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Jack Dorsey Champions $6.2 Million Funding for Decentralized Bitcoin Mining Pool OCEAN

Illustration of a decentralized Bitcoin mining network, symbolizing Jack Dorsey's investment in the OCEAN project
Dorsey’s Investment in Bitcoin Mining Decentralization

Jack Dorsey, renowned as the co-founder of Twitter and CEO of Block, Inc., is spearheading a $6.2 million seed funding round for OCEAN. This initiative, led by Mummolin, Inc., focuses on decentralizing Bitcoin mining globally with a novel, transparent, non-custodial mining pool.

OCEAN: A New Era in Bitcoin Mining

OCEAN aims to transform Bitcoin mining into a decentralized process. Traditional mining pools, which have custody of block rewards, pose a centralization risk. OCEAN addresses this by allowing miners to receive block rewards directly, ensuring transparency and eliminating custody risks.

The Mission of OCEAN and its Founders

Luke Dashjr, a Bitcoin Core developer and co-founder of Mummolin, highlights OCEAN’s mission to change the mining pool’s role, ensuring Bitcoin remains a decentralized currency. OCEAN’s launch as a non-custodial, transparent pool is a significant step towards this goal.

Innovative Solutions to Mining Industry Challenges

OCEAN targets three main areas in the mining industry: centralization of block template construction, custodianship, and transparency. By enabling miners to independently perform block template construction and providing non-custodial payouts, OCEAN minimizes centralization and counterparty risks.

Transparency and Miner Empowerment

Transparency is a cornerstone of OCEAN’s approach. By disclosing transactions in block templates before mining, OCEAN offers a self-auditing mechanism that ensures fair play and empowers miners with greater knowledge and control.

Dorsey’s Commitment to Bitcoin’s Decentralization

Dorsey’s involvement in OCEAN is driven by his belief in Bitcoin’s potential and the need to protect it from the risks of mining pool centralization. His investment underscores his commitment to projects that bolster Bitcoin’s broader ecosystem.

Dorsey’s Broader Crypto Endeavors

Beyond OCEAN, Dorsey has supported numerous blockchain projects, including a significant commitment to Brink, a Web3 protocol. His vision encompasses enhancing the Bitcoin Lightning network and furthering blockchain scalability and decentralization.

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