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

Bloq Announces the Lumerin Protocol

The bitcoin mining operation Titan, a subsidiary of the company Bloq Inc., has announced its decentralized hashpower routing protocol, “Lumerin.” Titan says 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 via software. It aims to make bitcoin more valuable and secure by using smart contracts.

“The Lumerin Protocol allows individuals and companies to purchase, sell, and deliver havehpower. This will enable decentralization through open-market dynamics,” Titan’s announcement explains. The Lumerin Protocol will also make hashpower a digital commodity that can be transferred. This will allow for financialization of hashpower as well as trading, OTC and lending .

Titan Is Looking for Strategic Partners, Announcement Mentions ‘Other Proof-of-Work Hashpower Products’

Titan’s CEO Ryan Condron and Matthew Roszak, a former Bitcoin core developer, co-founded the company. Condron said that Titan is a major development in bitcoin mining and that it plans to work with industry leaders.

” The new Lumerin brand, with its clear solution set definitions, will help us provide cutting-edge advances to support the Bitcoin mining community. Condron noted that Titan has contributed significant time and effort to the Lumerin open-source project and is actively seeking strategic partners to help us further develop this technology.”

While Titan’s operations will continue to use the Titan brand, the new Lumerin open-source project will offer different software solutions. The announcement explains that the project will create a Lumerin Proxy node, Lumerin Token and Lumerin Wallet.

” “These changes have allowed us to move forward with our vision of creating a peer-to-peer global marketplace that is trustworthy for bitcoin mining and proof-of-work products.” Condron stated in a statement. The Titan CEO said that this will enable anyone to harness crypto’s power through bitcoin mining in an open and decentralized manner.

What do you think about Titan aiming to commodify bitcoin’s hashpower via smart contracts? Please comment below to let us know your thoughts on this topic.

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