Dear community members and blockchain enthusiasts,
We are thrilled to announce the commencement of development for the Lithos Protocol, a groundbreaking initiative aimed at revolutionizing Proof of Work (PoW) mining through decentralization and trustlessness. The Lithos Protocol team, in collaboration with the ErgoHack community, is embarking on a transformative journey that will reshape the landscape of mining pools.
Lithos Roadmap:
Implement Lithos Miner Client:
● Introducing the Solo-Miner / Lithos Client featuring storage rent transactions, MEV, and enhanced transaction selection.
● Future enhancements include Lithos emissions and pool functionality once contracts are created.
Create Lithos NISP Contracts:
● Development of NISP contracts requiring additions to Ergo’s SigmaState Interpreter, enabling efficient on-chain calculation of work performed by miners.
Create Lithos Rollup & Emission Contracts:
● Rollup contracts serving as the Layer-2 protocol for receiving NISPs from miners and evaluating them.
● Managing tau/diff settings of miners and emission of the LIT token to miners.
Testnet Launch:
● Launching a testnet protocol open to miners for data collection on NISP parameters, contract adjustments, security audits, and general protocol testing.
Create Lending Protocol:
● Introducing a lending protocol allowing miners to borrow LIT tokens & ERG, enabling individual miners to control block production via pool collateralization.
Implement Decentralized Sequencing:
● Decentralizing sequencing to ensure an open and free-to-use protocol without reliance on specific operators, promoting full decentralization. During the recent ErgoHack event, the Lithos Protocol team presented a proposal for fully decentralized collateralized mining pools. This initiative aims to bring trustlessness to mining pools, a significant step forward in PoW mining. The Lithos Protocol Litepaper outlines three key components: NISPs, collateralization, and tokenization.
NISPs (Non-Interactive Share Proofs):
NISPs allow efficient on-chain calculation of miner shares, promoting fair rewards and providing miners with control over share difficulty and risk-reward ratios. This approach is adaptable to any PoW blockchain, not limited to Ergo.
Collateralization:
Collateralized mining pools enable local block creation, giving miners the authority to choose transactions and governance parameters. Lithos Protocol incorporates a DeFi application where lenders provide collateral to miners in exchange for fees, creating a dynamic market.
Tokenization:
The Lithos Protocol will introduce a token essential for collateralization, facilitating a market between lenders and miners. More details about the token will be revealed as we progress with our full whitepaper. In the meantime, you can explore the Litepaper on our Github repository.
We invite you to join us on this exciting journey as we work towards a future of decentralized mining pools and enhanced control for miners. Stay tuned for further updates and milestones as we progress through the roadmap.
For more information and to stay connected, follow us on social media and visit our official website.
Together, let's shape the future of PoW mining with the Lithos Protocol!
Sincerely,
The Lithos Protocol Team