Frequently Asked Questions

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1.1 Are there any disclaimers/conditions for the Lumerin token sale?

Yes, please see the “Forward Looking” statements at the end of this document.

1.2 Are there any countries that are embargoed/prohibited from this Lumerin token sale?

Yes, the list is: Afghanistan, Belarus, Burma, Burundi, Canada, Central African Republic, Côte d’Ivoire, Crimea Region, Cuba, Democratic Republic of the Congo, Democratic People’s Republic of Korea, Eritrea, Haiti, Iran, Iraq, Kyrgyzstan, Laos, Lebanon, Liberia, Libya, Myanmar, North Korea, Palestinian Territories, Peoples Republic of China (PRC), Rwanda, Somalia, South Sudan, Sri Lanka, Sudan, Syria, United States, Venezuela, Yemen, Zimbabwe.

1.3 What portion of the total Lumerin token supply will be kept by the founders & team?

25% of the total supply will be allocated to Titan. Of this, 20% will be kept in Titan’s Corporate Treasury and 5% will be released to the team with a 6 month lockup and 24 month vesting thereafter.

1.4 What regulatory treatment is Titan seeking for the Lumerin token?

Titan believes that the Lumerin token is a utility token that will initially be developed as an ERC20 token.

1.5 How does Log in/ Registration work for the Lumerin KYC/Token sale?

  1. Once an individual has a valid email address associated with Tokensoft, they can use those credentials to participate in any Tokensoft powered sale.
  2. However, they must sign in to a new sale ONLY during that sale’s registration period. Otherwise, they will receive an error message.
  3. 2FA issues: to request a 2FA reset you must email support@tokensoft.io and provide the following information
    1. A selfie holding your ID
    2. A note of at least one Tokensoft powered sale you have previously participated in
      *If we are unable to verify your identity your 2FA will not be reset as it is a security feature
  4. You cannot change the email address associated with your account
    1. You can request an password reset

1.6 What can I do to get through the KYC process as easily and successfully as possible? What if I fail the KYC process?

Best Practices for KYC

  1. Confirm your ID document is supported: https://onfido.com/supported-documents/
  2. When filling out your contact information and DOB, ensure your information matches exactly what is printed on your ID document 
    1. IF there is both latin text and other characters for your name, the Latin text is preferred. 
    2. Any discrepancies between your ID and the information you provide will significantly increase processing time and/or risk failure of KYC
  3. DO not submit scanned documents or copies. Only LIVE photos of your documents will be accepted and eligible for processing. If you do submit a scanned document your processing time will be considerably increased or you risk failing KYC altogether. 
  4. Your ID must be Valid. It cannot be expired. 
  5. All KYC decisions are final. If you FAIL KYC, it is for a valid reason and you will not receive a second chance to submit your information. 
  6. Passing KYC for one token event does not guarantee that you qualify for another. Each issuer has their own KYC policies, procedures, risk tolerance, and jurisdictional requirements. 
  7. If you are asked to provide a receiving address for the project you are participating in:
    1. The wallet must be unique to you alone. If the address is associated with a different email account within the Tokensoft system you will receive an error
    2. Ensure it is a self-custody wallet and not an exchange address

1.7 How are payments handled for the Lumerin token sale?

  1. Tokensoft Supports the following payment methods
    1. DOT
    2. USDT, USDC, ETH, DAI
  2. MetaMask and/or WalletConnect connection:
    1. The wallet you connect to pay from must be unique to you. If it is associated with any other email address in the Tokensoft system you will receive an error. 
    2. You must have enough funds in your wallet for the payment, gas and transaction fee prior to connecting your wallet. 
    3. You can use the recommended gas amount or speed up the transaction with more. It is not recommended that you lower the gas price.

1.8 After the Lumerin token sale, how are SAFTs managed for Users?

  1. When an event is finished, Tokensoft works with the token issuer to generate your SAFT/TPA. The PDF document will be uploaded to your profile when it is ready
  2. You can update your receive address in your profile. However, an issuer will lock this feature as legal documents are finalized. It is in your best interest to set a reliable wallet address that you have access to as soon as possible in the event process. 
  3. A receipt of all of your transactions is available in your user profile. You will receive a SAFT/TPA for each transaction you complete.

1.9 What is the process for the Lumerin token sale? Who gets in first?

Our Queue-IT process is as follows:

    1. Do not attempt to use multiple sessions or switch devices. You will encounter errors and will be put at the end of the line to participate. 
    2. Only registered users can get into a queue. One registrant one session, do NOT attempt to run multiple sessions, as you may incur errors or be unable to proceed.
    3. It’s recommended that you use a desktop/laptop to participate, as switching between devices may cause errors. (No Mobile)
    4. The Queue system will be open prior to the event start time. As long as you join the queue prior to the start of the event regardless if it’s 10 minutes or 1 hour prior, you will enjoy an equal chance to participate in the event. Those who joined the queue after the event starts will join at the back of the line and will be first come first served. As soon as all available tokens for the event are allocated, the event will conclude.

    Once you are let into the event, you have 30 minutes to make the payment before your session expires. So do follow the prompts and complete the process as soon as you can.

1.10 Is equity being sold?

No. SAFEs were sold in our seed round that was lead by Coinbase in December of 2020.

1.11 Does equity investment come with Lumerin tokens?

No. The seed round investors who purchased SAFEs were given a Lumerin token bonus as a kicker.

1.12 What country are the token sales being done through?

British Virgin Islands (BVI).

1.13 Can you confirm if Coinbase Ventures is invested in TItan?

See this January 14, 2021 Press Release

1.14 What is the Sale Period?

The sale period will be for 1 week.

1.15 What is the public sale purchase process?

Purchasers will be required to KYC to join the whitelist – detailed process will be announced soon.

1.16 Is there a lockup period?

There will be a lockup period – detailed process will be announced soon.

1.17 What is the Lumerin Token Utility Flow and Revenue Model?

The Lumerin token will be used as gas fees for transaction costs (setting up Smart Contracts, etc.) on the network (revenue model), used to update the state of the blockchain, as support for Validators, and for staking by the hashpower seller.

1.18 What is the Lumerin Token Go To Market Strategy?

Titan has contacts with institutional miners all around the world, particularly in North America and Asia. After the launch of the testnet we will reach out to these miners and allow them to deploy their own hashrate products to be sold on the marketplace. We will have a library of standardized smart contracts for them to easily deploy these products.

1.19 Why did you invent and build Lumerin Protocol and the Titan Hashpower Marketplace?

Currently, mining pools are severely fragmented due to the hunt for cheap electricity, friendly regulations, taxes, and infrastructure. A virtual marketplace will allow cryptocurrency miners from the U.S. and worldwide to create simple, smart contracts on a peer-to-peer and decentralized, trustless platform, essentially a DEX/DeFi for Bitcoin hashpower. Companies or individuals with a lower risk profile will be able to invest and buy/sell compute power providing additional capital and investment for the entire mining industry. Through financial derivatives/futures and services for lending, custody, OTC, and trading, the mining ecosystem can achieve higher growth in revenues and investment.

1.20 How will Titan.io fund the research and development of the Lumerin protocol to keep the ecosystem evolving?

Titan has raised a SAFE seed round that is funding the initial development of the project. Once the network is launched and fully decentralized, community token incentives will serve as the primary method to grow the ecosystem.

1.21 What is the Titan Hashpower Marketplace?

The Titan Hashpower Marketplace, based on the Lumerin protocol, is a platform for real-world tokenization of hashpower use cases. It was designed to be easy-to-use, scalable, and have minimal transaction costs.

  • We have built a platform that anyone can use without being a bitcoin hashpower expert. Our novel technology is flexible and different applications can be built on top of it.
  • Our customers are individuals and companies developing real world hashpower use cases.

1.22 Why will the Lumerin token be useful in the future?

The future is bright for the Lumerin token due to the unlimited number of use cases, tokens and products that can be created and powered by the Lumerin protocol, globally. The first product deployed on the mainnet is an easy-to-use hashpower buy/sell service. We have several strategic items in our roadmap that will bring additional and unique functionality to the network and that will enable the Lumerin token to be used in other markets.

1.23 How does a hashpower smart contract get created?

The Seller installs the Lumerin Layer 0 Protocol on their proxy server. This enables them to then connect to the marketplace and create a smart contract to sell their hashpower.

1.24 What is the Lumerin Validator, and how does it work?

The Lumerin Validator verifies the seller’s stake and the buyer’s payment (with gas). In addition, during the processing of the hashpower smart contract and delivering the hashpower to the buyer the Lumerin Validator monitors the hashpower and updates the smart contract with the amount delivered.

1.25 What wallet do I use?

We recommend the MetaMask wallet, but any ERC20 capable wallet will work.

1.26 What are the potential additional features that the market place could support?

We see the potential for many additional features. For example, the creation of financial derivatives/futures as well as services for lending, custody, OTC, and trading to name just a few.

1.27 Is there any Pre-mined Tokens Allocation?

75% of Lumerin tokens are pre-mined tokens. 25% of Lumerin’s tokens are mineable over the course of 10 years which serves as the year to year inflation rate. After 10 years there will be no more inflation.

1.28 Will there be bounty programs and ecosystem tokens?

Yes – 25% of tokens will be mineable by the community given that we are targeting miners as our users, another additional 18% are dedicated to community incentives including development grants, airdrops, loyalty rewards, etc.

1.29 Were there seed and private sales of the Lumerin tokens?

Yes. Seed round gave a right to receive 15% of the Lumerin tokens and Private sale has 8% of Lumerin tokens.

1.30 What pain points does Titan solve?

We are enabling the decentralized control of hashrate. Hashrate control is becoming more and more concentrated in the hands of a few miners and pools around the world, and this is a threat to the ecosystem. For miners with a lower risk profile, it is very difficult to get into crypto mining. The costs and time needed to build the IT infrastructure are significant. The volatility of POW token prices can scare away potential miners. We are providing a one-stop-shop for anyone to buy smart contracts and control hashpower for a limited time, allowing the infusion of much larger amounts of capital into the mining ecosystem.

1.31 Will the Lumerin token have decentralized finance and governance?

Governance – participants on the network will be able to vote with their proportional hashpower that they are using to mine Lumerin tokens. Titan’s goal is to create decentralized finance for (or collateralized by) hashrate.

1.32 Is the Lumerin token a security token?

Titan believes that the Lumerin token is not a security.

1.33 Is there a management fee – yearly percentage?

No.

2.1 Can you briefly introduce the application scenarios of tokens?

On the Titan Protocol platform the seller (with the hashpower device) will create a Smart Contract. A Buyer reviews and then accepts the contract. The contract is recorded on the Titan blockchain and the hashpower is re-routed from the Sellers device to the Buyers destination. The registering and recording of the transaction on the Titan blockchain is paid for by the Lumerin token. In addition we see opportunities for the entire mining industry in this marketplace through financial derivatives/futures as well as services for lending, custody, OTC and trading that will require the use of the Lumerin Token. Initially, Lumerin Tokens will be ERC20 but will eventually be migrated to its own blockchain.

2.2 Why would a miner use this protocol rather than just sell hash to a pool?

We’ve seen over the years that there has been a consistent demand for purchasing hashrate products, even if at an unreasonable profitability calculation. Services like Genesis Mining and Nicehash have proven this demand for over 8 years now.

Because there is this customer base willing to pay more for the convenience of hassle free hashrate procurement, this gives an avenue of greater potential profitability to miners. The question then arises, why don’t these customers just purchase BTC or another POW coin directly rather than buying hashrate at a higher cost. There is additional value in minting your own blocks or mining your own coins directly that is almost impossible to put a valuation on. For example, if in the future a bank may want to mint its own block to settle transactions with another bank but needs to have a “clean” block for KYC/AML purposes. Or, a new network or pool is trying to launch and needs to procure a large amount of hashrate for a short amount of time for testing or hardening. These are just a few scenarios, but I’m sure there are many more that we could discuss. Miners being economic animals should be willing to sell their hashrate to the highest bidder, whether it be a pool, a network, or a buyer on the Lumerin Network.

2.3 Will the Lumerin token be an ERC20?

Yes, we see the initial phase as an ERC20 token. As the platform increases in usage we will migrate to our own blockchain. The initial token will be issued on ethereum but the POC contracts could be launched on any EVM.

2.4 Will the Lumerin token have its own blockchain, or is it running on another chain like Ethereum?

Initially, the Lumerin Token will be an ERC20 token, but as the platform grows we plan to migrate to our own blockchain.

2.5 What will the Lumerin token do, and why was it created?

The token is meant to regulate the state of the network/ledger. There are a lot of great projects out there that have very similar specs to what we would need in a network for the Lumerin protocol but none of them were a perfect fit and would require quite a bit of custom alterations especially when we start getting into the trustless stratum work proofs we would need to create. We have decided to deploy our own token to regulate the Lumerin network/protocol so that we (the Lumerin community) would have full control over the environment moving forward.

2.6 How much Lumerin token will be available for mining?

25% of the total supply will be mineable.

2.7 Is Titan providing liquidity to miners to force demand?

The Lumerin Protocol is a peer-to-peer solution that enables data stream routing using smart contracts and oracles. The Titan Hashpower marketplace, based on the Lumerin protocol, is a marketplace where the mining power of crypto can be easily accessed, distributed, bought, sold, and managed anywhere on the globe. This, in turn, gives miners better access to larger markets for their crypto compute power, allows others to buy/sell compute power at reduced risk, and provides additional opportunities for the entire mining industry through financial derivatives/futures as well as services for lending, custody, OTC and trading.

2.8 When mining a coin, will the payout always be in the mined coin?

The Lumerin protocol routes hashrate for other networks based on smart contracts and oracles. The payout from the hashrate will be determined by the destination pool or network being mined.

2.9 Why does there need to be a Lumerin token instead of using BTC or USDC (or any stable coin) as collateral?

The collateral being staked in Lumerin tokens rather than a stable coin like USDC or WBTC might not be better or worse, it’s entirely up to the risk profile of the seller (hashrate provider). We are doing our initial sample contracts with staking and our initial marketplace DEX environment with staking. This allows us to use our own token to drive the market dynamics but this won’t be a requirement for all marketplaces. The thing we keep emphasizing is that we are building the piping protocol. Anything above that is just suggestions and sample products for the community to iterate on. That being said, there will be an eventual required staking for validators in tokens, this is to make sure they have a vested interest in being good actors inside the Lumerin network. But that type of model is already well documented and in use by dozens of other projects in the space, so we aren’t recreating the wheel on that one.

2.10 Is the token price linked to hashrate, and if so, what happens in an example where China cuts off mining supply, and its predicted effect on Lumerin’s token price?

The price of Lumerin token will be determined by the demand for hashrate and trading.

3.1 How is Jeff Garzik involved in this project?

Titan was formed and founded within Bloq in 2018, by Ryan Condron, Jeff Garzik and Matthew Roszak. See Crunchbase.

3.2 Which miners (software) will be supported?

Miners/software is not affected since Titan is a TCP/IP proxy routing layer.

3.3 Do you already have a list of pools planning to work with Titan?

Lumerin is pool agnostic since the trust either resides between the buyer and seller or with the validator network.

3.4 Which algos/coins will be supported at launch?

The token is meant to regulate the state of the network/ledger. There are a lot of great projects out there that have very similar specs to what we would need in a network for the Lumerin protocol but none of them were a perfect fit and would require quite a bit of custom alterations especially when we start getting into the trustless stratum work proofs we would need to create. We have decided to deploy our own token to regulate the Lumerin network/protocol so that we (the Lumerin community) would have full control over the environment moving forward.

3.5 Where can I find more about the Titan Protocol team?

See Ryan Condron, Jethro Grassie, Matthew Roszak

3.6 How did Titan come up with its name? Where did the name Lumerin come from?

The Titan and Lumerin names were developed in a joint effort between team members.

3.7 What is the centralization problem?

Essentially the three drivers force mining companies to centralize their operations to specific locations that satisfy these drivers. Mainly cheap electricity, favorable government, and stable infrastructure.

3.8 Will there need to be an account created to use the protocol and how will that work?

An “account” would reflect the same anonymous private key signing pattern that we see in other networks. A marketplace may require further registration but the initial Titan marketplace is not planning anything like that.

3.9 Eth for Eg is planning to move to POS, and more efficient protocols are on POS or other faster validation systems. The longevity of hashrate, was that considered, besides just BTC? Or were you just considering BTC.

BTC has the most dominant market cap and we don’t see it slowing down in growth anytime soon.

3.10 I have some questions around the TCP proxy’s at the Oracle stage, are they going to be reporting 24/7 or just intermittent?

Intermittent share packets would be sent to the validator network. Exact logistics are still being designed and aren’t finalized quite yet.

4.1 Does that mean you own equity in the equipment or just the daily output?

We own neither. All we do is support the transaction to buy/sell hashpower.

4.2 Is Titan giving control over block construction to the individual purchaser?

The purchaser would have full control of the hashrate…. so if they choose to construct a block with it, that is their own business. Currently the order for a hashrate purchase would require a successful stratum handshake to start the fulfillment…. so the only thing a purchaser couldn’t do at this point is point the hashrate into the ground.

5.1 If you want to sell hashrate you have to buy the Lumerin token?

Yes.

5.1

The purpose of this Tokenomics/FAQ/Q&A description is for information purposes only and may be subject to change or update without notice in the sole and absolute discretion of Titan.

Further, this Tokenomics/FAQ/Q&A description does not constitute an offer to sell or a solicitation of an offer to buy securities. Any such offer or solicitation will be made only by means of offering materials and in accordance with the terms of all applicable securities and other laws. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. Titan expressly disclaims any and all responsibility for any direct, indirect, consequential or other loss or damage of any kind whatsoever arising directly or indirectly from (i) reliance on any information contained in this presentation, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom

This Tokenomics/FAQ/Q&A description may contain references to third party data and industry

publications.  As far as we are aware, the information reproduced in this Tokenomics description is accurate and the estimates and assumptions contained herein are reasonable.  However, we offer no assurances as to the accuracy or completeness of this data.  Further, this Tokenomics description contains forward-looking statements with respect to the Company’s operations, financial results, business and products and there can be no assurances that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements.  Except as required by law, we assume no obligation to update any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future

This Tokenomics/FAQ/Q&A description may also contain projections for consideration purposes only.  Any such projections may include forecasts, targeted user acquisition metrics and other predictive statements that represent our assumptions and expectations in light of currently available information.  Any such forecasts are based on industry trends, and they involve risks, variables and uncertainties.  Our actual performance results may differ from those projected in any such forecasts.  Consequently, no guarantee is presented or implied as to the accuracy of any specific forecasts, projections or predictive statements contained therein.