MINING FEE MARKET SHOWS SIGNS OF LIFE DESPITE BITCOIN PRICE DOWNTURN

The developer will develop a sub-protocol for Stratum V2, a communication protocol that aims to improve miner collaboration and increase the global hashrate.

Foundry Digital donated 1 BTC to 4ss0, a pseudonymous open-source developer. The developer is currently working on Stratum V2, a communication protocol that will be used by miners and their mining pools. The developer will, in particular, improve the decentralization and resistance to censorship in the protocol. Foundry Digital, an institution service provider for bitcoin mining has donated 1 BTC in bitcoin to a pseudonymous developer within the bitcoin ecosystem, the name of 4ss0. According to a press release, he is currently working on Stratum V2.

Stratum V2 allows miners, their proxies and mining pools to communicate better with one another, allowing them to make greater contributions to the overall Bitcoin network’s hash rate. This protocol aims to improve efficiency, security, decentralization, and the proof-of work consensus mechanism that powers Bitcoin.

Stratum V2 replaces JavaScript Object Notation JSON as the default messaging format to binary. This adds an encryption function that improves communication over the existing Stratum protocol. While this functionality is vital, 4ss0 will instead spend its time working on the Job Negotiation Protocol.

JNP is a subprotocol in Stratum that allows miners to create their own blocks templates. These templates allow for optimized cooperation by defining predefined attributes that miners can use. They also strengthen censorship resistance through decentralizing the creation of block templates.

4ss0 stated that the implementation of Job Negotiator will enhance decentralization in pool mining. This will allow miners to mine their preferred transactions while avoiding the censorship of transaction propagation through pools. This will enable people all over the globe to continue to benefit from the unlimited freedom and anonymity of Bitcoin.

The Foundry donation will be supplemented by 4ss0 access for bitcoin mining application-specific integrat circuits (ASICs), and hash rate data provided to testing purposes by the Foundry USA Pool Team.

Jay Beddict, Foundry vice president of research, stated that the bitcoin mining industry has grown rapidly in the last two years while the protocol that coordinates the miner and pool has remained stagnant. Foundry views Stratum V2 to be a significant improvement on the existing Stratum protocol. This aligns with our mission of empowering decentralized infrastructure.

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