(Demo) How to trade hashpower on the Lumerin Hashpower Marketplace
Anyone can now buy and sell hashpower in a decentralized manner
Important: Please note that the site is on the Ropsten Testnet. This is only a demo to help us find possible bugs and make the necessary adjustments before launching Stage 2 of the site.
About the Lumerin Hashpower Marketplace
The Lumerin Hashpower Marketplace is a decentralized application that enables users to buy and sell crypto mining hashpower through blockchain networks.
By using Lumerin’s validation modules and smart contracts, the platform ensures security and enforces good behavior in every trade, as well as assuring the integrity of both the hashpower and the assets used to purchase it.
The marketplace works like many other dApps, in which users have to connect using a web3 wallet such as MetaMask.
In this article, we’ll see how buyers and sellers can interact and transact with each other, trading hashpower and cryptocurrency through the Lumerin Hashpower Marketplace.
Connecting your wallet
Before jumping into hashpower trading, users have to connect their web3 cryptocurrency wallet to the marketplace dApp. To do this, please go to the Lumerin Hashpower Marketplace official website: https://marketplace.lumerin.io
Once there, you’ll see two options:
Connecting with MetaMask
When you click on the “Connect via MetaMask” button, a pop-up window from the MetaMask wallet extension will appear on the screen. Select the MetaMask account(s) you want to use, click “Next” and then “Connect.” We strongly recommend using MetaMask for the best and smoothest experience when claiming your LMR tokens. However, if you’re using a different wallet provider, you can also claim using the WalletConnect functionality.
Connecting with WalletConnect
Click on the “WalletConnect” button on the home screen. A pop-up window will appear. You’ll have different options depending on the wallet provider you’re using.
For wallet apps on phones or mobile devices, you’ll have to open your wallet application and look for the WalletConnect option. Once there, you will be asked to scan a QR code, which you will see after clicking on the “WalletConnect” button in the home screen.
If you don’t have access to your camera, or for some reason run into any problems, you can connect by copying the WalletConnect code to your clipboard and pasting it into your wallet app manually.
If you’re using a desktop wallet application on your computer, click on the “Desktop” tab. You’ll see different wallet provider options. Find the one you are using and click on it. You will be redirected to the application or website of your choice to confirm connection to the site.
Once connected, you will land on the Lumerin Hashpower Marketplace dashboard. Here, you can filter contracts in the marketplace by price, speed, or duration.
Now, let’s dive deeper into how to properly use the Lumerin Hashpower Marketplace.
For miners: How to sell hashpower
From the dashboard, click on the “My Contracts” tab from the side menu on the left. You will see the details of your created contracts, and the “Create Contract” button at the top. Click on it to get started.
A window to create a new contract will pop up. Complete the requested fields with the details of the contract you would like to create, including:
- Time (duration of the contract).
- Speed (hashpower in TH/s).
- Price you’d like to charge for your hashpower.
Once you’ve completed all the fields, click on “Create New Contract.”
You will see a confirmation request listing all the information you entered. Make sure to review and double-check that all the details are correct. If you’re happy with the information shown, confirm by clicking on the “Confirm New Contract” button.
Because the Lumerin Hashpower Marketplace uses smart contracts to ensure security and mitigate counterparty risks, you will have to sign a transaction confirmation and complete the process on your crypto wallet. These will be prompted on your wallet app after you confirm the contract.
First, you will have to sign a transaction with your wallet keys that enables a verification process using public key cryptography. The verification process determines beyond doubt that the transaction was generated by matching public and private keys, ensuring immutability and legitimacy.
After signing, you will have to confirm a second transaction that records your hashpower contract on the blockchain. For this, you will be required to pay the corresponding network fees (gas).
Finally, after confirming the transaction, you will be taken back to the “My Contracts” tab, where you will see your recently created contract.
Congratulations! You’re now offering hashpower in an open, decentralized market!
For buyers: How to purchase hashpower
On the Lumerin Hashpower Marketplace dashboard, you will see a column with the title “Trade” on the right side of the screen. Under this column, each contract available for purchase will show a “Buy” button.
Navigate the dashboard until you find a contract that fits your needs. Remember that you can filter hashpower contracts by price, speed, or duration.
Once you find a contract you want to buy, click on its corresponding “Buy” button.
A new window will show up. Here, you’ll find several fields where you will need to enter the requested information regarding where to point the hashpower you want to acquire, including:
- Pool address.
- Port number.
- Pool username.
- Password (optional).
Note: Pool address and port number should be provided by the mining pool you want to mine against, whilst your username and password should be the same you use when you register on that mining pool.
Once you’ve filled all the fields with the required information, click on “Review Order.”
You will see a confirmation request listing all the information you entered. Make sure to review and double-check that all the details are correct. If you’re happy with the information shown, confirm by clicking on the “Confirm Order” button.
To complete your hashpower purchase, you will need to confirm two transactions that will pop-up on your wallet.
First, you need to transfer LMR into the smart contract, which acts as an escrow service. These LMR tokens are the payment for the hashpower you’re acquiring.
The second transaction allows for the contract details to be recorded on the blockchain so the hashpower can be routed accordingly. Confirm both transactions on your wallet application.
After you confirm both transactions, you will see a message pop up thanking you for your purchase on the Lumerin Hashpower Marketplace. Click “View Orders” to see all your active hashpower orders and see their progress.
Congratulations! You’re now buying hashpower and mining with it in a decentralized, remote manner!
Security and best practices
Every transaction in decentralized finance and applications involves risk. It’s crucial to take all precautions possible to avoid losses or unpleasant surprises.
It’s likely that different fraudulent sites posing as the Lumerin Hashpower Marketplace will appear. Always make sure that you’re on the official website, which is https://marketplace.lumerin.io.
Avoid searching the Lumerin Hashpower Marketplace link on Google and other search engines, as you may end up clicking on a fake link. Additionally, we recommend that you bookmark the legitimate URL and add it to your browser’s “Favorites” folder to avoid having to type it every time you want to visit the marketplace.
The Lumerin Hashpower Marketplace will only require you to connect your wallet and will never ask for your private keys nor your recovery words. If you see a window or message asking for them, exit that site immediately, as it’s a fraudulent page trying to access your wallet and stealing your assets.
If you have any questions or concerns, please refer to Lumerin’s official Telegram and Discord channels. We have a team of professional and dedicated community managers ready to help you in any way they can.
Start trading hashpower on the Lumerin Hashpower Marketplace
With the launch of the Lumerin Hashpower Marketplace website and application, everyone can now effectively buy and sell hashpower in a secure and decentralized manner.
We hope that this new dynamic between decentralized finance and crypto mining hashpower will help revolutionize the mining ecosystem and lower the entry barrier for everyone who wants to participate in providing security to proof-of-work networks.
Get started right now on https://marketplace.lumerin.io.
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