MiningDAO

Basics

• Based in:
• Started in / Announced on: 18-5-2021
• Testnet release:
• Mainnet release: 18-5-2021
• From their introduction:

"MiningDAO is a protocol aiming to make block production on Ethereum transparent, trustless, and decentralized."

Technology

• Whitepaper can be found [insert here].
• Code can be viewed here.

Implementations

• Built on: Ethereum

How it works

• From their introduction (18-5-2021):

"To simplify, the protocol works like a DEX orderbook for blocks, so if you’re familiar with 0x, it should be easy to visualize what’s going on.

1. Block producers deposit ETH into a “DEX” smart contract, locked with some time delay.
2. To propose a block, a block producer signs an off-chain commitment, containing two variables: (a) block sealhash, and (b) proposed block reward.
3. At any given moment, miners look for the highest-reward block proposal at the current block height, and bruteforce to find a nonce that would seal that block.
4. Whenever such a nonce is found, it is immediately forwarded to the block producer, as well as posted to the smart contract, with the corresponding block reward taken out of the block producer’s deposit.

Initially, our protocol relies on a centralized coordinator to ensure all nonces are correct and timely (to avoid mining long-stale shares)."

Mining

• From their introduction (18-5-2021):

"The protocol allows anyone to propose entire blocks to be mined, with a reward attached for mining them. Mining pools can select the blocks with highest rewards, all without ever knowing the actual contents of the proposed blocks. We expect MiningDAO to be the most profitable choice for mining pools due to enhanced opportunities for earning MEV. Compared to existing systems, MiningDAO minimizes reliance on centralized servers and assumptions of honest miner behavior.

MiningDAO is building a decentralized and transparent protocol for block formation, where the same rules apply to everyone. We propose an open-source, modular infrastructure, with no secretive lock-in components, where all miners and all block producers participate on equal footing. Anyone with an Ethereum address can propose the next block to be mined (via a block sealhash), and attach a bounty for successfully mining it. The mining pools would then mine on the highest-bounty proposal, brute-forcing nonces while remaining oblivious to the actual contents of the block. Other than putting everyone on equal footing in relation to MEV, this design greatly increases Ethereum’s censorship resistance."

Governance

• From their introduction (18-5-2021):

"The V1 that we launched today is completely permissionless and private for block producers, but not trustless (it requires a centralized coordinator to ensure block producers cannot be exploited by miners). For pools that would like to join, the system is currently whitelist-based to protect against double-claiming work."

Roadmap

• Can be found [Insert link here].
• From their introduction (18-5-2021):

"The trustless V2 design will incorporate the following primitives:

1. SmartPool-style share validation to verify submitted nonces (We intend to log all shares on L2 with merkle root logged in L1)
2. Gas savings: validating PoW on every block is prohibitively costly (~3M gas), but an optimistic challenge-response validation can obviate this cost (i.e. only run the ~3M gas verification in case of disputes)
3. ChainLink “first seen” oracle for pending transactions to punish timing-based griefing attacks"

Audits

• Bug bounty program can be found [insert here].

Competition

• On the difference with Flashbots, from their introduction (18-5-2021):

"MiningDAO is the first protocol to offer truly private transactions that do not rely on an honesty assumptions by miners. The protocol can work end-to-end without revealing any of the transactions to miners, up until the point a block is mined. Further, our block auction is open-bid, which is substantially more convenient for arbitrageurs: they know in advance whether they’re winning and can always bid up, instead of having to build complicated pricing models based on past history."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].

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