Nicehash KILLER. Need for a decentralized platform for hashing power rent.
Today of widespread uncertainty and distrust in existing centralized services of renting and buying hashing power and exchange services. Reason for this suffered a major security breach. The only existing large cryptocurrency mining marketplace has been hacked in late 2017. As a result, the market customers lost $60 million.
Nicehash is a centralized service. It’s a point of weakness. More specifically, Nicehash is a website which controls payments on behalf of users until the agreed-upon mining contracts are fulfilled. Moreover, it is responsible for handling refund requests, which means a lot of money flows through its wallets on a weekly basis. It was only a matter of time until hackers decided to attack this platform, which is exactly what happened.
Hashing Power Marketplace must be Decentralized. The first such platform is HashRental.io.
HashRental marketplace connects sellers (miners) of hashing power with buyers of hashing power through smart contracts, decentralized Escrow. It offers convenient and easy-to-use tools for all crypto-market participants to create as much profit as possible.
At the moment HashRental mining system and redirecting system have been tested and launched. $544000 has already been paid to the MVP participants in cryptocurrency.
HashRental marketplace has it’s own tokens (LUHN COIN). LUHN will be accepted as a payment for hashing power rent and it’s corresponds to the price of one hour hashing power rent. Minimum amount of hashing power for 1 LUHN is determined by the current weighted average profit from mining altcoins for each algorithm. After the service is launched all users can exchange LUHN coins on hashing power and get profit. The LUHN Token is one only token to allow holders to enter and exit cryptocurrency mining investments at any time at a cheap, profitable cost through its fast exchange and no having to buy expensive equipment.
Global increases in electricity consumption result from an increasing existing hashing power in the world. Market of rent hashing power needs the safest services that the HashRental can offer.
How it works
For Hashing power sellers:
- To the pool that the buyer has chosen for mining. Then Sellers get paid* in ETH for renting from smarts contracts after them confirms.
- To the HashRental pools, if there is no required volume of orders. Then Sellers get paid in ETH from HashRental pools.
This is all done automatically and the process does not require complex technical skills.
*The price for rent is determined by the current weighted average and refreshed each minute.
For Hashing power buyers:
- Select the cryptocurrency that you want to mine
- Select a pool on which you want to mine
- Set needed amount of hashing power
- Set needed order time period
- Place calculated amount (or more) of the Luhn coins* into the smart contract**. This provides proof-of- funds and allows for a much safer trade. Then:
- Successfully confirms receipt of needed amount of hashing power, and releases the escrow.
- A party raises a dispute, and brings in a third-party arbitrator, giving them the keys to decrypt the messages and work with both parties to make a resolution.
- Get reward from selected pool in cryptocurrency (Btc, ETH, and any other)
- Trade complete!
Hashing power buying is based on the “auction” style that smart contract in the marketplace is subject to. When buyer winning in an auction sellers start implement order. This is:
- Needed amount hashing power.
- Duration of the contract.
The smart contract allows users to safely exchange (Luhn coins → hashing power → any other cryptocurrency) with one another and pools, and to name a trusted third-party to mediate a trade if a dispute arises. Currently, the trusted mediator is always hashrental.io, but the contract will be adapted in the future to switch over to a reputation-based distributed arbitrator pool.
The auction platform with performance of the smart contract at HashRental is designed to offer security to both the buyer and the seller.