The collateral pool idea is not new:
If you cannot find blocks consistently but are still mining that means that even one block's reward worth something for you.
Hey guys, would it be possible to create a pool like this;
Each miner mines to a separate address. The pool (and the miner obviously) knows the private key.
The pool has insurance of lets say, 15 spr in a separate address for each miner. The insurance needs to be paid by the miner before he starts mining.
The miner submits shares and once he finds a block he publishes it to the network.
If the miner steals coins from his address then he gets banned from the pool and the pools uses his insurance to pay the other miners.
Could this work? Or is it not possible because it isn't how mining works for spreadcoin?
The problem here is that if you will find a block and will not try to steal its reward pool can still claim that you are trying to steal it and use both your funds and block reward. For external observer it is not possible to distinguish between situations when you are trying to steal money and when pool operators are just lying about this. Even if pool is operated by some legally registered entity with non anonymous owners they can steal your money and you wouldn't be able to prove anything.Each miner mines to a separate address. The pool (and the miner obviously) knows the private key.
The pool has insurance of lets say, 15 spr in a separate address for each miner. The insurance needs to be paid by the miner before he starts mining.
The miner submits shares and once he finds a block he publishes it to the network.
If the miner steals coins from his address then he gets banned from the pool and the pools uses his insurance to pay the other miners.
Could this work? Or is it not possible because it isn't how mining works for spreadcoin?
If you cannot find blocks consistently but are still mining that means that even one block's reward worth something for you.
I don't think his argument is valid, because
(1) The pool and other users know the pubkeyhashes that are mining.
(2) If the miner pubkeyhash finds a block and then refuses to give the funds back to the pool within say, 60 blocks, it's totally clear to everyone mining on the pool that this has happened aside from just the pool itself.
(3) Miners can mine to another pubkeyhash, but that's the exact same as solo mining.
The pool could steal from the users, but that's the same as with Bitcoin. It's more profitable for the pool to allow people to mine honestly and take a percent fee than it is to steal a generated block.
