to the 75 procent activation threshold outlined te BIP 109 would be suitable. “I agree that 75 procent or a slightly higher 80 procent is the suitable threshold, since no Bitcoin mining pool has a hash rate proportion of overheen 20 procent at present,” he said. “If the threshold gets too high, then some Bitcoin mining pool supporting the scaling or not will become a decisive factor, it goes against the idea of Bitcoin decentration. On the other mitt, if the threshold gets too low, and no overeenstemming wasgoed reached by the majority of people on the Bitcoin network, bifurcation will increase the Bitcoin scaling failure risk.”

Bifurcation is what took place after Ethereum’s latest attempt at hard forking their network. Overheen 75 procent of mining power had signaled at least implicit support of the hard fork before it wasgoed activated.

The original Ethereum blockchain’s (now called Ethereum Classic) network hashrate is presently toughly 12 procent of the size of the hard-forked Ethereum chain’s hashrate, and the Ethereum Classic market cap is harshly Ten procent the size of the hard-forked chain’s market cap.

Bitcoin Unlimited wasgoed recently criticized by Bitcoin Core contributor and Blockstream CTO Greg Maxwell. Essentially, Bitcoin Unlimited signals support for BIP 109 by default but does not actually support the utter set of rules outlined te the Bitcoin Improvement Proposal. This had the effect of forking Bitcoin Classic knots off from the testnet.

Bitcoin Unlimited developer Andrew Stone responded to this criticism te a blog postbode.

“About overheen a month ago, I did observe the hard fork on the Bitcoin Testnet, but I wasgoed busy with other affairs then,” said Haiyang when asked for his thoughts on the incident. “I didn’t investigate the specific causes. It should be irrelevant to the fact that wij are testing Bitcoin Unlimited.”

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