Donate to p2pool miners and protect your bitcoin assets.
Bitcoin is nothing without its miners. Businesses who rely on bitcoins for income may not be able to directly mine to secure the network themselves, but may still wish to do something to protect their assets. This free service run by Blisterpool allows you to protect your bitcoins by encouraging the use of decentalized mining networks such as P2Pool. The P2Pool network actively fights against a 51% attack by spreading power to many miners, instead of leaving it in the hands of a single large pool. Anyone running a bitcoind client and a p2pool node can do this, and this page and service are merely setup for conveniece. P2Pool is open source software and can be found on Github .
What’s the problem?
Gigantic pools act like a single miner on the network, and when their hashpower starts exceeding the total hashpower of everyone else combined (greater than 51% of the total hashpower), there is a greater chance they can nefariously alter the blockchain to perform things like double spends – where they can make a payment to someone, receive a product, then solve the next block and push through an altered block chain which pretends this exchange never happened.
How does P2Pool help?
P2Pool miners mine on many nodes, each with much less power than a single pool would have, so the likelihood of a 51% attack is all but eliminated. P2Pool was also created with donations in mind, and has a built in function which returns a list of miners that provide significant hashpower, as well as the proportion each should get based on their contribution. 1 BTC sent as a donation is split by shares down to a minimum cut off, and miners without enough shares to earn the cutoff amount are grouped into a lottery with a chance to win the entire cutoff pool based on their actual contributions.
What can a business do to take part?
A business that generates a profitable income through bitcoins can help secure the bitcoin network by either mining themselves, or by providing incentives to encourage distributed mining. If a business decides to regularly donate 1% of bitcoin profits (or any reasonable amount) to P2Pool miners or other distributed mining networks, it will provide a long term incentive for miners to switch to decentralized mining away from large centralized ones.
Who are you, what do you get out of this and why should I trust you?
Blisterpool is a p2pool node among many others, and provides this service for the sake of blockchain integrity. We have chosen not to charge a direct fee for this service, but if you wish to tip, then all you have to do is send more to the given donation address than the amount specified when you submit the donation request. For example, if you put 1 BTC as the donation amount, then send 1.01 btc to the address, 1 btc will be sent to miners and 0.01 btc will be kept by us. Paid addresses with their transaction ids will be presented on successful completion, and an email will be sent out to the optional email address as a record.