In a groundbreaking move, Twitter founder Jack Dorsey has submitted a significant seed round investment in support of OCEAN, an innovative project with a mission to revolutionize the landscape of Bitcoin mining globally.
The announcement revealed that the funding is aimed at propelling the launch of OCEAN, the inaugural venture in a series of mining decentralization initiatives for Bitcoin.
OCEAN, the brainchild of Bitcoin Core developer Luke Dashjr, stands out as a pioneering force in the industry. The developer emphasizes a critical paradigm shift for Bitcoin’s true decentralization, stating that “the role of mining pools must change.”
No intermediaries
The core principle behind the project is to redefine the concept of mining pools by enabling network participants to regain their independence. Unlike traditional pools that hold exclusive custody of block rewards, the new initiative is set to be the first noncustodial pool, ensuring that miners receive new block rewards directly from Bitcoin itself.
Jack Dorsey, Twitter and Block founder, sees the project as a solution to the growing threat of centralization in BTC mining pools. The entrepreneur highlights that OCEAN addresses a common concern within the crypto community, emphasizing its positive impact on both the broader Bitcoin ecosystem and his personal ventures.
Earlier this October, Dorsey unveiled another of his Bitcoin-related innovations, specifically its storage capabilities — a cold wallet named BitKey. The idea is designed to solve a well-known problem by eliminating any intermediaries for users when dealing with their crypto holdings.