DinarDirham believes that Innovation Creates the Future, that’s why we made it our slogan. Ourselves beings an innovative fintech provider, built on an innovative technology platform, and supported by numerous innovative partners and technologies, we believe in innovation. At DinarDirham, we want to help bring the world into the future, and as such, it’s one of our goals to help other projects & startups that are helping to build innovative products and services to transform the world. We are constantly on the lookout for open source, innovative, and future-shaping projects to sponsor and invest in. We believe in the fintech movement, blockchain technology, and cryptocurrency, which is one reason we were sponsors at the North American Bitcoin Conference, which just took place. We’ve recently come across a new project that we believe has incredible potential…
DinarDirham is pleased to announce that we have become supporters and one of the main sponsors of smartpool.io, which is where you’ll find: Efficient Decentralized Mining Pools for Existing Cryptocurrencies Based on Ethereum Smart Contracts. We’ve chosen this little digital treasure trove to sponsor, because we feel that it’s the type of innovation that has the potential to drastically improve the cryptocurrency pool mining sector.
Before we continue, let’s review some terms:
*Decentralized: Having the property of not being controlled by a central authority, (central authority such as a bank or other third party, which handle transactions, enforce agreements, etc.).
*Mining Pools: In the sense used in this article, mining pools are groups of individuals who (traditionally) work together to solve complex mathematical problems in order to ‘mine’ Bitcoins (or other types of cryptocurrencies). Mining pools were conceived of as the equations to be solved in order to mine Bitcoins got more and more complex and harder to solve, as larger companies and individuals with fancy & expensive hardware started mining Bitcoins faster and faster. Mining pools allowed groups of individuals to still get in on the action at a fraction of the cost of building a company or buying expensive mining hardware.
*Cryptocurrency: A form of digital currency on a blockchain. A *blockchain is a digital public ledger.
*Ethereum Smart Contract: *Ethereum was a company which arose after Bitcoin, after it saw that Bitcoin’s blockchain had much potential but was limited and could be improved on. They built their own blockchain, on which they built their own cryptocurrency (Ether), and on which they allowed other companies to build their platforms on. *Smart Contracts are decentralized digital contracts on the blockchain, which can give out funds, uphold ends of agreements between parties, etc. They are transparent to all parties involved, and they can be programmed to do a number of different things.
What Is Smart Pool, How Could It Influence The Future, and What Are Their Plans For Launch?:
Smart Pool is an efficient and decentralized mining protocol for existing cryptocurrencies based on Ethereum smart contracts. Essentially, it takes the idea of mining pools, and simplifies / automates them by getting rid of the central pool operators and replacing them with Ethereum Smart Contracts.
The implications of such a platform for pool miners could be gigantic! Benefits for pool miners will include less problems with central pool operators (as they will be non-existent), and lower fees (as there is no infrastructure to maintain).
This may mean that we’ll be seeing more cryptocurrency miners in the future if this company becomes well accepted and well funded.
And it looks like the company is set to hit the ground running. Vitalik Buterin, of course, is involved in such a prospective blockchain-based opportunity, as an Advisor. The team heading the project also includes: Prateek Saxena, as an Advisor; Loi Luu as a Co-Founder and Developer; Yaron Velner, as a Co-Founder and Developer; Victor Tran as a Developer; and Clement Fischer as a Developer.
The company will not be running an ICO for their launch as they feel that that would diminish from the purpose of the project, which is a community based project, meant for the community (as such it will be open source). In order to fund the project, they are going the route of crowdfunding, and are looking for sponsors. The following is their date lines and goals for launch:
“What is the development timeline?
- Public crowdfund: 14 Jan 2017 (we ask for donations from the public).
- First beta pool for Ethereum (on testnet): late April 2017.
- First working pool for Ethereum: late May 2017.
- Other’s pools: from June 2017 (depending on the funding status).
How much money are we looking for from the crowdfund? What are the deliverables?
Depending on how much we get, our promised deliverables vary as follows.
- Less than 5,000 ETH: Implement SmartPool for Ethereum and release all software as open source (i.e. under MIT license).
- 5,000 to 10,000 ETH: In addition to what we have promised, we will launch a decentralized pool for Ethereum and maintain it until Ethereum moves to proof of stake.
- More than 10,000 ETH: In addition to what we have promised, we implement SmartPool protocol for other cryptocurrencies (Bitcoin, ZCash and/or Monero) and possibly launch and maintain real pools for these cryptocurrencies.
How will the money be spent?
- Pay to the devs (please check out our team).
- Equipment and other expenses: GPU renting, basic infrastructure, social media promotion, etc.
- Miners’ subsidies. For example, we may give 5% bonus on shares until the pool attracts at least 10% mining power.”
We Need More Sponsors:
Whether you’re a miner, a cryptocurrency enthusiast, or just love the Fintech Industry, http://smartpool.io/ needs your help to get started. Again, this is a not-for-profit venture, it is a purely community based project. If you’d like to know more about what Smart Pool is doing or about how you can help fund them (maybe even become one of their next sponsors), please visit the website above.
This project has huge potential to change the pool mining industry, and DinarDirham is proud to be their first sponsor. We hope you’ll join us, and help this amazing new development come into fruition.
Have a great day!
The DinarDirham team.