New decentralized exchange protocol THORChain has launched

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Thursday, October 18, 2018

THORChain, a new decentralized exchange protocol, has officially launched. At its core, THORChain is a decentralized exchange that has been designed to function as a large, liquid network that solves usability, compatibility, and security. THORChain is highly optimized multi-chain using pBFT consensus to achieve sub-second block finality.

Tokens are traded on single chains, known as tokenChains with discrete address spaces. Multi-set sharding is proposed to allow byzantine resistant scaling. The native protocol facilitates on-chain trading and order matching at the protocol level, supporting both limit and market orders. Continuous liquidity pools ensure liquidity is always available for any token pair, and double as the source of trustless on-chain price feeds, a cornerstone of the protocol.

Ecosystem

The project is actually an entire ecosystem of new developments designed to streamline blockchain asset trades and payments. The different protocols and networks that makeupTHORChain each have their own role in maintaining the mission of THORChain, as well as developing a strong, relatable brand, rooted deep in Norse Cosmology:

  • THORCHAIN – multi-chain optimized for lightning-fast Layer 1 digital asset trading.
  • YGGDRASIL PROTOCOL – trust-minimized highly scalable sharding solution for THORChain.
  • FLASH NETWORK – Layer 2 Network for cross-network instant asset exchange.
  • BIFRÖST PROTOCOL – A fully secured cross-chain bridge protocol for THORChain.
  • ASGARDEX – fast and secure decentralized exchange built for THORChain.
  • ÆSIR PROTOCOL – self-amending forkless governance protocol for THORChain.

More detailed information on the THORChain ecosystem can be found on GitHub.

THORChain will debut with incentivized on-chain liquidity, allowing anyone to stake any asset on-chain, contributing to liquidity and earning a return at the same time. Deep liquidity will allow the protocol to support unrestricted trades and payments of any kind.

Additionally, any exchange (decentralized centralised or hybrid) can rebuild on THORChain to access the liquidity and security of the protocol, as well as any asset it supports. Wallets can use THORChain technology to allow their users to swap and trade assets directly from wallets, and a new class of non-custodial payment services can be supported.

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