Binance doubles down on hampered BTC network

Binance CEO Changpeng Zhao (CZ) might be attempting to go down in history as the Hans Brinker of the BTC network.

If you’re not familiar with the book Hans Brinker, tucked within the literary novel is the famous story about the little Dutch boy who saved his town by sticking his finger in a leaking dam that was failing.  

As we approach the halving, digital currency transaction processors are fleeing the BTC network, which is already on the verge of collapsing. Binance has stepped forward to stem the tide of departures with a new offering aimed at propping up the futile blockchain.  

Binance followed through on its earlier April decision by launching Binance Pool, their attempt at an integrated block reward mining platform designed to facilitate the growth of the BTC industry and support the miners that engage on this chain.

The company’s published the announcement on its blog site on April 27.

If the recent launch bears a striking resemblance to other reports, it’s because Binance is imitating its competitors who also launched similar products. OKEx and Huobi are offering identical services. Both exchanges released their own block reward mining pools in August and September 2019, and immediately achieved a place in the top 10 list of pools.

Lisa He heads Binance Pool’s efforts. Currently, the pool is the 11th largest active pool according to BTC.com listings through producing 1.35% of the BTC network’s total hash rate as of writing. 

Binance promotes that its goal to aid the BTC block reward mining industry through the allocation of more incentives and financial resources on their platform. They will begin charging commission fees on 2020/06/01 0:00 AM (UTC), but users can apply for a more extended discount period. 

Binance Pool ultimately supports both proof of work (PoW) and proof of stake (PoS) mechanisms. The platform will initially launch together with a BTC mining service along with customizes services they claim would facilitate block reward miners to earn greater within a supposed “stable, transparent, and accessible platform”. It uses a Full Pay-Per-Share or FPPS payment method.

Binance Pool has received mixed responses from the digital community, with some online commentators expressing fears that the service will result in a further centralization of BTC hash rate among a few oligarchy organizations. Also, if CZ truly wants to support processors and the blockchain ecosystem, Binance Pool should allow its members’ freedom and ability to mine Bitcoin SV since it is the only public blockchain that scales and fulfills Satoshi’s vision of Bitcoin. 

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.

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