On October 21, Bitcoin mining pool operator Titan Lumerin released a new decentralized hashpower routing protocol. The goal of the open source project is to make Bitcoin’s hashpower “tradable, through smart contracts.”
The blockchain mining arm Titan has announced the Lummer protocol
Bitcoin mining operation Titan, an affiliate of the company Block Inc., has announced its decentralized hashpower routing protocol, “Lumerin”. Titan says that bitcoin mining companies “continue to be concentrated in areas that provide cheap electricity, favorable regulations and stable infrastructure” and that it aims to address centralization through software. The idea of commodifying Bitcoin’s processing power and security through smart contracts.
“The luminaire protocol will allow companies and individuals to purchase, sell and distribute hashpower, achieving decentralization through open market dynamics,” Titan’s announcement details. “Also, by turning Hashpower into a transferable digital product, the Lummerin Protocol will provide a basis for Hashpower financing as well as credit, custody, OTC and trading services.”
Titan seeks strategic partner, announces ‘other proof-of-work hashpower products’
Titan was co-founded by CEO Ryan Condron, former Bitcoin Core developer Jeff Garzick and Tally Capital’s founding partner Matthew Rozak. Condon says Titan is a significant development in the bitcoin mining space and aims to partner with industry leaders.
“The new Lumerin brand and clear solution set definitions will help us pioneer the advancement that supports the Bitcoin mining ecosystem. Titan is providing significant development effort and time in the Lumerin open source project and is actively seeking strategic partners to join us in further development of this technology.” Commented.
While Titan’s other activities will retain the Titan brand, the newly launched Lumerin open source project will have a variety of software solutions. The announcement details that the project will establish a luminaire proxy node, luminaire token and luminaire wallet.
“As a result of these changes, we can now move forward with our vision to create a trusted peer-to-peer global marketplace for bitcoin mining and other proof-of-work hashpower products,” Condron said in a statement. “This will allow cryptocurrencies to be exploited in a decentralized way through bitcoin mining,” added the Titan CEO.
What do you think of Titan aimed at commodifying Bitcoin hashpower through smart deals? Let us know what you think about this in the comments section below.
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