Bitcoin Mining Pool Stirs Controversy by Promoting Censoring BTC Transactions

2020-11-14 22:33

Blockchain analyst firm, BlockSeer has launched a private mining pool, currently, in beta, that will censor certain Bitcoin transactions.

Given that the Bitcoin community emphasizes censorship-resistance, an essential feature of cryptocurrency that makes it differentiating from the central bank digital currencies, it’s pretty obvious that the company would come under fire for its move.

The community has never favored such steps and has time and again criticized those, like Coinbase and Tether, and other cryptocurrency exchanges, who censored specific transactions or parties.

Last month, DMG Solutions, to which BlockSeer is a subsidiary, suggested that ensuring transaction blocks are OFAC (US Government’s Office of Foreign Assets Control) compliant will help in the leading digital asset’s mainstream adoption.

DMG’s COO Sheldon Bennett said at the time that this pool would be “the first of its kind focused on governance, transparency and building Bitcoin blocks on the network,” which instead of focusing on transaction fees will be all about “sound transaction data and history.”

The company wants to bring “a new compliance-focused standard to the industry” by focusing on

“being devoid of transaction from known nefarious wallets which use this medium in ways that continue to sully the reputation of cryptocurrencies, specifically Bitcoin, in the mainstream as well as to impede widespread adoption.”

Protesting this move, Monero’s lead developer Riccardo Spagni says with censoring transactions as a key selling point of these new mining pools, regulators will try to take advantage of this by encouraging other mining pools to implement similar measures.

“It’s only a matter of time till most Bitcoin mining pools are forced to do this transaction filtering. Might be time to dust off p2pool + focus on Stratum v2 support for pools,” argued Spagni. “Also worth noting that adding more privacy to Bitcoin would prevent this,” he added.

The post Bitcoin Mining Pool Stirs Controversy by Promoting Censoring BTC Transactions first appeared on BitcoinExchangeGuide.

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Фото:

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