THORChain is a cryptographic protocol platform that uses blockchain-based technology to provide companies with an easy and secure platform for sustaining their own corporate and financial purchases on the Ethereum network.
The platform intends to solve some of the problems that businesses face by unifying different blockchain applications. It is minimizing the number of transactions with multiple chain stores. This also ensures that the chain that utilizes blockchain technology is built on a strong foundation. With this, it provides a safer experience for users.
ThorChain platform uses smart contracts powered RUNE
The project’s goal is to make the Thor token the best, most trusted, and widely used token in the world. It aims to establish RUNE as a new standard for everyday transactions.
ThorChain is working on a blockchain for regular consumers that will require adequate daily tasks rapidly and for free. It refers to the more efficient transmission of data, interaction, and value from users to resellers.
The platform, THORChain employs Tendermint, Cosmos SDK, Threshold Signing Schemes (TSS), and Byzantine Fault Tolerance in addition to the RUNE token. If this appears to be a lot of jargon, rest assured that what THORChain is attempting to achieve is extremely complex and requires the governance of countless mechanical parts.
THORChain is custodial-free
Users exchange tokens between chains without the use or redemption of intermediate tokens. THORChain allows you to trade bitcoin and Ethereum without ever losing custody of your assets, as opposed to using a centralized exchange like Coinbase.
Because THORChain is custodial-free, you retain complete control over your digital assets during the exchange process. The primary reason THORChain is relevant today is that it resists centralization while addressing a major issue for decentralized exchanges – liquidity.
Furthermore, THORChain is distinct in that it does not bind assets or generate cash – no WBTC required! When processing outgoing transactions, THORChain monitors incoming deposits from users and applies business logic.
THORChain is, at its core, a leaderless, byzantine, fail-safe storage manager. Again, don’t be embarrassed if you’re unfamiliar with these terms. Visit the project documentation to learn more about what THORChain does, how it does it, and why it does it. RUNE token holders can earn so many RUNES by loaning money to trades as well as handling the platform’s nodes.
The mission of THORChain
THORChain allows people to share online media without relying on the trading floor. It provides open access to global liquidity, pricing channels that are resistant to manipulation, consistent and deterministic liquidity across all assets, and common incentives for all participants.
The project offers full transparency of the THORChain network’s cash flow and rationale, as well as weekly reports to its society on trends and events.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”
