FiberPool: Leveraging Multiple Blockchains for Decentralized Pooled Mining

2025-01-26

AI Summary

Existing decentralized mining pools (e.g., P2Pool, SmartPool) exhibit centralization tendencies, budget imbalances, high reward volatility, and additional transaction fees—undermining blockchain’s core principles of decentralization, fairness, and transparency. To address these issues, this paper proposes FiberPool, the first decentralized collaborative mining system built upon a novel three-chain synergistic architecture comprising a main-chain smart contract layer, a dedicated storage chain, and a lightweight quantum-secure chain. Its key contributions are: (1) a provably incentive-compatible and strictly budget-balanced FiberPool Proportional payment mechanism, formally verified to guarantee fairness, revenue stability, budget balance, and incentive compatibility; and (2) offloading settlement and shared verification to subordinate chains to minimize on-chain overhead. Experimental results demonstrate substantial reductions in transaction costs, alongside improved scalability and mining efficiency.

Technology Category

• Multiagent Systems: Mechanism Design
• Data Mining & Knowledge Management: Scalability, Parallel & Distributed Systems
• Search and Optimization: Distributed Search

Application Category

• Economics, Online Markets and Human Computation: Economic aspects of blockchain and cryptocurrencies
• Security and Privacy: Blockchains and distributed ledgers
• Systems and Infrastructure for Web, Mobile and WoT: Decentralized Web and Fediverse systems

Abstract

The security of blockchain systems based on Proof of Work relies on mining. However, mining suffers from unstable revenue, prompting many miners to form cooperative mining pools. Most existing mining pools operate in a centralized manner, which undermines the decentralization principle of blockchain. Distributed mining pools offer a practical solution to this problem. Well-known examples include P2Pool and SmartPool. However, P2Pool encounters scalability and security issues in its early stages. Similarly, SmartPool is not budget-balanced and imposes fees due to its heavy use of the smart contract. In this research, we present a distributed mining pool named FiberPool to address these challenges. FiberPool integrates a smart contract on the main chain, a storage chain for sharing data necessary for share verification, and a child chain to reduce fees associated with using and withdrawing block rewards. We validate the mining fairness, budget balance, reward stability, and incentive compatibility of the payment scheme FiberPool Proportional adopted by FiberPool.

Problem

• Distributed Mining
• Fairness and Balance
• Blockchain Incentives

Innovation

• Dual-Chain Architecture
• Smart Contracts
• Fair Mining