The ThorChain network is a decentralized platform that allows its participants to exchange cryptocurrency assets with ease over a variety of networks without totally losing custody of their assets.
On the ThorChain network, the participants are allowed to easily swap cryptocurrency assets with one another as opposed to the traditional practice which will require order books to source liquidity. Instead, on the ThorChain network, the general market prices of the assets are determined and maintained by the number of assets in the platform’s pool.
The ThorChain platform has a native utility token known as RUNE. The native token serves as the base cryptocurrency of the entire ThorChain ecosystem and is also significantly applied in its security and governance. This is as specified by the platform’s Sybil mechanism that facilitates the system’s resistance. This is executed via the requirement of the ThorChain system nodes to commit at least 1 million RUNE to be included in its rotating consensus protocol.
Who are the Founders of ThorChain (RUNE)?
In its early days, the ThorChain system was funded via an initial Dey offering which was launched through the Binance exchange in mid-2019. However, its minnet was officially launched later in January 202. Currently, the system is scheduled for a complete multi-chain upgrade sometime in 2021.
According to findings from an official representative of the ThorChain ecosystem the network is not directed and has no founders or a CEO. Instead, the continuous development of the platform is organized and executed through Gitlab.
In addition to this, the staff of the project is anonymous. According to the representative from the network, the mode of operation was set up to protect the platform and ensure its decentralization.
A recent tweet from the network shed more light on its mode of operation as quoted below:
The platform has developers which work with nodes and increase the overall value of the network by importing new code. The nodes in turn work for the staking participants by staying online and securing digital assets. The stakes apply themselves to the process by bringing capital to the market for swappers to enjoy. The swappers are the last level as their fees for these services offered provides economic activity for the platform.
What is ThorChain (RUNE) used for?
The ThorChain platform provides an Avenue where cryptocurrency holders can trade their digital assets directly in a secure and seamless environment.
The provision by the platform saves the participants in the platform a lot of money in the form of charges they would have had to pay to trade cryptocurrencies in the regular exchanges available.
What Is the Unique Point of ThorChain (RUNE)?
The ThorChain platform makes use of a dedicated system to help curb the problem of implementation or any other type of risk that is connected to users experiencing loss when contributing to the liquidity pools. The system can achieve this via its use of fees based on slips to ensure that the rate of liquidity stays where it is supposed to.
In addition to this feature, the ThorChain network also applies a combination of a variety of novel technologies, some of which include an on-way state peg, the Bifröst Signer Module, seamless execution of cross-chain token swaps via the TSS protocol, and a state machine. All of these facilities are kept underground in the platform, which in turn provides easy accessibility and navigation for inexperienced traders.
The Platform is also not profit-oriented as all payments and fees generated by the protocol go to the participants and no provision is made for the team. Instead, the team is rewarded by simply holding the native token RUNE, just like other participants on the network. Currently, the Rune token is available on different blockchains, including Ethereum’s ERC-20 and the Binance Chain.
How many ThorChain (RUNE) coins are in circulation?
The ThorChain network has its total supply pegged at 500 million RUNE tokens. As of February 2021, there was a circulating supply of 158.4 million tokens.
As was previously mentioned, the ThorChain network was initially launched as an initial exchange offering on the Binance DEX. During this process, a total of 20 million RUNE were sold. However, in the earlier funding round, a total of 130 million Rune tokens were sold.
According to the official proposal of the Binance DEX, a total of 50 million tokens, which amounts to 10% of the total supply, was assigned to the team. The tokens were locked until the ThorChain minnet launched and was bound under a 20% per month unlock mechanism.
Currently, the emission curve of the ThorChain system starts at 30% APR. According to the network, it has a target to achieve around 2% APR after a decade of operation.
Is the ThorChain (RUNE) Network secured?
ThorChain was designed with a Cosmos SDK and the platform is powered via the Tendermint consensus algorithm. This prevents any form of attack to the system through a novel BFT proof-of-stake system which oversees a massive group of validators working together to finalize and propose blocks of transactions. Upon the execution of their responsibilities, the validators are rewarded.
This is unlike most of its predecessors in the world of cryptocurrency, including the Bitcoin network, which uses a proof of Work consensus algorithm.
Apart from this security protocol, the ThorChain smart contracts have been repeatedly audited by a series of third-party security firms, one of which includes Certik, a firm that found no vulnerabilities in the ThorChain network’s security. This serves as a major advantage for the platform as investigations are currently underway for the regulation of stablecoins.
How do I buy ThorChain (RUNE)?
The ThorChain network offers a series of services, one of which is the exchange of cryptocurrencies. As such, participants with RUNE tokens can easily exchange their tokens with other users on the network. This function and several others have led to the massive adoption of cryptocurrency and its availability across several third-party exchanges. To buy RUNE tokens, the steps below provide the right direction to purchasing tokens.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and Buy RUNE through your trading account.