Lumerin and Quai Announce Strategic Collaboration to Enable On-Chain Compute Power Trading
PRESS RELEASE. Chicago, IL — April 4, 2024 — Lumerin, a pioneer in the decentralized Bitcoin mining marketplace, and Quai, a groundbreaking Layer-1 crypto network for the global and compute economies, proudly announce a strategic alliance aimed at expanding access to Bitcoin mining. This collaboration seeks to combine Lumerin’s expertise in decentralized data stream routing with Quai’s innovative approach to decentralized computation, enhancing accessibility, transparency, and efficiency in the Web3 ecosystem.
Empowering Decentralization in Web3
Centralized models in both hashpower and AI computing pose inherent risks such as bias, censorship, and monopolization. By joining forces, Lumerin and Quai aim to decentralize these critical components of Web3 infrastructure, democratizing access to hashpower while ensuring transparency and accountability through open technologies and blockchain frameworks.
Lumerin has already successfully launched its decentralized hashpower marketplace on the Arbitrum network, allowing users worldwide to bypass common Bitcoin mining entry barriers, like local electricity costs or hardware prices and trade crypto mining compute power in a decentralized manner.
By integrating Quai’s innovative two-token system and scalable Layer-1 network, Lumerin and Quai collaborate to further expand access to decentralized hashpower, as well as potentially unlocking new future applications based on data stream routing infrastructure.
“By partnering with Quai, we are harnessing the combined power of decentralized hashpower to drive innovation and accessibility in the Web3 space,” remarked Ryan Condron, Founder of Lumerin. “Together, we are poised to redefine the standards of decentralization and empower users worldwide.”
Alan Orwick, CEO of Dominant Strategies, expressed enthusiasm about the collaboration: “The alliance between Quai and Lumerin is focused on developing critical infrastructure that will power the 21st-century economy: compute and energy assets, along with the markets enabling their exchange. We are thrilled about our alliance, as it allows us to jointly lay the groundwork for an infrastructure essential to fueling economic growth and innovation in this era.”
Key Points of the Collaboration
The alliance between Quai and Lumerin will revolve around building the infrastructure required for the 21st-century economy.
Specifically, Lumerin will deploy a Bitcoin hashpower marketplace on Quai Network, expanding the decentralized hashpower market to Quai Network and its users. The move aims to make Bitcoin mining more accessible, improving the network’s decentralization and security, and offers greater opportunities for participation.
Additionally, both companies have committed to explore the potential for future collaborations in mutual projects, including the joint development of a transaction mining and MEV protection market and advancements in NIPoPoW and decentralized RPC Services.
About Lumerin
Lumerin is a decentralized Web3 data stream routing protocol that facilitates the ownership, transfer, and exchange of data through blockchain networks via smart contracts. The Lumerin Hashpower Marketplace revolutionizes the trading of crypto mining compute power, fostering peer-to-peer, decentralized hashrate trading globally. Founded in 2018, Lumerin boasts strategic partnerships with industry leaders including Bloq, Hive Blockchain, Fenbushi Capital, and Outlier Ventures. For more information, visit https://www.lumerin.io.
About Quai
Quai is crypto that connects reliable, real world value to the compute economy on the world’s only scalable Proof-of-Work smart contract network. Founded in 2022, Quai’s innovative two-token system and execution sharding capabilities pave the way for infinite scalability and accessibility in the Web3 ecosystem. For more information, visit https://qu.ai/.
For press inquiries, please contact:
Alexa Karp
Head of Marketing, Lumerin
Email: alexa@lumerin.io
