Block Inc. (NYSE:SQ) CEO Jack Dorsey has led a seed funding round for Mummolin, Inc., a Wyoming-based company that aims to decentralize Bitcoin (CRYPTO: BTC) mining through its new initiative, OCEAN.
What Happened: As per a, Mummolin reported a successful $6.2 million seed funding round led by Dorsey. Other participants included investment groups like Accomplice, Barefoot Bitcoin Fund, MoonKite, NewLayer Capital, and the Bitcoin Opportunity Fund.
The funds will be deployed to launch OCEAN, a platform designed to tackle the issue of centralization in Bitcoin mining pools – a concern that Dorsey and other investors believe could compromise the unique features of Bitcoin.
OCEAN stands out as the first transparent, non-custodial platform where miners receive block rewards straight from the Coinbase transaction, thereby eliminating the risk of traditional pools withholding miner’s payments.
"Traditional Bitcoin mining pools hold exclusive custody of block rewards and transaction fees before distributing them among miners. OCEAN's non-custodial payouts, directly from the block reward, eliminate this risk and reduce the pool’s undue influence over miners," said Mummolin co-founder and President Mark Artymko.
Primarily, the OCEAN team is focusing on three areas: centralization of block template construction, custodianship, and transparency. They aim to roll out further phases of Bitcoin decentralization enhancements and updates in 2024.
Photo courtesy: TED Conference on Flickr
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you.