F2Pool co-founder responds to allegations it is dishonest the Ethereum POW system

F2Pool co-founder responds to allegations it is dishonest the Ethereum POW system

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F2Pool co-founder Chun Wang has responded to allegations that his mining pool has been manipulating Ethereum block timestamps to “get hold of constantly greater mining rewards.”

The allegations got here from an Aug. 5 paper from researchers at The Hebrew College, claiming the mining pool has been partaking in a “consensus-level” assault on Ethereum during the last two years to achieve an edge over “sincere” miners.  

Nevertheless, Wang on Twitter responded by saying that “we respect the *consensus* as is”, implying that deliberately exploiting the system’s guidelines doesn’t essentially imply that guidelines have been damaged.

Earlier this week, the researchers shared what they declare has been the primary proof of a “consensus-level assault” on Ethereum, wherein miners comparable to F2Pool have discovered a option to manipulate block timestamps to constantly get greater mining rewards in comparison with mining “actually.”

The analysis paper was penned by cryptocurrency lecturer Aviv Yaish, software program algorithm developer Gilad Stern, and laptop scientist Aviv Zohar, alleging that Ethereum mining pool F2Pool has been one of many miners which have been utilizing this timestamp manipulation technique.

“Though most mining swimming pools produce comparatively inconspicuous-looking blocks, F2Pool blatantly disregards the foundations and makes use of false timestamps for its blocks,” mentioned Yaish, including that the mining pool has been executing the assault during the last two years.

Wang additionally appeared to come clean with proof offered by Yaish, indicating that the timestamp manipulation was being finished deliberately. 

F2Pool is a geographically distributed mining pool, which largely mines blocks on the Bitcoin, Ethereum, and Litecoin networks. 

How the ‘assault’ works

In line with the researchers, Ethereum’s present proof-of-work (POW) consensus mechanism features a vulnerability that offers miners a “sure diploma of freedom” when setting timestamps, which implies that false timestamps will be created.

“For instance, a miner can begin mining a block now, however set the block’s timestamp to truly be 5 seconds previously, or 10 seconds sooner or later. So long as this timestamp is inside a sure affordable sure, the block will nonetheless be thought of legitimate, in keeping with Ethereum’s consensus legal guidelines.”

The power to create these false timestamps offers miners an edge in a “tie-breaking” situation as a result of a miner can substitute one other miner’s blocks that’s of the identical block peak by making the timestamp low sufficient to extend the block’s mining issue.

Associated: Ethereum Merge: How will the PoS transition influence the ETH ecosystem?

Nevertheless, this vulnerability could also be solved after Ethereum transitions to proof-of-stake (POS) after the upcoming Merge on Sep. 19, which makes use of a special set of consensus guidelines.

“An apparent mitigation approach which is able to clear up each this assault and every other PoW-related one, is emigrate Ethereum’s consensus mechanism to proof-of-stake (PoS).”

“Different options which is perhaps smaller in scope and thus simpler to implement are to undertake higher fork-choosing guidelines, use dependable timestamps, or keep away from utilizing timestamps for issue changes altogether,” the researchers added.