Mining pool F2Pool accused of fraud with block generation time

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Researchers from JewishUniversity accused the mining pool F2Pool of “cheating” block generation times in order to ensure the best rewards for confirming transactions.

Ethereum's consensus algorithm gives miners“certain freedom” when setting the block time. That is, the miner can set the time 5 seconds earlier or 10 seconds later. As long as the block time is within certain limits, it will be considered correct. This makes it possible to “substitute” blocks from other miners, making the generation time shorter than that of a competing block.

According to cryptocurrency lecturer Aviva Yaish(Aviv Yaish), algorithm developer Gilad Stern, and computer scientist Aviv Zohar, the F2Pool mining pool has been using a strategy of manipulating block timestamps to secure higher rewards for at least two years.

In response to the accusation, F2Pool co-founder Chun Wang said that the pool “respects consensus”:

“We respect the consensus for what it is. If you don't like this algorithm, then convince Tim Beiko to send me a new and revised manifesto."

The researchers emphasized that migrationEthereum's Proof-of-Stake (PoS) algorithm will solve this problem. It is expected that the transition of the second cryptocurrency network to PoS will take place in mid-September. According to Ethereum co-founder Vitalik Buterin, this will help restore the popularity of crypto payments by reducing fees.