Tokenizing Mining Hash Power with the Hashmix team
BeinCrypto spoke with WB, the co-founder of the HashMix team. We discussed the increasing complexity of mining and how they create hash power NFTs.
The NFT boom is currently underway, but it is mainly focused on the creation of collectibles and art. The HashMix team is looking to tokenize something more directly related to the world of crypto – hash power.
To do this, it implements several universal decentralized protocols so that users can interact with their hash power. This also includes the loan and the exchange. He wants to avoid overselling hash power, alleviate a lack of liquidity and bring more flexibility to mining.
Much like Bitcoin founder Satoshi Nakamoto, the team is currently operating anonymously. This is in part due to the fact that some of the team live in China. However, they have stated that they may waive their anonymity in the future.
âOur core team members have experience with different forms of blockchain, public relations, marketing, mining. That’s why we can make this great combination of mining power, NFT, and DeFi. “
Solve mining problems
Crypto mining has no shortage of problems. These range from internal liquidity issues to external image issues, such as the recent backlash against its environmental impact.
âMining has always been an important part of the cryptocurrency industry. And has a very long history, as long as the history of Bitcoin itself. It is also one of the most profitable industries in the ecosystem. So more and more people want to be a part of it.
However, the crypto mining industry has been played by centralization and liquidity issues. While cloud mining allows investors without expensive hardware to join mining, it also fails to provide liquidity and only solves one coin. puzzle, so HashMix is ââdesigned to solve all of these problems, âsays WB.
Traceability, liquidity, transparency
To address these issues, HashMix’s tokenization protocol converts the mining power of any Proof of Work (POW) blockchain, such as Ethereum or Bitcoin, to NFT.
âThis gives us traceability, liquidity, transparency. This avoids the risk of overselling and fraud and effectively combines the different hash parts of different cryptocurrencies based only on very easy to use NFTs.“
âWe create protocols for trade, commerce and loans. This allows everyone in our ecosystem, from miners to investors with hash rates to DeFi participants, to easily buy and sell hash power and access many financial options such as reducing the stake and liquidity. For the first time, we are bringing together real-world hashing and mining power using the HashMix protocol, âsaid WB.
Hash power proofs
HashMix works using multi-signature, smart contract, and cross-chain technology to generate and submit blockchain-specific hash power proofs.
It is from these supporting documents that the NFT tokens are issued. As a result, the hash power can flow freely while the property is secured. However, these are still only plans. HashMix is ââstill on its roadmap to becoming a public platform.
“When the NFT market is fully operational, miners can sell their NFTs for crypto or trade their NFTs to move on to other mining functions, while investors can buy NFTs to get the mining rewards from the sub-material. jacent. “
In June, more NFT products for mining are expected to hit the market so that trading and trading functions are also possible.
“We will also introduce the decentralized incentive mechanisms that allow people to participate in the validation of mining NFTs and earn HSM tokens as a reward so that the protocol can be maintained and operated in a decentralized manner.”
âIn terms of incentives, miners, coin / token holders and investors can join the HashMix ecosystem and find a way to earn rewards in HSM by lending and borrowing coins / tokens, exchanging tokens from hashing power, NFTs and betting on mining power and participating in liquidity. Early adopters and loyal users receive additional rewards, âsays WB.
DeFi loan for minors
As part of its roadmap, HashMix also intends to introduce a lending feature to the platform.
âWe would like to become the most attractive filecoin lending platform in order to attract more mining powers and more users,â says WB.
Miners will be able to secure their filecoin mining service and borrow FIL from the platform.
âWe want to attract the first participants to the platform, because it offers an attractive return. After that, we will launch our first mining NFT product the same month, âWB said.
“With this product, miners can tokenize their Filecoin storage mining performance and receive the corresponding NFTs.”
âAt this point, all the mining energy previously guaranteed by the loan will be symbolized and the miners will be able to issue new mining energy NFTs themselves. Users can receive and transmit NFTs like other cryptos, use them as collateral on our platform, and participate in DeFi options, âsays WB.
Although the platform is not yet public, these plans have yet to be tested on a large scale. How these interactions will play out for miners who want to do a little more with their hash power.