Will HashRental Repeat the Fate of Nicehash?
Hashrental.io - "nicehash killer"
The only major marketplace of hashing power for mining Nicehash has been hacked at the end of 2017 and, as a result, the customers lost about $60 million. Nicehash is centralized which has become its main vulnerability. It is a platform that monitors the payments and is responsible for processing the requests for a refund, which means that a large amount of money runs through this platform every day. It was only a matter of time until hackers decided to attack this platform. HashRental will be the first decentralized site of this kind which will connect the sellers (miners) of hashing power with buyers through smart contracts. The platform will offer convenient and easy-to-use tools for all participants to obtain the maximum possible profit.
How Does it Work?
If you’re a hashing power seller, you can run HashRental software or connect your mining hardware to HashRental servers. Your hashing power will be forwarded automatically to the pool that the buyer has chosen for mining or to the HashRental pools, in case there is no required amount of orders. You will be paid in ETH for renting from smarts contracts or in ETH from HashRental pools. This seemingly complex process is done automatically without any complex technical skills.
If you’re a hashing power buyer you should select the cryptocurrency you want to mine as well as a pool on which you want to mine, then, set needed amount of hashing power and order time period. The last thing is placing the calculated amount of the Luhn coins into the smart contract, which provides proof-of- funds and safety of trade. Confirm the receipt of the needed volume of hashing power and release the escrow. A party raises a dispute and attracts a third-party arbitrator, giving them the keys to decrypt the messages and work with both parties for making a resolution. Get the reward from the selected pool in cryptocurrency (Btc, ETH, or any other). The trade is complete!
An Innovative Structure of the Marketplace
The core of the system is smart contracts which unite all parts of one system. "Redirecting mining system" redirects the hashing power from sellers to HashRental smart pools ("HashRental mining system") or to "Hashing power auto distribution" (sets the necessary parameters for selected external pools and monitors execute orders).
The system doesn't have a centralized storage of participants’ balances as all payments are processed directly through smart contracts. “Management smart system” controls the launch of contracts: “Payments smart system” - payments from Buyers in LUHN while “Hashing power smart system” - payments to Sellers in ETH.
** “LUHN” Token**
LUHN COIN is an own token of the HashRental marketplace. The token got its name from Hans Peter Luhn, who developed machines and schemes for the data parsing, primarily the widely used hashing algorithm, which he suggested as a way of sorting both numbers and text. Consequently, LUHN is the first hashing algorithm. LUHN coin is an Ethereum-based token which will be accepted as a payment for renting the hashing power and it corresponds to the rental price per hour for hashing.
After launching the service, all users will be able to exchange LUHN coins on hashing power and make a profit. The holders can enter and exit cryptocurrency mining investments using only The LUHN Token at any time at a cheap, profitable cost due to its fast exchange and no need to buy expensive equipment.
ICO:
Pre-ICO: 17.04 - 17.05.2018
Token Pre-Sale Volume: 384,400,000 LUHN
ICO: 18.05 - 18.06.2018
The total amount of tokens: 1 billion
The price: 1 LUHN = $ 0.04
Soft Cap: $ 2.5 million
Hard Cap: $ 24.8 million
Payment: Accepted Forms of Payment: Ether (“ETH”)
Conclusion
At the moment HashRental mining system and redirecting system have been tested and launched. $544000 is already paid to the participants of MVP in cryptocurrency. As we see, HashRental won’t repeat the fate of Nicehash because HashRental is a decentralized platform based on the blockchain technology using smart contracts that were created to offer the security to both the buyer and the seller.
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