GPUXLM - GPU Mining backed Asset on the Stellar Blockchain

starmining

This is a short description of an idea that we have been working on. Would like to gather community feedback and gauge community interest.

What is GPUXLM:
Multiple assets have been issued on the Stellar blockchain, backed by metals, fiat currency, gemstones and business models. We propose the introduction of a new asset (GPUXLM) on the Stellar blockchain, one that is backed by a commodity that is both transnational and easily verified – GPU mining hashpower. GPUXLM will rely on GPU mining for decentralised, democratized distribution and participation while relying on the Stellar blockchain for security, transfer and exchange at low cost. The value of GPUXLM, while derived from the market will be anchored by its hashpower (more easily verifiable than metals/gemstones and ‘hard’er than a business plan).

Benefits to Stellar:
• A ‘crypto mining’ asset on the Stellar ecosystem (which is currently very removed from mining)
• Increases the variety of assets in the Stellar ecosystem
• New users introduced to the Stellar ecosystem (e.g. GPU miners)

Benefits to GPU Miners:
• Token targeted towards GPU miners (decentralised, fairer, ASIC resistance)
• Protected by the Stellar Consensus Protocol (so no issues of 51% attack, especially when scaling up)
• Quick transfer of the GPUXLM tokens with minimum fees
• Listed from Day 1 on StellarX and other Stellar DEXs
• Fair coin

Benefits to GPUXLM owners:
• GPU mining hashpower (PoW) is a proven commodity (transnational and verifiable)
• Easily traded on Stellar DEXs (at low cost and from day 1)
• Asset ecosystem that is complete at launch (miners, holders, smart contracts etc are all ready at rollout)

Would love to get a discussion started.

We have a small concept note ready on GPUXLM which goes into a bit more detail regarding the project. Would be glad to share it if there is interest.

bkolobara

starmining I'm not a fan of mining, neither for network security nor for distribution.

I don't believe something is fair that just targets a small group of people owning a bunch of GPUs. I also don't see what would give value to this token. You basically burn electricity and issue a token, there is 0 value created.

Having a token that is payed out for people renting their GPUs for AI computation, like vectordash is a cool idea, but I don't see how mindless hashing would bring any benefits to society.

starmining

@bkolobara Thanks a lot for your feedback. I too share your concern towards mining and the resources being consumed by it.

My concern is basically about distribution in a 'fair' way - and I do agree that GPU miners is a section of the whole crypto user base. But they are a vocal and significant section. And also a section that is currently excluded from Stellar and its ecosystem. BTW, would this idea be better if we were to open the Asset for mining for CPU - this would make it accessible to a larger audience and probably spend less resources.

I am happy to see the r/gpumining link to vectordash. We are also observing this project, but I personally feel its years before we can be able to get enough demand to trade GPU mining hashpower to AI projects.

Anyone with experience with projects like 0xBTC (this is a GPU mined token on Ethereum) and Bitcoin Gold (this a GPU mining ONLY hard fork of BTC). Would love to hear more from GPU (and other) miners.

The below link hosts a short concept paper regarding GPUXLM. We have done a comparision between GPUXLM vs BTG vs 0xBTC. Would appreciate any feedback.
https://app.box.com/s/q9eu48rpmbnbi15bie41ik3rh40cask3