Welcome to the future of mining
GetBlok.io is the first SmartPool launched in a Global production status.
How does a SmartPool work?
A SmartPool leverages the strength of Smart Contracts in a blockchain to enable transparent, on-chain processing of a miner’s shares and payment distribution. GetBlok.io is in a long term journey to push the boundaries where Smart Contracts can be used in a traditional Mining Pool.
Typically, Mining pools maintain statistics and payment data in private repositories, which are then exposed via API to a User Interface. Such mechanisms do not provide assurance that miners are rewarded for their actual shares, and leaves obfuscation in the way of transparency. A SmartPool achieves transparency by storing payment and shares data directly on the blockchain.
In the case of GetBlok.io, we launched our first phase of our ERGO SmartPool by holding payments exclusively in smart contracts, which are validated and accessible via the blockchain explorer.
Read more in our FAQ on how GetBlok.io is leading the smart contract innovation!
One of the initial goals of GetBlok.io is to provide miners a way to create Sub-Pools 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 payment through every possible step.
How does it work?
Each payment distribution handled by the Smart Pool is considered an “epoch”. Each epoch represents the state of the SmartPool and the distribution it performed at any given point. All of the important information used by the smart pool to distribute its payouts are stored on-chain. This, in combination with the rules laid out by the smart contracts, ensure that changes made to the smart pool are visible by everyone.
In addition to the transparency it provides, the SmartPool is made to be modular and can change itself to support new payment methods and types of transactions. This ensures that new features can be added while still staying transparent about what these features can do.