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hugohanoi's profile
Hugo Nguyen
Hugo Nguyen
Hugo Nguyen
@hugohanoi

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Hugo Nguyen

@hugohanoi

I chain, therefore I am ⛓️

Joined April 2012

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    1. Hugo Nguyen‏ @hugohanoi Jun 7

      1/ Thread on variance. PoW mining is critical to Bitcoin network security. Mining, in turn, is subject to 3 major sources of variance, from (roughly) easiest to tame to hardest: i/ Finding blocks via SHA256 hashing ii/ Market demand (for BTC & transactions) iii/ Tech innovation

      2 replies 17 retweets 55 likes
      Show this thread
    2. Hugo Nguyen‏ @hugohanoi Jun 7

      2/ Quick note: contrary to popular belief that miners are bad & evil, they are vital to Bitcoin’s survival. So it’s imperative to foster a healthy mining industry.

      2 replies 1 retweet 15 likes
      Show this thread
    3. Hugo Nguyen‏ @hugohanoi Jun 7

      3/ The best miners would be the ones who understand the nature of these variances & know how to handle them most effectively.

      1 reply 0 retweets 4 likes
      Show this thread
    4. Hugo Nguyen‏ @hugohanoi Jun 7

      4/ For variance in finding blocks: For small solo-miners, the variance in finding blocks (& consequently, the variance in payouts) is too great to make mining practical.

      1 reply 0 retweets 6 likes
      Show this thread
    5. Hugo Nguyen‏ @hugohanoi Jun 7

      5/ Fortunately, hashing is a Poisson process. This means that on average there are 10 mins between blocks. The larger your hash rate, the closer you’ll get to this ~10 min/block average, and the more stable your payout curve.

      2 replies 0 retweets 6 likes
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    6. Hugo Nguyen‏ @hugohanoi Jun 7

      Hugo Nguyen Retweeted Hugo Nguyen

      6/ Solution for variance in finding blocks: join a pool. Currently, Stratum pools are popular. The downside of Stratum pools is that miners give up the right to propose blocks & harm decentralization. With BetterHash proposal, this will hopefully change.https://twitter.com/hugohanoi/status/1004455570953330689 …

      Hugo Nguyen added,

      Hugo Nguyen @hugohanoi
      @TheBlueMatt's brilliant proposal that separates 1/ block construction process from 2/ payout process. You'll still get the benefit of connecting to a pool (stable payouts) while not conceding the right to propose a block. Best of both worlds solution that will help d14n. 💪💪 https://twitter.com/TheBlueMatt/status/1004106026721972224 …
      2 replies 0 retweets 9 likes
      Show this thread
    7. Vijay Boyapati‏ @real_vijay Jun 7
      Replying to @hugohanoi

      Great thread, Hugo. I haven't read Matt's proposal yet, so forgive my ignorance but I'm very curious whether it's possible, even theoretically, for block rewards to be assigned proportionally based on hash contribution *at the protocol level*? Or is that completely bonkers?

      1 reply 0 retweets 1 like
    8. Vijay Boyapati‏ @real_vijay Jun 7
      Replying to @real_vijay @hugohanoi

      If it were possible it would completely obviate the need for pooling which is one of the most powerful causes of centralization in mining.

      1 reply 0 retweets 0 likes
    9. Hugo Nguyen‏ @hugohanoi Jun 7
      Replying to @real_vijay

      Thanks! 😀 By "protocol level" do you mean the Bitcoin protocol? I don't think that's possible 🤔 It's binary: either you successfully mine a block, or you don't. Pool protocols are different though, since they work on top of Bitcoin, they can assign rewards proportionally.

      2 replies 0 retweets 2 likes
    10. Vijay Boyapati‏ @real_vijay Jun 7
      Replying to @hugohanoi

      I know it's not possible with Bitcoin now, but is it possible under some other protocol that might at some point be incorporated into Bitcoin? E.g., if you contribute 0.1% of hash power you get 0.1% of the reward, per block without requiring pooling?

      4 replies 0 retweets 1 like
      Hugo Nguyen‏ @hugohanoi Jun 7
      Replying to @real_vijay

      That's an interesting idea... In theory you can argue that the failed hashes contribute to overall network security so they should get a piece of the pie. So in theory yes it does make economic sense.

      10:51 PM - 7 Jun 2018
      • 1 Like
      • Vijay Boyapati
      2 replies 0 retweets 1 like
        1. New conversation
        2. Hugo Nguyen‏ @hugohanoi Jun 7
          Replying to @hugohanoi @real_vijay

          However, implementing something like that might be hard, if not impossible. The problem here is block rewards are issued by *a single winner*. What incentive does the winner have to share his rewards with others? Can you embed that "sharing" behavior into the code?

          1 reply 0 retweets 2 likes
        3. Vijay Boyapati‏ @real_vijay Jun 7
          Replying to @hugohanoi

          Yes that exactly is the issue. I'd love to hear an argument for why it's not workable. If you could bake it into the protocol the issues of miner centralization essentially disappear.

          1 reply 0 retweets 2 likes
        4. 1 more reply
        1. New conversation
        2. Vijay Boyapati‏ @real_vijay Jun 7
          Replying to @hugohanoi

          And you could prove failed hashes, I think, with a shorter string of zeros in the proof of work, to show you did some amount of work. @TheBlueMatt @peterktodd is there a good argument for why what I'm suggesting is not workable?

          1 reply 0 retweets 2 likes
        3. Hugo Nguyen‏ @hugohanoi Jun 7
          Replying to @real_vijay @TheBlueMatt @peterktodd

          My take: the reason "sharing model" works with existing pools is because pooling is inherently a *centralized* solution. Pool members have to agree on the coinbase transaction: the rewards go to a common pot which is owned by the pool operator.

          1 reply 0 retweets 0 likes
        4. Hugo Nguyen‏ @hugohanoi Jun 7
          Replying to @hugohanoi @real_vijay and

          But it might not be possible to implement this in a *decentralized* way at Bitcoin protocol level. In a decentralized network, who would be the owner of this common pot?

          0 replies 0 retweets 1 like
        5. End of conversation

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