Mining company Titan introduces Lumerin, a project to commodify Bitcoin’s hashing power – mining bitcoin news

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On October 21, bitcoin mining pool operator Titan revealed a new decentralized hash power routing protocol called Lumerin. The open source project aims to commodify the hashing power of bitcoin “through smart contracts, making the hash power tradable.”

Bloq’s mining arm, Titan, announces Lumerin protocol

Bitcoin mining operation Titan, a subsidiary of Bloq Inc., has announced its decentralized hash routing protocol, “Lumerin”. Titan claims that bitcoin mining companies “tend to be concentrated in regions that offer cheap electricity, favorable regulation and stable infrastructure” and it aims to solve centralization through software. The idea is to commodify the processing power and security of bitcoin by leveraging smart contracts.

“The Lumerin protocol will allow businesses and individuals to buy, sell and deliver hash power, achieving decentralization through open market dynamics,” Titan’s announcement details. “In addition, by making hashpower a digital transferable commodity, the Lumerin protocol will provide a basis for the financialization of hashpower as well as for lending, custody, over-the-counter and trading services. “

Titan Seeks Strategic Partners, Announces “Other Hashpower Proof-of-Work Products”

Titan was co-founded by company CEO Ryan Condron, former lead Bitcoin developer Jeff Garzik and Tally Capital founding partner Matthew Roszak. Condron says Titan is an important development in the bitcoin mining space and also aims to partner with industry leaders.

“The new Lumerin brand and the clear definitions of the solution sets will help us deliver cutting-edge advancements that support the Bitcoin mining ecosystem. Titan is providing significant development time and effort to the open source Lumerin project and is actively seeking strategic partners to join us in the development of this technology, ”noted Condron.

While other Titan operations will retain the Titan brand, the new open source Lumerin project will have different software solutions. The announcement states that the project will establish a Lumerin proxy node, a Lumerin token and a Lumerin wallet.

“As a result of these changes, we can now move forward with our vision of creating a trustless peer-to-peer global marketplace for bitcoin mining and other proof-of-work hashpower products,” Condron said in a statement. “This will allow anyone to harness the power of crypto through decentralized bitcoin mining,” added the CEO of Titan.

What do you think of Titan aiming to commodify bitcoin’s hashing power through smart contracts? Let us know what you think of this topic in the comments section below.

Tags in this story Bitcoin mining, Bloq, BTC Mining, commodifying the hash power of bitcoin, Hashpower, Hashpower OTC, hash token, Jeff Garzik, Lumerin Proxy Node, Lumerin Token, Lumerin Wallet., Matthew Roszak, PoW, Proof of work, Ryan Condron, Software, TITAN, Titan.io

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