Titan Mining Company Unveils Open-Source Initiative Lumerin to Commodify BTC Hashrate
Titan, a BTC mining company, has announced the development of Lumerin, a fully autonomous hashpower transit technology. By using smart contracts, the open-source initiative will primarily try to turn Bitcoin’s hashrate into a traded asset on the cryptocurrency market.
According to an announcement, Titan, the mining branch of the Bloq Inc. company, has developed an autonomous hashpower network path called “Lumerin.” Per the company, the majority of Bitcoin mining activities tend to be placed in places where energy is relatively inexpensive and accessible. They also appear to be looking for locations where laws are not as stringent and where there appears to be some type of reliable infrastructure, according to the information available. Titan, when asked what it hopes to accomplish with the Lumerin initiative, stated that the concept is to turn Bitcoin’s processing capability into a traded asset and security by utilizing smart contracts.
Individuals and businesses will be able to purchase, trade, and even deliver hashrate, according to Titan’s release. As a result, decentralization will be achieved via open market mechanisms, according to the statement. The Lumerin Protocol is also expecting that establishing hashrate as a digital asset that can be traded, would pave the way for hashrate financialization, and also custodial, lending, over-the-counter (OTC), and trading services in the future, among other things.
Titan Announces It Still Needs More Key Players
Titan is a provider of sophisticated technology and tools for cryptocurrency mining at mass, and it has recently launched the world’s first enterprise-grade Bitcoin network. The Lumerin System is a peer-to-peer system that will transform Bitcoin hashrate into a marketable and accessible financial commodity, increasing mining income and allowing for broader access to finance. The initiative is still in development.
Titan was formed in September 2018 by Ryan Condron, Jeff Garzik, and Matthew Roszak, who worked together on other projects. Conversely, Titan’s CEO and co-founder, Ryan Condron, claims that the company is now making substantial strides in the right way, as evidenced by its apparent progress in the Bitcoin mining market. Condron went on to say that the company intends to partner with a large number of major companies in the sector in the future.
However, while the majority of Titan’s other activities will continue to operate under the same brand, the newly announced Lumerin open-source initiative will use a distinct set of software technologies than before. The Lumerin Coin, Lumerin Wallet, and Lumerin Gateway Node are all expected to be launched as part of this project, according to the contents of the release.
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