Clubhouse Pro Talk about Titan, with Hashers United and Ryan Condron—06/18

Hello Titans! As you know, we cherish every chance we get to engage with the community. We want to learn about your experience and pains — all towards thinking of new solutions that solve real problems.

That said, we were honored to join Hashers United for their weekly Mining Industry Pro Talk event on Clubhouse. And for those of you who missed it, we wanted to let you know what we discussed.

What is Titan?

First, we had the opportunity to introduce ourselves, what we do and what we are trying to achieve. So we might as well do it again!

We’re Titan, a subsidiary of Bloq Inc. Our mission is simple: to make hashpower a decentralized, tradeable asset. To achieve this, we had to figure out how to decouple computing power control from where it is generated. In other words: to allow people to fully control and manage hashrate produced by someone else, regardless of where on the planet both parties are. That is why we’re building a fully decentralized, trustless P2P protocol that will enable the tokenization of hashpower, along with a marketplace to trade it.

We know. There are similar projects that tokenize and therefore trade computing power. So what do we answer when you ask us how we are different? Well, Titan is unique in that it not only issues a token that symbolizes hashpower value — it also enables anyone to redistribute, redirect and control that same hashpower through internet protocols and smart contracts.

Let’s explain that with a real-world example: Now that China has banned cryptocurrency mining, most mining pools have seen their hashrate plummet by ~25%. However, using Titan Protocol, they could purchase hashpower from farms in Texas and redirect it to their mining pool. That way, they could still run their operations from China even though mining is prohibited.

As our CEO Ryan said in the Clubhouse talk, Titan is the only project right now providing a true decentralization of hashrate control. “The goal is to open up hashpower as a decentralized global commodity, where you can be anywhere on Earth and purchase it in a decentralized anonymous way, and you can route it to anywhere else.”

A new world of opportunities for mining

We’re focused on innovation. After all, tokenizing hashpower is nothing new. We want to create real solutions. A decentralized, layer 0 network would allow anyone with programming knowledge to build their own protocols on Titan’s blockchain. As a community member stated, “miners could use this smart contract mechanism to build a profit switching system using this idea of being able to control hashrate in a decentralized way.”

The utility of Titan Protocol was a popular talking point during the event, so we figured it’s a good idea to put up a summary.

In the first place, Titan is built by miners for miners. That said, our duty with the mining community is to provide them with as many tools as possible to take their mining experience to the next level. We believe that the Titan Protocol lays the ground to do just that. We’re talking about hashpower derivatives such as futures contracts, remote hardware ownership through NFTs, mining device rentals, to name a few. The bottom line is: If it raises revenue, lowers costs, or reduces the risk for miners, we want to build it.

Miners’ hedge against bear markets

On the other hand, a member of the audience suggested that a miner’s goal is always to be profit maximal. Of course, that doesn’t seem too complicated in bull markets. However, as Ryan pointed out, “when the difficulty starts going up, and more hardware starts coming online […], the price of bitcoin drops, and we go back into a bear market, then we start seeing everyone tighten their belts again”. The Titan Protocol allows miners to commoditize hashrate and build derivative products based on that, giving them more options to weather the storm.

Think of it this way: If a miner were to bet that mining difficulty would go up or the price of bitcoin would drop, they could sell their hashpower in advance to an investor (who, of course, would bet on the opposite situation). That way, the miner would ensure their profit regardless of price action and difficulty adjustments.

Miners don’t even have to worry about their hashrate. Instead, the Titan Protocol uses smart contracts and the Titan Routing Engine to automatically sell it to the highest bidder, whether a pool, a network, or a third party.

Stay tuned for more events!

We’d like to thank Hashers United again for inviting us to their Clubhouse event and letting us engage with the community and answer their questions about Titan. We had a wonderful time!

As we always say, we want Titan to be community-driven, which is why we are always looking for new opportunities to interact with miners and investors all around the world. If you missed this one, that’s okay! Be sure to follow us on social media and join our Telegram group to stay updated with our announcements and events. We’ll be glad to have you on board.

Until next time,

The Titan Team