Lumerin Price

The Lumerin Protocol offers a decentralized, trustless, and transparent infrastructure to support a commoditized form of mining hashpower for a blockchain network. Functioning as a DeFi platform or DEX for hashpower, Lumerin lets users buy, sell, and trade mining hashpower via smart contracts.

Lumerin Protocol decentralizes a marketplace for hashpower that can empower smaller miners on a blockchain network. Even users who do not own expensive mining rigs can utilize the Lumerin platform and its Titan network to buy or sell hashpower and generate rewards from participating in the consensus mechanism of a proof of work blockchain.

The Lumerin Protocol architecture consists of a marketplace where mining hashpower can be traded, distributed, or monitored with open, trustless, and peer-to-peer communications. Governed by the power of smart contracts, the technology will allow network participants to gain control over hashpower without owning mining equipment or renting it. The EVM-compatible component of the project lets Lumerin support fully programmable smart contracts and decentralized applications (dApps).

The Lumerin Protocol enhances the messaging layer of conventional routing protocols with the power of smart contracts. Its technology also decentralizes the routing layer to make Web3 and peer-to-peer communications more transparent and convenient.

The LMR serves as the native cryptocurrency of the Lumerin Protocol. An ERC-20 token on the Ethereum blockchain, LMR serves as the utility token powering smart contracts and dApps operating on the Lumerin network. In addition, it is distributed as a reward to miners who participate in consensus and contribute to securing the decentralized network.

According to the Lumerin roadmap, there are three critical phases of decentralization this project will go through:

Hashrate Oracles

The first stage will use oracles to prove hashrate. The oracles will consist of TCP proxy servers and will process the work performed by the miner. Once the hashrate is authenticated, the intermediary between hashrate sellers and buyers will update the network of hew hashrate up for sale or trading.

Staked Hashrate Validators

In the second stage, Lumerin will eliminate dependence on the centralized oracles and use a distributed network of hashrate validators instead. These hashrate validators will stake LMR as collateral for incentivizing and maintaining good behavior. Each hashing contract they monitor and the process will make them eligible for earning rewards in LMR.

Staked TCP Proxy Nodes

The third stage of decentralization in the Lumerin Protocol will see each node independently broadcast hashing work to the entire network. Other nodes in the network will then verify the node’s work before approving its readiness for trading or sale.

Mining pools within the network will enable the trustless exchange of hashrate between buyers and sellers. Smart contracts will manage the proof of providing and validate the exchange of hashrate.

Titan, a leading software provider and scalable Bitcoin mining services is the Lumerin Protocol’s creator. Titan was founded in September 2018 by Ryan Condron, Jeff Garlic, and Matthew Roszak and has, over the years, established itself as an innovative company within the Bitcoin mining ecosystem.

The company announced Lumerin Protocol as an open-source, peer-to-peer platform capable of transforming Bitcoin hashpower into a globally tradable commodity. The concept was unveiled in October 2021, making it a relatively new crypto project in the market.

As of August 2022, the Lumerin Protocol’s hashpower marketplace POC is live on the Ropsten ETH Test network. It offers basic functionality for buying and selling hash power. The Lumerin community can test the functionality and review its code base, while developers, engineers, and partners can access the project’s demo and documentation.

Stage 2 of the Lumerin project has seen the production release of the Hashpower Marketplace. In addition to a demo of the production-ready platform, users can access documentation related to the Lumerin Protocol.

Between Q2 2022 and Q3 2023, the Lumerin team will focus on moving the LMR token to its blockchain as a native asset. In addition, other key features which will expand the scope of interaction between buyers and sellers include additional bidding functionality of contracts, support for multiple simultaneous active contracts, support for various contracts for each buyer or seller, and the release of the Lumerin validator node for third-party validation of hashpower are also being worked on.