F2Pool co-founder says that he’s not dishonest the Ethereum POW system. Chun Wang, a co-founder of F2Pool, has replied to claims that his mining pool has tampered with Ethereum block timestamps with a view to constantly improve mining rewards.
The mining pool is accused of conducting a “consensus-level” assault on Ethereum over the previous two years with a view to acquire a bonus over “sincere” miners, in response to claims made in a research revealed on August 5 by researchers at The Hebrew College.
Wang, in response, implied that willfully abusing the system’s guidelines doesn’t all the time represent a rule violation by writing on Twitter, “We respect the *consensus* as is.
We respect the *consensus* as is. For those who don’t just like the consensus, persuade @TimBeiko to ship me one other Announcement and alter it. https://t.co/Lmw2INzOzg
— Chun at 78°N (@satofishi) August 8, 2022
A “consensus-level assault” on Ethereum, through which miners like F2Pool have found a method to change block timestamps with a view to recurrently acquire higher mining rewards than mining “actually,” was first proven, in response to the researchers, earlier this week.
The analysis paper, which was written by pc scientist Aviv Zohar, Gilad Stern, and cryptocurrency lecturer Aviv Yaish, claims that the Ethereum mining pool F2Pool was one of many miners who had been using this timestamp manipulation method.
Though most mining swimming pools create moderately undetectable blocks, Yaish claimed that F2Pool flagrantly flouts the legislation by giving its blocks incorrect timestamps. He added that the mining pool has been finishing up the assault for the previous two years.
Wang additionally appeared that he accepted Yaish’s testimony, which instructed that the timestamp alteration was performed on goal, however nonetheless, the F2Pool co-founder says that he’s not dishonest the POW system.
F2Pool is a mining pool that’s geographically diversified and largely mines blocks on the Bitcoin, Ethereum, and Litecoin networks.
How the “assault” capabilities
The researchers declare that Ethereum’s present proof-of-work (POW) consensus legal guidelines have a flaw that enables miners “a point of freedom” when setting timestamps, permitting for the creation of faulty timestamps.
“For instance, a miner can begin mining a block now, however set the block’s timestamp to truly be 5 seconds prior to now, or 10 seconds sooner or later. So long as this timestamp is inside a sure cheap certain, the block will nonetheless be thought-about legitimate, in response to Ethereum’s consensus legal guidelines.”
These miners have a bonus in a “tie-breaking” state of affairs as a result of they’ll exchange one other miner’s blocks of the identical block peak by setting bogus timestamps which are low sufficient to make mining the block more difficult.
The vulnerability could, nevertheless, be fastened after Ethereum switches to proof-of-stake (POS) with the forthcoming Merge on September 19, which employs a unique set of consensus guidelines, the researchers added.
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