The future of interoperability in PoW mining
GetBlok.io is excited to announce the launch of the Flux SmartPool. This will be the first SmartPool that allows cross chain interoperability. It has been one of our goals to allow multiple chains to utilize our framework to distribute their cross-chain assets fairly through PoW mining. This also enables miners interested in the Flux-ERG token to explore the defi built within both communities (Ergo & Flux).
As the Smart Pools are built on the Ergo blockchain, miners will essentially be mining the Autolykos2 algorithm and earning 25% of their standard rewards in the Flux-ERG token. The remaining 75% will be paid in ERG.
Autolykos2 is known to be very universal for GPU mining, and many say the algorithm is not as harsh on their GPUs like other algorithms such as the PoW predecessor Ethereum and KawPoW. Performance is also very universal between both Nvidia and AMD GPUs. This will be specifically helpful for AMD GPUs that do not perform as well on other algorithms.
Another key reference to mention is that Flux tokens are leveraging the power of Ergo smart contracts which opens the door for further interoperability between both chains.
This is only the beginning of what can be accomplished with this technology, and we are excited to further explore additional collaborations between various blockchains.
How long will the emissions last?
This initial launch is a test phase to explore how the SmartPool functions with the Flux-ERG tokens. Initial emissions will be limited to 10,000 Flux-ERG tokens. This would be equivalent to approximately 303 blocks before emissions are exhausted.
As mentioned, 75% of the block reward will be paid in ERG, leaving the remaining 25% in Flux-ERG. This equates to roughly 33.75 ERG and 32.97 Flux-ERG per block at the current exchange rate and prior to fees. Please note the exchange rate is the actual ERG:FLUX rate provided by Flux via API.
What is a SmartPool?
SmartPool is a new smart-contract based mining pool that promotes transparency for miners. Most data processed by the SmartPool is visible on-chain, including changes in fees, distribution of payouts, and modifications made to the smart pool itself. The SmartPool provides the base framework for additional features that are to be built on top of it such as SubPools.
One of the initial goals of GetBlok.io is to provide miners a way to create SubPools among themselves, thereby allowing miners to choose how they get paid. The SmartPool provides the base framework for sub-pooling to work and will ensure that smart contracts control the transparency of payments through every possible step.
Another use case for Smart Pools is the distribution of tokens through SubPooling. Many users of Cardano will be familiar with ISPOs or Initial Stake Pool Offerings. GetBlok’s answer to this is FIMO, or Fair Initial Mining Offering. This gives Ergo dApps and various projects another way to promote the fair distribution of their tokens using Proof-of-Work. The modular nature of the Smart Pool ensures that the distribution can be done in multiple ways (including distribution by hashrate, equal distribution to members, etc).
How do I connect?
Connecting to our pool is easy. The basic connection to the pool is just like any other. You can find our pool as a default option in many mining OS software including HiveOS and SimpleMining. You can also find configuration examples here.
Where can I learn more?
Questions? Suggestions? Ideas? Let us know as a comment below!