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Mining Firm Titan Introduces Lumerin, a Project Aiming to Commodify Bitcoin’s Hashpower

Mining Firm Titan Introduces Lumerin a Project Aiming to Commodify Bitcoin’s Hashpower

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’s Mining Arm Titan 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. The idea is to commodify bitcoin’s processing power and security by leveraging smart contracts.

Mining Firm Titan Introduces Lumerin, a Project Aiming to Commodify Bitcoin’s Hashpower

“The Lumerin Protocol will allow companies and individuals to buy, sell, and deliver hashpower, achieving decentralization through open market dynamics,” Titan’s announcement details. “Furthermore, by making hashpower a transferrable digital commodity, the Lumerin Protocol will provide a foundation for hashpower financialization as well as lending, custody, OTC, and trading services.”

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

Titan was co-founded by the company’s CEO Ryan Condron, former Bitcoin core developer Jeff Garzik, and the founding partner of Tally Capital, Matthew Roszak. Condron says that Titan is a significant development in the bitcoin mining space and it aims to partner with industry leaders as well.

“The new Lumerin brand and clear solution set definitions will support us in providing leading-edge advances that support the Bitcoin mining ecosystem. Titan is providing significant development effort and time to the Lumerin open source project and is actively looking for strategic partners to join us in developing this technology further,” Condron remarked.

While Titan’s other operations will retain the Titan brand, the newly introduced Lumerin open source project will have different software solutions. The announcement details that the project will establish a Lumerin Proxy Node, Lumerin Token, and Lumerin Wallet.

“As a result of these changes, we can now move forward with our vision to create 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 bitcoin mining in a decentralized way,” the Titan CEO added.

What do you think about Titan aiming to commodify bitcoin’s hashpower via smart contracts? Let us know what you think about this subject in the comments section below.

What is the difference between Selfish Mining and Block Withholding attacks?

I found contradicting information about these two attacks. My understanding is roughly this: Selfish mining is a strategy followed by a miner/pool, in which it doesn’t publish new blocks in order to obtain a secret fork which is longer than the main one; at some point the secret fork is published, overwriting the honest fork.::Listen

I found contradicting information about these two attacks.

My understanding is roughly this:

  • Selfish mining is a strategy followed by a miner/pool, in which it doesn’t publish new blocks in order to obtain a secret fork which is longer than the main one; at some point the secret fork is published, overwriting the honest fork. This way, the selfish miner/pool obtain more rewards than their share and waste the mining power of other miners/pools
  • Block withholding is a strategy followed by a miner inside a mining pool, in which it conceals full proofs to the pool administrator in order to decrease the pool revenue.

According to this definition, these attacks are similar in their strategy, but fundamentally different in their actors and goals. However, I found several sources claiming that selfish mining and block withholding are synonyms.

So, what’s the truth? Are these attacks the same? If not what are the main differences?

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Mining Firm Titan Introduces Lumerin, a Project Aiming to Commodify Bitcoin’s Hashpower

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