Titan, a bitcoin mining company, has revealed Lumerin, a new decentralized hashpower routing protocol. The open-source project’s main goal will be to turn bitcoin’s hashpower into a tradable commodity via smart contracts.
Titan, Bloq Inc.’s mining arm, has announced the Lumerin Protocol
Titan, Bloq Inc.’s mining arm, has announced ‘Lumerin,’ its decentralized hashpower routing protocol. According to the firm, most bitcoin mining companies are located in areas where electricity is relatively cheap and affordable. They also appear to be looking for areas where regulations are less stringent and where there appears to be some form of stable infrastructure. Titan says the Lumerin project’s goal is to turn bitcoin’s processing power into a tradable commodity and security by leveraging smart contracts.
The Lumerin Protocol, according to Titan’s release, will allow individuals and businesses to purchase, sell, and even transport hashpower, attaining decentralization through open market dynamics. Furthermore, the Lumerin Protocol hopes that making hashpower a tradable digital commodity would set a precedent for hashpower financialization and custody, lending, OTC, and trading services.
Titan is still looking for strategic partners, according to an announcement
Meanwhile, Titan’s CEO and co-founder, Ryan Condron, claims that the company is currently taking significant steps in the right direction, evidenced by its obvious development in the bitcoin mining space. Condron went on to say that the company hopes to partner with many more industry heavyweights.
Although most of Titan’s other operations will continue to use the standard brand, the newly introduced Lumerin open source project will use different software solutions.
However, according to the announcement details, this project intends to create a Lumerin Token, Lumerin Wallet, and Lumerin Proxy Node.