A blockchain and technology company claims that its new Bitcoin mining pools have embedded tools that enable these pools to condemn transactions in the blocks they mined. According to a statement issued by the parent company DMG to the Blockseer mining pool, this feature allows the latter to “exceed” the compliance requirements of the US government’s Office of Foreign Assets Control (OFAC).
The mining pool’s ability to filter or review transactions means that “high-risk wallets will not be included in Blockseer’s published blocks.” DMG detailed the company’s breakthrough in a statement, saying “all users of the Blockseer resource pool All must pass the Know Your Customer (KYC) agreement.” The statement adds:
Blocks published by Blockseer’s pool to the Bitcoin blockchain will only contain transactions filtered using Blockseer and Walletscore’s tag data, as well as verified sources, such as the US OFAC encryption blacklist.
In addition, DMG claims that Blockseer’s pool “may further decentralize the Bitcoin blockchain and re-adjust the hash rate balance to North America, where more Bitcoin nodes operate.”
However, others see Blockseer’s new mining pool as a threat to Bitcoin, which is the culmination of DMG’s two-year effort. Bitcoin transactions are censorship-resistant, while its blockchain network is decentralized. Therefore, when centralized entities reserve the right to reject certain transactions, this does not bode well for the future of Bitcoin.
Others worry that if Blockseer’s new mining pool proves to be successful, most miners will be forced to enable the same transaction filtering in the future. At the time of launch, Blockseer’s pool was not represented in the 15 mining pools that pointed the hash to the BTC chain.
What is your opinion on Blockseer’s claim that Bitcoin transactions can be reviewed? Share your opinion in the comments section below.
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