THORChain (RUNE)

Last Updated: 01/06/2022

Official Website: https://thorchain.org/

What Is THORChain (RUNE)?

THORCHain is a decentralized liquidity protocol that allows users to easily exchange cryptocurrency assets across a wide range of networks without losing full custody of their assets in the process. THORChain provides the ability for users to swap one asset for another in a permissionless setting. Instead of relying on order books to source liquidity, market prices are maintained via the ratio of assets in a pool.

RUNE is the primitive utility token of the THORChain network. Currently available on multiple blockchains, including Binance Chain (as a BEP-2 token) and Ethereum (as an ERC-20 token). RUNE is the base currency in the ecosystem and is also utilized for platform governance and security as part of THORChain’s Sybil resistance mechanisms – since THORChain nodes must commit a minimum of 1 million of RUNE to engage in its rotating consensus process.

THORChain was funded through an initial DEX (decentralized crypto exchange) offering (IDO) which launched on Binance in July 2019. Its mainnet launched in January 2021.

THORChain Network Security

THORChain is built using the Cosmos SDK and is powered by the Tendermint consensus mechanism. As a result, it prevents attacks through a novel Byzantine fault (BFT) proof-of-stake (PoS) system that sees a large number of validators work together to propose and finalize blocks of transactions. Beyond this, THORChain’s smart contracts have been audited by several third-party security firms, including one by Certik — which found no vulnerabilities.

Team

The platform has no CEO, no founder and no directors. Whilst there are some leads (project, tech, research), these roles will dissipate. The ecosystem is entirely community-driven, and the further development of the platform is organized through Gitlab. On top of that, the people that are currently working on the project are largely anonymous. An official representative of THORChain says that this is to "protect the project and ensure that it can decentralize."

Protocol Developers

THORChain core protocol developers have a deep understanding of the many facets of the protocol, which includes THORNodes, Dev Ops, Bifröst, MIDGARD, TSS, THORFi and the Economic Design of the network.

Ecosystem Developers

Ecosystem developers typically write dApps like dashboards, explorers, wallets, interfaces -- but also enrich libraries and hunt for bug bounties to help secure the network.

Chain Client Developers

Chain clients are maintained by the community. The network currently supports BTC,ETH, LTC, BNB, BCH.

Roadmap

Public TestNet

THORChain launched its public testnet in early June 2020. There was a 40000 RUNE allocation to the TOP 10 wallets that interact with the network and the TOP 10 users who submit Gitlab issues for UI and UX bugs. Another 20000 RUNE will go to any user that builds functional products that are open-source and work with the network, such as dashboards, balancer or arbitrage bots. Main features of the testnet:

Multiple leaderless nodes along with staking, earning RUNE rewards, and slashing for breaking the protocol rules.
Asgard TSS implementation to ensure the sovereignty of funds.
Asynchronous Liquidity Delegation for instant swaps.

Chaosnet

Swap BTC, ETH, ERC20, BNB, LTC, and more, natively.
Staking is capped as the functionality of the protocol is verified.

Mainnet (Upcoming)

Unlimited staking -- no caps.
Q1 2022.

Where to Store THORChain (RUNE)

You can store THORChain (RUNE) in a Trust Wallet along with many other cryptocurrencies. Trust wallet is free and easy to use and can be downloaded to either a desktop or mobile device. Trust Wallet is tied to the device it is downloaded on which will also be the device you use to access and manage your cryptoassets. Popular among traders and gamers, the beginner friendly mobile wallet may be appropriate for users looking for a convenience and accessible app, with trusted security and backup options.

Similarly, a user-friendly option to keep your $RUNE secure can include MetaMask, a leading browser wallet extension popular amongst DeFi platforms and highly praised by developers. Users can integrate with the network’s Liquidity Mining pools by connecting your MetaMask wallet.

One wallet for all your crypto could be XDEFI. Which is a multichain wallet that allows you to securely store, swap, and send Crypto and NFTs across 11 blockchains.

Where to Buy and Sell THORChain (RUNE)

You can Buy & Sell THORChain (RUNE) by heading over to the Buy Coins page of our website. THORChain (RUNE) is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying $RUNE has never been easier, simply place your order and provide your wallet address. Once your payment arrives THORChain (RUNE) will be sent directly to your wallet.

If you choose to Sell THORChain (RUNE) you can send us the coins and receive a payment to your bank account. Details and valuation can be found on our Sell Coins page.

THORChain (RUNE) Resources

Website: https://thorchain.org

Block Explorer: https://thorchain.net/dashboard

Twitter: https://twitter.com/thorchain

GitHub: https://github.com/thorchain

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.