Titan, a bitcoin mining firm has revealed a new decentralized hashpower routing protocol called Lumerin. The open-source project will essentially be aiming to make bitcoin’s hashpower a tradable commodity through smart contracts.
Titan, the mining arm of Bloq Inc. firm, has announced ‘Lumerin’, its decentralized hashpower routing protocol. According to the firm, most bitcoin mining companies have the tendencies of being located in areas where electricity is relatively cheap and affordable. They also look to be seeking for regions where regulations are not as stiff, and where there seems to be some form of stable infrastructure. Speaking about what it aims to achieve with the Lumerin project, Titan says the idea is to make the processing power of bitcoin, a tradable commodity and security by leveraging smart contracts.
According to Titan’s announcement, the Lumerin Protocol will ensure that individuals as well as companies, are able to buy, sell, and even deliver hashpower, thereby, achieving decentralization through open market dynamics. Not only that, the Lumerin Protocol is also hoping that by making hashpower a tradable digital commodity, the Lumerin Protocol will set the tone for hashpower financialization as well as custody, lending, OTC, and trading services.
Meanwhile, Ryan Condron, CEO and co-founder of the firm says that Titan is presently taking significant steps in the right direction as made evident by its obvious development in the bitcoin mining space. Condron then went on to claim that the firm is aiming to partner with many more big players in the industry.
Although most of Titan’s other operations will maintain the normal brand, but the newly introduced Lumerin open source project will have a different software solutions.
Notably from the announcement details however, this project is set to establish a Lumerin Token, Lumerin Wallet, and Lumerin Proxy Node.
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