Bitcoin (BTC)


A blockchain and innovation business claims its new bitcoin mining pool is embedded with tools that make it possible for the pool to censure transactions in the blocks they mine. According to a declaration provided by the DMG, the moms and dad business to Blockseer mining pool, this capability enables the latter to “surpass” the compliance requirements of the U.S. Government’s Office of Foreign Assets Control (OFAC).

The mining pool’s capability to filter or censor transactions implies “high-risk wallets will not be consisted of in Blockseer’s published blocks.” Detailing the business’s development, DMG, in a declaration, states “all users of Blockseer’s pool are needed to pass Know Your Customer (KYC) procedures.” The declaration includes:

Blocks published to the Bitcoin blockchain by Blockseer’s pool will just consist of filtered transactions utilizing Blockseer and Walletscore’s identifying information, together with validated sources such as the United States OFAC blacklist for crypto.

Furthermore, DMG claims that Blockseer’s pool “might even more decentralize the bitcoin blockchain, adjusting the balance of hash rate to North America, where more Bitcoin nodes run.”

However, others see Blockseer’s new mining pool, which is the conclusion of a two-year effort by DMG, as a risk to bitcoin. Bitcoin transactions are censorship-resistant, while its blockchain network is decentralized. Therefore, when centralized entities keep the right to turn down specific transactions, this does not bode really for bitcoin’s future.

Others fear that if Blockseer’s new mining pool shows to succeed, the majority of miners will be required to make it possible for the exact same deal filtering in the future. At the time of publication, Blockseer’s pool is not represented amongst the 15 mining swimming pools pointing hash at the BTC chain.

What are your ideas on Blockseer’s claims that it can censor bitcoin transactions? Share your views in the comments area below.

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