THORChain Crypto Exchange Borrows Heavily From Norse Myths

FinTech, Innovation, Investing | October 21, 2018 By:

THORChain, a new decentralized exchange protocol, has officially launched with the aim of solving the three main issues plaguing cryptocurrency exchanges – speed, security and cross-chain transactions.

The project is an entire ecosystem of new developments designed to streamline digital asset trades and payments on the blockchain. The team’s goal is for anyone to trade or pay for anything in any type of digital currency at the highest speed and security imaginable. 

THORChain is a protocol that augments the entire blockchain and digital assets ecosystem. It is designed to work across any chain, and features scalability functions built into its code.

At its core, THORChain is a decentralized exchange that has been designed to function as one, large, liquid network that solves useability, compatibility, liquidity and security. THORChain will debut a breakthrough in incentivised 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, allowing users to trade and pay in any currency they want to. This is the central promise of THORChain.

Additionally, any exchange (decentralized, centralized 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.

The different protocols and networks that make up THORChain each have their own role in maintaining the mission of THORChain, as well as developing a strong, relatable brand, rooted deep in Norse Cosmology.

Asgardex acts as the fast, decentralized exchange for the entire protocol – essentially the fortress and epicenter of THORChain. The Æsir Protocol performs the governance protocol – the self-amending forkless authority for the platform. The Bifröst protocol acts as the secure, cross-chain bridge protocol for all of THORChain’s operations. Yggdrasil, the mythical tree in Norse mythology has an interesting role – the novel sharding solution to THORChain. Finally, the Flash Network is a Layer 2 payment network that will allow instant asset payments ane conversion.