03 Sep 202006:08
HashMix AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Chris, Co-founder of Hashmix
ChrisHello friends, can't wait to be here!
Myko (CryptoDiffer)This time came! Welcome, we're pleased to see you here)
ChrisThanks Myko, pleasure is mine.
Myko (CryptoDiffer)Our team has prepared 3 questions for you to start with
Let's begin with the introduction)
Q1: Can you introduce yourself to our community?
ChrisSure, hello again, this is Chris from HashMix Protocol.
I first get to know crypto in 2012 while I was in grad school studying EE. As a tech nerd, I started by owning some BTC, mining Doge, participating communities and events and so on. After graduating and worked as an engineer for a few years, I started to work in crypto industry full time in 2016, as a tech lead.
For the past years, I worked for public blockchain protocols, mining pools, decentralized applications, and so on. Most of the projects are pretty successful in both technology and business aspect. Right now, I decided to start all over again, to build something I wanted for a long time with my friends and community, to decentralize the mining industry, that’s HashMix.
That's it. Thanks @mykocryptodiffer
Myko (CryptoDiffer)Great introduction! Seems you're a pioneer in this field
let's now move on to the project
Q2: Can you introduce Hashmix to us?
ChrisIn a nutshell, HashMix is a decentralized hash power tokenization and circulation protocol.
What we want to do is make the mining and hash power trading related industry transparent and trustless.
As we all know, a lot of cryptos are ‘mined’ by miners using professional equipments, but most infrastructures are centralized, like mining pools and cloud hash power platforms, which caused a lot of problems. This doesn't make sense that in the most decentralized industry we're still relying on some centralized stuff in the base layer.
What we’re doing is to bring hash power onto blockchain, and provide circulating tools to miners and other users, so they can take hash power assets like any other blockchain asset, to do lending, trading and participate other DeFi protocols.
That's for the 2 question. @mykocryptodiffer
Myko (CryptoDiffer)Superb! Now we're introduced to the idea of the project, let's talk how it's going
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
ChrisHashMix is still in an very early stage. We polished the idea for several months, found a way that we believe is the best practise for our project.
Right now, we’re working on our first product to test our business model and tech prototype, which is a Filecoin lending platform. In this product, miners could use their Filecoin miner account as collateral to borrow FIL, and FIL holders could lend their token to receive an awesome interest. This will be launched in early July.
In Q3, we’re going to launch the Filecoin hash power tokenization tool, to let miners to issue their own hash power NFT to do whatever operation they want. We’ll also launch some other DeFi tools for miners to get a better mining experience.
In Q4, we’ll expand the scope to other networks, like Bitcoin, Ethereum, etc. In the end, we want to build a chain agnostic protocol and toolbox for miners and users who want to participate mining.
Welcome to hashmix.org for more docs, and you can find the team and myself in our telegram https://t.me/HashMixChannel and Twitter https://twitter.com/HashMixOfficial.
Myko (CryptoDiffer)Well! Thank you for a nice explanation, now let's move to the community part!
ChrisGot it. Thanks.
Cryptodiffer Communityi am looking for no telegram group ? how about we want to discuss in your project group? where do I want to hear from the HashMix project? please share your link with us so we can get to know your project better ?
ChrisOur Telegram group is this https://t.me/HashMixChannel, welcome come to discuss with us.
Cryptodiffer CommunityOne of the key factors that prevent the harsh market from further growth is that most of the mining machines and hash power products are only for one single cryptocurrency, and no way the mining target could be changed easily. What does Hashmix think could be done to help address this issue of hash power isolation so that hash power owners would experience more flexibility?
ChrisThe truth is for major cryptos, ASIC can't change algo, so they can only mine certain hash algo, most of the time that means one particular blockchain. That's decided by the protocol developers, but in some cases, it's not, like BTC and BCH, or some FPGA miners, they can mine multiple blockchains to get a max profit. So in HashMix, this case they can change their minging target easily.
Cryptodiffer CommunityYou mention that we can use the NFT power hash to perform the exchange of hash power in the cloud between different chains, but will these exchanges really be destined only to hashing power? Or can different currencies and non-fungible tokens be exchanged?
ChrisIf one NFT could be exchanged to ETH, it can be exchanged to another NFT, right? That's the same logic to hash power NFT.
Cryptodiffer CommunityQ1. How does Hashmix ensures that the rights and interest of both buyers and sellers are protected so that neither party would be able to obtain unjust benefits through cheating or gaming the system?
Q2. In the event that there's dispute between buyers and sellers over the profits generated by the cloud hash power, what's going to happen? How would you ensure that this dispute is resolved?
ChrisQ1. We're bulilding a risk control system by measure the miner account's current value and future profits, basically we give it a valution to decide how much it can borrow. And we reserived a safty cushion to prevent accidents. BTW, the valuation is calculated in FIL, so the price won't affect the loan.
Q2. If there's a dispute that the protocol can't solve, our arbitral commitee will help with this, like most of the DAO or blockchain did. You can read more about this in our whitepaper.
Cryptodiffer CommunityWho are the HashMix ecosystem stakeholders and what mechanism has Hashmix put in place to help ensure that all these stakeholders participating in the protocol jointly maintain the normal operation of the protocol?
ChrisThere will be several kinds of stakeholders, and in different scenario, their role will shift, including miners, lenders, borrowers, and so on. To maintain the normal operation, first we should take our risk model and code seriously, that means well tested and audited. Then we designed a staking system to prevent cheating from the game theory aspect, prevent that from economy stand.
Cryptodiffer CommunityThe Validators are very important on the network since their functions include but is not limited to Arbitration.Therefore, on the HashMix hash power ecosystem, what is/are the criteria for become validators on the network? Is the cloud hash power like an asset that can be bought and sold at higher prices?
ChrisThe validators are very important to the ecosystem. There will be a detailed document for the community, and we're welcome any helpful advice. One lesson from other projects is it has to be economically sustainable to prevent they misbehave. If you tokenize your hash power, it would be an independent asset, it could have a higher price than a mining machine or other assets if the market decide so.
Cryptodiffer Community🔵 How will Filecoin lending platform differ from other lending platforms? How will you test the business model and technology prototype and how can we calculate the interest returns that FIL holders will receive?
🔵 What is the difference between the hash power tokenization and roaming protocol system used by HashMix from other teconization systems and what advantages does it provide?
ChrisIn other lending platform, you pledge one crypto, like ETH, to get another one, like DAI. In HashMix's Lending platform, miners pledge their hash power, to get FIL. It's pretty different from tech to economic model. And the interest is decided by the pool and bonding curve. It will be transparent for lenders to decide.
What we're building is actually take the future profits and control power of the miner's hash power into the NFT, I don't see any other projects do the same thing. The major advantage is low risk and trustless. You own your own cloud hash rate!
Cryptodiffer Community🥇 Help me understand something... If I tokenize my hash power in the form of an NFT why should it increase in value if it always represents the same amount of hash? What good would it do me then to trade them? Or will the supply of hash power on the platform go down over time?
ChrisTraditionally if you own a minging machine, you own it forever, it's hard to resell it. If you buy cloud hash rate form a platform, you can only 'see' your hash power in the platform, normally you can't liquidit it, or if the platform disappeared, you can do nothing about it. But if the hash power asset can be circulating, the pricing will be more fair, and scammer will be harder to live, and you can control your own risk.
Since lending hash power will be used as colleteral will where be a team or pool system with referrals for collobrative hash power?
ChrisThere will be a referral system, stay tuned!
Cryptodiffer Community🌼 Why would I want to move my hash power from one chain to another? In what scenarios is this really useful?
ChrisFor example, if you feel like the current type of cryptocurrency that you are mining have a potential risk of decreasing in value. You can swap your hash power to another cryptocurrency which you think will rise in value in the near future. Alternatively, it can be you have a need of another cryptocurrency than the one your are mining. For example, need of ETH for gas fees. In this case, you can swap your BTC hash power to ETH one to get a better deal than buying ETH solely.
Cryptodiffer Community🟢 How does HashMix determine my Hash Power in the cloud? What does it depend on? Will it be based on the size of my investment? Or will you have specific plans that we can choose from?
ChrisIt has nothing to do with your investment. In Filecoin, your hash power is a parameter in your miner account. For other networks, we may need an oracle to forward hash power data to the protocol.
Cryptodiffer CommunityI have known of projects that have promoted decentralized clouds, but really no other has incorporated non-fungible tokens, but now that HashMix does incorporate it, could you really tell us how NFTs will help to enhance and solve problems in hashing power?
ChrisNFT can introduce a lot of new parameters into hash power asset, making it more like a merchandise in real life, making it easier to tokenize cloud hash power, which is an non-fungible asset.
Cryptodiffer CommunityI've been following your project and concerns me that your social media is practically empty, what marketing strategies will you be adopting in the next days to aware everyone about the advantages of investing on HashMix?
ChrisSorry about that, we're setting up everything from very recent days while busy shipping our first product. We'll take a more active approach to let the community and investors know more about our technology and product. This AMA is a pretty good start, there will be more.
Cryptodiffer CommunityYou stated that HashMix is not doing any public sale right now. It was your timely tweet that saved me as someone already contacted me to participate in Hashmix token sale ? What measure do you intend to follow to prevent unscrupulous elements from perpetuating scams using your name??
ChrisWe're not doing any public sale righ now, any HashMix team member will not contact you for investment. Please follow us on our official channels on hashmix.org, Twitter: https://twitter.com/HashMixOfficial & Telegram: https://t.me/HashMixChannel. All events will be synced in offcial channeals!
Cryptodiffer CommunityIs your project a local project or a global project? Can anyone use your services from anywhere in the world? Is there any restrictions of using your service?
ChrisWe're a decentralized team from all over the world. And for a blockchain application, it will be open to anyone who can visit it.
Cryptodiffer CommunityThe project name is really interesting and something people can never forget. Why did you choose this name for your project?
ChrisThanks, Hash is from hash power and hash algo, mix means we want to mix any hash power to on chain assets. Also, it's a good name not been used yet!
Cryptodiffer CommunityDid you raise funds so far? If so, how did you handle them? Are you planning to do any future raises?
ChrisWe finished our private fundraising in May. Right now we're not doing any fundraising events. For future plans please stick to our official channels!
Cryptodiffer CommunitySmart contracts are susceptible to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you tested it through any of the parties?
ChrisAll of our smart contracts will be audited by a trusted third party prior to our launch.
I think that's good for today. Thank you again guys!
Myko (CryptoDiffer)Thank you for your time!
Thank you for great questions and answers)