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First Bitcoin Mining Pool Releases New Specifications: Details

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  • Vladislav Sopov
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    Slush Pool, formerly known as Bitcoin Pooled Mining Server, has released new specifications of their game-changing protocol Stratum V2.

First Bitcoin Mining Pool Releases New Specifications: Details
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Apart from blockchain scalability puzzles, there is one area that is very sensitive for cryptocurrencies progress, and that is mining protocol. Mining protocol upgrades that are usually far from the spotlight, but from a long-term perspective, it can severely affect the price of Bitcoin (BTC).

Stratum V2: Old Hand, New Release

Slush Pool, which entered the game 9 years ago as the Bitcoin Pooled Mining Server, has released its Stratum V2 mining protocol. Created by Braiins Systems, this mining protocol brings numerous upgrades to the BTC hash mining process.

The first upgrade has to do with bandwidth consumption. The messages used in the protocol are completely binary as compared to the JSON-based in V1, in which the volume in one message is halved to 48 bytes. The second upgrade has to do with the CPU load, which is reduced by 70-80% in Stratum V2.

The new protocol uses a robust encryption scheme that prevents data from man-in-the-middle (MITM) attacks. Now, it's virtually impossible for hijackers to corrupt the interconnection between a miner and his/her pool in order to steal payouts. Last but not least, upgrades in the spheres of decentralization and optimization of infrastructure usage are hard-coded with the new release.

Introducing Light Mining

Following the recent "simplification" trend with regards to the mining process, Braiins Systems has presented a concept of header-only mining. This is lightweight version of the mining protocol allows an individual to use more primitive hardware, while at the same time, sacrificing some flexibility. It seems to be a reasonable option for the majority of mining devices, and is also very promising in the context of decentralization.

This looks similar to the recent Carbon Chamaeleon release of Monero's RandomX algorithm. With the CPU-optimized RandomX, the advantages of specialized hardware (namely ASICs and FPGAs) are eliminated.

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Today, Stratum V2 is subject to public debate, and everyone can leave his or her opinion about the upcoming upgrade. The result will be presented as a Bitcoin Improvement Proposal (BIP) to the BTC community.

What do you think? Will this algorithm finally be deployed to Bitcoin Core? Don't hesitate to share your thoughts on our Twitter!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security

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  • Alex Dovbnya
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    Ripple makes a final push to dismiss the damning class-action lawsuit ahead of a court hearing that is scheduled for January 2020

Ripple Once Again Tries to Toss Class-Action Lawsuit, Insists XRP Is Not a Security
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Ripple has once once again asked a federal court to dismiss the pending class-action lawsuit over selling illegal securities, a new court filing shows.

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The company reiterates the same "statue of repose" argument, which means that the plaintiffs failed to meet a legal deadline for filing the suit. Ripple started selling XRP to retail investors back in 2013, which means that it was way too late to bring legal actions against it back in summer 2018 after a bar to a lawsuit was imposed in 2016.    

The blockchain behemoth also continues to insist that XRP is not a security, but it called this issue "irrelevant" to their latest motion, which is why it didn't address this point in-depth. It's not the first time that Ripple tries to dodge the big question that is the cornerstone of the long-lasting legal battle. 

"XRP is not a security, but that is irrelevant for purposes of this motion. Even if XRP were a security, Plaintiff's claims still fail as a matter of law,” the filing said.   

Ripple's previous attempt to throw the suit out of the court didn't bode well. As reported by U.Today, Bradley Sostack, the leading plaintiff in the ongoing case, believes that the defendants are still liable for selling illegal securities. The parties are expected to duke it out in court in January 2020.  

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XRP's status as a security remains a point of contention within the cryptocurrency industry. Crypto influencer BitLord recently slammed Ripple for dumping their native tokens on investors to acquire businesses.    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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