Lumerin AMA Recap with Scott Terry, Senior Golang Engineer
Interview Session
Last week, we hosted an AMA session in our English Telegram channel with Scott Terry, Senior Golang Engineer. In it, we discussed technical and developer updates about the Lumerin Protocol. Here’s a short recap:
Q: (Iryna):
Can you please introduce yourself to our community?
A: (Scott):
Thanks, Iryna. Hello everyone. Thanks for the opportunity to address some of your questions. I don’t know everything, but I’ll do my best to explain some of the technology we’ve been working on.
. . . . . .
Q: (Iryna):
When is the transition to the Lumerin blockchain planned, and why should it be good?
A: (Scott):
The development and deployment of the Lumerin blockchain will depend on the finalization of the hashrate marketplace. We will deploy our custom blockchain to minimize the transaction fees on the marketplace. This way, we can reduce barriers to entry into the marketplace.
. . . . . .
Q: (Iryna):
How will the security of the marketplace be ensured from hacking by users?
A: (Scott):
Nothing is unhackable, but we are performing due diligence to ensure we’re not an easy target. For example, we are pursuing SOC 2 certification.
. . . . . .
Q: (Iryna):
What is the bandwidth of the marketplace in terms of the number of users per minute?
A: (Scott):
The bandwidth will be more limited by the number of contracts available for purchase than the number of people who want to buy hashrate.
. . . . . .
Q: (Iryna):
Are there any plans to integrate the marketplace and MetaMask?
A: (Scott):
The marketplace is fully integrated with MetaMask via the web application. We are also finalizing our own Lumerin Wallet, which is a non-custodial wallet to facilitate hashrate contracts.
. . . . . .
Q: (Iryna):
What makes Lumerin a better solution to the Luxor Technologies hashrate derivatives contracts?
A: (Scott):
Lumerin will facilitate real routing of hashrate end to end — from the seller to the purchaser — these are not derivative hashrate contracts. The buyer will be able to route the hashrate they purchase from the source to the destination pool of their choosing. We are decentralizing the routing of hashrate — think of this as DeFi for hashrate, not derivatives.
. . . . . .
Q: (Iryna):
The white paper states that the network will be validated, why hasn’t the testnet been launched yet, and when will it be launched?
A: (Scott):
The marketplace will launch on ETH testnet in Q1 2023 — we’re very excited for this. Stay tuned for more information coming soon.
. . . . . .
Q: (Iryna):
How do you assess the prospects of the market in terms of hashrate purchase/sale volumes through your marketplace?
A: (Scott):
We have relationships with many of the largest miners in the world. This is a highly anticipated product launch. The industry is in need of future liquidity for the current hashrate, and we think our product is launching at the right place at the right time.
. . . . . .
Q: (Iryna):
What is the localization of wallets, and what does it affect?
A: (Scott):
We’ve developed a desktop application for an LMR wallet, which includes marketplace functionality (e.g. creating hashrate contracts, buying, and editing contracts). It includes other utilities for sellers as well.
. . . . . .
Q: (Iryna):
I have signed up for testnet testing, but I didn’t receive any email or further information on what to do next or where to get testnet tokens. Is this testing still happening?
A: (Scott):
We will be releasing more information on testnet very soon. Stay tuned. We’ll have a Lumerin faucet set up to release test LMRtokens so that users can purchase real Bitcoin hashrate on the marketplace.
. . . . . .
Q: (Iryna):
When the Lumerin Hashpower trading platform launches, will it be possible to dump/sell hash energy only for BTC mining or for other coins too?
A: (Scott):
We are focused solely on BTC hashrate at this time.
. . . . . .
Q: (Iryna):
When will the results of the beta test be out?
A: (Scott):
We are currently still undergoing internal testing. To date, we have traded more than 400 petahashes across 550+ contracts internally.
. . . . . .
Q: (Iryna):
Will there be staking?
A: (Scott):
We do not have a plan to offer staking. This is a decentralized Bitcoin hashrate routing product.
. . . . . .
Live Community Questions
Q: “Do you plan to receive and send LMR through the marketplace?”
A: That’s what the wallet is for.
Q: ”What stage is the explorer testing program at right now? Will it be available to the public ?”
A: The program hasn’t started yet.
Q: “Will there be a mobile application for the marketplace?”
A: Nothing on the roadmap at the moment.
Q: “Which mining pools will Lumerin holders participate in?”
A: You’re free to try any pools, but please do your research to make sure your pool is trustworthy.
Q: “Will there be an AMA with Ryan? thank you Ryan for coming to our chat TG”
A: I just saw one on twitter
Q: “How do you see integration in other major blockchains like BSC or Solana?”
A: Ultimately we will open source the project, and we hope the community will build lots of interesting things
Q: “What issues or problems have you stumbled across while developing a marketplace?”
A: Switching between pools to deliver contract hashrate — no more, no less — has a lot of edgecases and we’ve spent a lot of time tackling those.
Q: “Is the marketplace really decentralized? Will KYC be required to use the Lumerin marketplace? As of right now I have to KYC to buy LMR on GATE and KuCoin.”
A: Initially, the decentralization will lie in you running a validation node, and sellers running independent hashrate routing nodes. More will be published on this, including “how-to” guides.
Q: “What use cases will the Lumerin chain have?”
A: The moon! Seriously though, I see nearly infinite use cases for decentralization of digital products. I’m very excited to be building this, for that very reason.
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