By: Ryan Condron, CEO of Titan
It’s been some time since we presented our vision for tokenizing hashpower at CoinMarketCap’s inaugural conference. Not that we needed further convincing, but we left Singapore even more encouraged that tokenization will satisfy the requirements — stability, accessibility, and transparency — that will allow mining to move from niche industry to essential computing infrastructure.
The rationale is a powerful one: We are a decade into the birth of blockchain technology and proof-of-work (PoW) chains represent almost 90% of cryptocurrency market capitalization. Hashpower is critical to securing PoW chains — and those chains stand to become the security root of the future Internet.
Given the primacy that PoW networks are likely to have, we deserve an Internet where the hashpower that secures it offers the following:
- Stability: Hundreds of miners signed up for updates when Titan launched, filling out a poll during that process. Result: More than 40% listed hardware management as the most difficult aspect about mining — twice as many as those who pointed to profitability.
- Accessibility: Miners should be able to swap hashpower amongst themselves. Ultimately, though, one shouldn’t need to be a miner at all — tradeable, provable hashpower should be available in a decentralized network.
- Transparency: Ironically, the very technology that has redrawn the boundaries for how we think about trust lacks transparency in many important ways. Between miners, pools, cloud providers, and other participants, much of mining hashpower remains a black box. Observers only see the output.