Thorchain is a non-profit project. The dev team is not known and does not keep any of the RUNE tokens used for transfer fees. These fees are distributed to the network participants. RUNE is the native cryptocurrency of the network, and it supports all functions on the ThorChain network. These functions include governance, staking, covering transfer fees, and bonding for validator nodes.
Briefly about Thorchain
ThorChain was developed at the Binance hackathon in 2018, and the dev team still works on improving the network. Unlike Pancakeswap and similar DEX platforms, ThorChain doesn’t just allow swapping in the native asset. That means you don’t need to use wrapped tokens to trade on this network and can simply use the actual coins. For example, you can swap Bitcoin for Ethereum by exchanging the coins for RUNE.
Thorchain is a decentralized cross-chain liquidity network, that support anonymity, privacy and stand for human rights.CryptoLists.com
ThorChain was developed in 2018 and was primarily meant to fix the flaws in the use of centralized exchanges to transfer crypto assets. This network is non-custodial and bridges to external networks. That means it facilitates cross-chain transfers and works like a decentralized exchange.
Utility of Thorchain?
The main utility with Thorchain is that they believe in privacy and anonymity. Crypto Lists finds that no other blockchain takes human rights, privacy and anonymity as serious as Thorchain.
Thorchain works as a settlement layer and facilitates swaps among multiple chains, including Ethereum, Bitcoin, Dogecoin, Litecoin, Binance Chain, and Bitcoin Cash. It is used as a crypto exchange, and since its developers are anonymous, it will be decentralized forever. One thing which separates this cross-chain exchange from competitors is that it doesn’t use wrapped tokens and instead uses native assets.
Thorchain Consensus Method: Other
Release Date: July 5, 2019
Advantages at Thorchain+ ThorChain´s dev team is anonymous.
+ The project has been audited by respected firms.
+ ThorChain has a strong community of developers and users.
+ Users can view weekly reports and bug fixes on the Medium account.
Disadvantages- Its native cryptocurrency isn’t available on many crypto exchanges.
- The anonymity of the founders can raise some transparency issues.
- There isn’t a long history of the network.
- Its consensus protocol is largely untested.
Costs▪ Rated at 10/10
RUNE works as an ERC-20 or BEP-2 token, meaning users have to pay fees in ETH or BNB when transferring the token. On Ethereum, you will have to pay a transfer fee of about $20, although this can go up or down significantly depending on the network usage. On Binance Chain, the transfer fees will usually be less than $2.
Reputation and Buzz▪ Reputation rated at 10/10
▪ Buzz rated at 9/10
ThorChain is extremely popular, especially because it is committed to decentralization. It also works as a non-profit organization and distributes network fees to the network participants. The popularity of the project can be seen on its social media pages. On Twitter, the blockchain has more than 187,000 followers, and lots of discussions on the project are held on this social media site. The main issue people have pointed out is that the project may have transparency problems, given that its founders and directors are all unknown.
Who created ThorChain - Blockchain?
ThorChain does not have a founder, CEO, or directors, and this is meant to maintain the decentralized nature of the blockchain. The dev team of the protocol works on Github, where they upload new updates and upgrades to the network.
Is ThorChain - Blockchain proof of stake?
ThorChain is a proof of bond blockchain, and the nodes have to commit a bond in order to be churned in. This bond is used to give the node a voting slot and will also underwrite the assets in the pools.
Will ThorChain overtake Ethereum?
Although ThorChain is a popular blockchain, it is highly unlikely to ever overtake Ethereum. This is because Ethereum has already been widely adopted and enjoys the first-mover advantage. Ethereum is also switching to proof of stake and will be much faster and cheaper to transfer.
How should I choose a ThorChain wallet?
RUNE tokens are available on several blockchains, including Ethereum and Binance Chain. You can, therefore, store your tokens on ERC-20 or BEP-2 wallets. The best ones include Ledger and Trezor. While hardware wallets can be expensive, they offer the highest levels of security.
Is this blockchain secure?
Yes, the ThorChain network uses the proof of bond consensus system to prevent spam and to protect the network. While this consensus mechanism hasn’t been tested thoroughly, it is unlikely to experience any security issues as it is backed by sound technology.
History about Thorchain
June, 2019 - Thorchain's website goes live with a new design, describing the purpose: "Powering fast and low-fee digital asset swaps; enabling instant and liquid payments". They also describe it as a hybrid of emerging multi-layer technologies. It seems like most of the combined blockchains are called names from the Norse gods mythology; such as the Yggdrasil protocol, Bifröst protocol, Asgardex and æsir protocol.
Aug, 2020 - THORChain is supported by many individuals and teams working together in pursuit of decentralised and democratised liquidity. Thanks to their anonymity and privacy, the supporters are not mentioned on the official website.
June, 2022 - Thorchain welcome their users to v0.2 of the all new THORChain.org. They state that Solvency should be verifiable. "A decentralized liquidity network means that anyone can verify the solvency of the network, onchain", writes Thorchain. They also reveal that v0.3 will be all about liquidity providers.
Screenshots from Thorchain
Native crypto coin for this blockchain? Learn more about Thorchain (RUNE)RUNE is the native coin for Thorchain. It is therefore also worth reading more about that on the link below.
›› Read our full Thorchain review here