The Lumerin Hashpower Marketplace Testnet Launch: Everything you need to know
Be among the first to try remote, peer-to-peer Bitcoin mining
We’re all excited about the next stage on the Lumerin Hashpower Marketplace, the testnet launch phase on October 4th! The best part is that you, the loyal Lumerin community, will have the chance to contribute to the platform’s testing and feedback — and earn rewards for it!
In this article, we’ll explain all you need to know about this stage of the process and how to participate. Read on!
About the Lumerin Hashpower Marketplace Testnet Launch
Here’s the surprise surprise twist: all marketplace testers will be acquiring real hashrate, which they can point to their existing mining pool accounts. As a result, they will earn true Bitcoin mining rewards at zero-cost for testing the dApp.
In short, this Lumerin Hashpower Marketplace Beta version will be functional, but not final. The final version will incorporate all the feedback collected from this testing phase and refined before mainnet release on November 9th. And we want to invite you to be a part of it!
Advantages of launching on testnet
Blockchain transactions are final and irreversible. This makes using a new application without prior knowledge or experience extremely risky. Faulty code and user error have led to countless funds lost, all of which could’ve been avoided with prior testing.
Ethereum’s testnets aim to address that issue, providing a mainnet-like environment to deploy and try applications risk-free. Users can navigate through dApps using test tokens, get a feel of the user interfaces, and perform as many transactions as they want without using any real funds.
On the other hand, developers get to try their application’s UX and performance without exposing their users to any risks of loss.
With quality as our paramount priority, we want to make the most of the testnet’s capabilities to make sure we deliver the best, most polished version of the Lumerin Hashpower Marketplace.
At the same time, this testnet allows us to make our community part of the development process with no risk of loss involved. With the testnet marketplace, you will be able to explore the user interface, provide feedback for improvement, and mine real Bitcoin while you’re at it!
How to become a Lumerin Hashpower Marketplace tester
The first thing you need to do to become a beta tester is sign up for the Lumerin Explorer Program. By joining, you will be granted early access to the marketplace and special rewards exclusively designated for members. It’s a unique chance to become part of an elite community of Lumerin early adopters!
After you register, you’ll receive an email with the instructions on how to navigate, use, and provide feedback on the Lumerin Hashpower Marketplace testnet version. Stay tuned for a tutorial release soon!
What is the Lumerin Hashpower Marketplace and how does it work?
The Lumerin Hashpower Marketplace is a decentralized application that enables users to buy and sell crypto-mining hashpower.
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.
Miners will have the ability to sell their hashpower on the Lumerin Marketplace in the form of smart contracts. In order to execute the smart contract the seller will need to define three parameters:
- The total amount of hashrate they will be selling (total hashrate in TH/s)
- The duration they will be selling the hashrate for (one hour up to XXX days)
- The cost to sell the hashrate (settled in LMR)
Buyers will be able to view these terms in advance. Should they accept, they will lock their LMR tokens into the contract as payment. The smart contract will act as an escrow service that will deliver the funds and hashpower to the respective parties. Once all pledged hashrate has been delivered, payment is unlocked and sent to the miner.
Once the deal is locked, the seller inputs the location, username, and password of the pool the buyer wants the hashrate routed to, rerouting the hashrate to the specified account.
At Lumerin, we are focused on delivering quality applications with innovative use cases. In order to achieve that, we need our community’s help.
The marketplace we’re building is for the Bitcoin mining community, and the first hand feedback that you can provide us will be the backbone of a truly decentralized, peer-to-peer, global hashpower marketplace.
That is why we’re inviting you to participate in this new stage of our project; and to help us reach the highest quality standards we’re striving for. Only you can help us shape the future of mining.
Do you want to learn more?
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