Abstract
The Emerging Blockchain technologies have earned substantial attention in the area of Financial Technology in recent years. Its decentralized environment allows for the mining of Bitcoins by miners either independently or in groups. The community of miners have faith in the integrity of each other to sustain the network, through mining pools remaining at a reasonable level of mining power. Blockchain’s decentralized system is one of its main selling points and is a source of great attraction for users. However, when these mining pools start to grow and increase their mining power to dangerous levels it can result in a shift towards a centralized environment. This push goes against foundational principles of Bitcoin, leading to ongoing debate among various stakeholders.
| Original language | English |
|---|---|
| Title of host publication | Proceedings of the 13th International Symposium on Open Collaboration, OpenSym 2017 : OpenSym |
| Number of pages | 4 |
| Place of Publication | New York |
| Publisher | Association for Computing Machinery |
| Publication date | 2017 |
| Article number | 25 |
| ISBN (Print) | 9781450351874 |
| ISBN (Electronic) | 9781450351874 |
| DOIs | |
| Publication status | Published - 2017 |
| Externally published | Yes |
| Event | 13th International Symposium on Open Collaboration. OpenSym 2017 - National University of Ireland, Galway, Ireland Duration: 23 Aug 2017 → 25 Aug 2017 Conference number: 13 https://opensym.org/os2017/ |
Conference
| Conference | 13th International Symposium on Open Collaboration. OpenSym 2017 |
|---|---|
| Number | 13 |
| Location | National University of Ireland |
| Country/Territory | Ireland |
| City | Galway |
| Period | 23/08/2017 → 25/08/2017 |
| Internet address |
Keywords
- Bitcoin
- Blockchain
- Mining
- Mining pools
- Decentralization