Why Decentralization is Crucial for Bitcoin (and Why Gokby Supports It); Bitcoin has no CEO. It has no head office. It is run by the people (miners and nodes).
However, critics often point out that mining pools are becoming too large. If one pool controls more than 51% of the hashrate, they could theoretically attack the network.
This is why decentralization is not just a buzzword; it is a survival mechanism.
The 51% Attack Threat
If a single entity controls majority hashrate, they cannot steal people's Bitcoin, but they can:
- Block specific transactions (Censorship).
- Reverse their own recent transactions (Double Spend).
This would destroy trust in Bitcoin and crash the price.
The Role of Mining Pools
Pools are necessary for consistent income, but huge pools are a risk.
- Gokby's Philosophy: We aim to be a strong alternative to the monolithic giants. By spreading hashrate across medium-sized pools like Gokby, miners protect the network health.
Stratum V2: The Ultimate Fix
As discussed in Article 7, the new Stratum V2 protocol allows individual miners to build their own block templates.
This means even if a pool has 51% of the hashrate, the pool operator cannot decide which transactions are included. The power remains with the thousands of individual miners.
Conclusion
By choosing a pool like Gokby, you are voting with your hashrate. You are supporting a diverse ecosystem rather than feeding the harshrate monopoly of the top 2 players. A decentralized Bitcoin is a valuable Bitcoin.
