Alliance members desire to promote merged mining, in contrast to PoS, and the expansion of Bitcoin’s ecosystem
EINDHOVEN, Netherlands–(BUSINESS WIRE)–Syscoin, a state-of-the-art base layer protocol that uniquely combines the EVM-based smart contracts with Bitcoin’s security, and Jax.Network today announced the launch of the Global Merged Mining Alliance (GMMA), a collective enterprise of protocols and infrastructure working to expand Bitcoin’s network by nurturing complimentary projects that help to ensure its longevity.
By supporting development of altcoin ecosystems on the Bitcoin network, GMMA will safeguard the entire Bitcoin ecosystem by creating strong communication networks around its most vulnerable attack vector—the mining pools that direct hash rate at tokens. To be a member of the GMMA, projects must run on the Bitcoin network and enhance the growth of ecosystem services, ushering in a new era of finance and Web 3.0. As it grows, the alliance has extended an open invitation to all merged mining projects, mining pools, and anyone who furthers Bitcoin’s gold standard Proof-of-Work security, which, in the view of many, is inherently superior to Proof-of-Stake.
Merged mining is a sustainable security solution, with the potential to be the foundation for a thriving decentralized application (dapp) ecosystem, all pegged to the Bitcoin network. Much like entering multiple lotteries with a single ticket, merged mining allows users to take the BTC hash for a current block and apply it to different blockchains. With these additional rewards, there is more incentive for miners to participate and cause hashrate and overall network security to increase proportionately, with benefits to all participants. For merged mining projects like Syscoin and Jax.Network, merged mining offers a win-win scenario for Bitcoin miners who stand to gain riskless, additional profit for the work they are already performing to secure the network.
“The beauty of merged mining is that we can re-apply all of our hashing power to support multiple networks and build a thriving software ecosystem at the same time,” said Jag Sidhu, Syscoin Lead Developer and Foundation President. “However, merged mining is currently relatively unknown, under developed, and underutilized. The GMMA is here to change this.”
“We are thrilled to partner with Syscoin to facilitate the development of the Bitcoin ecosystem,” said Vinod Manoharan, Founder of Jax.Network. “By aligning the self interest of miners with the best interest of the community at large, we’re contributing to the global blockchain industry and propelling innovation in the merged mining sector.”
Syscoin is a decentralized and open-source project founded in 2014 whose NEVM blockchain combines the best of Bitcoin and Ethereum in a single coordinated modular platform. Syscoin is ushering in the next step in the evolution of blockchain technology, providing Bitcoin’s proven security and Ethereum’s Turing-complete programmability elevated to true scalability via Optimistic, ZK-Rollups, Cross-chain ZK-Rollups and other Layer 2 technologies.
Jax.Network is an open source project that provides the technological infrastructure for a decentralized energy-standard monetary system. The Jax.Network blockchain is anchored to the Bitcoin network and issues JAX, a stablecoin pegged to the energy spent on mining, and JXN, which is an asset coin representing the value of the whole network. Established in 2018, the company united professionals from all over the world to build a blockchain network based on the Proof-of-Work consensus mechanism and pure state sharding as a scaling solution. Jax.Network uses merge-mining to allow miners to mine multiple shards simultaneously without reducing their hashrate or rewards.
On Behalf of Syscoin
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