Mummolin, Inc. has announced a significant milestone in its cryptocurrency project OCEAN, having raised $6.2 million in seed funding. This round, led by Jack Dorsey, along with other investors, marks a pivotal step towards decentralizing Bitcoin mining.<\/p>\n
As a project under Mummolin, Inc., a successor to the Eligius Bitcoin mining pool, OCEAN is pioneering a non-custodial, transparent, and permissionless mining approach. Its goal is to empower miners and enhance the decentralization of the Bitcoin network.<\/p>\n
According to Luke Dashjr, a Bitcoin Core developer and Mummolin co-founder, the essence of OCEAN lies in transforming the role of mining pools to uphold Bitcoin\u2019s decentralized nature. He envisions OCEAN as a new kind of mining pool that restores miners\u2019 autonomy by allowing them to receive block rewards directly from Bitcoin, setting it apart from traditional pools.<\/p>\n
Mark Artymko, co-founder and President of Mummolin, points out a significant flaw in conventional Bitcoin mining pools: their control over block rewards and transaction fees. This control, he argues, can lead to potential withholding of payments to miners. OCEAN\u2019s model, designed to be non-custodial, aims to circumvent this risk by ensuring direct payouts to miners.<\/p>\n
According to OCEAN\u2019s press release, Jack Dorsey, a prominent advocate of decentralization in technology, expresses deep respect for OCEAN\u2019s mission. Highlighting the challenges of centralization in Bitcoin mining, he sees OCEAN as a beneficial development for the broader Bitcoin community and his business interests.<\/p>\n
Dorsey stated:<\/p>\n