What is it
THORChain is a project that consists of a blockchain protocol for exchange assets. A decentralized and autonomous protocol, fully transparent and that uses RUNE as the native token. It is a decentralized marketplace that seeks to promote the exchange of cryptocurrencies from different blockchains and without favoring any one in particular. A decentralized liquidity protocol that you can fully understand with his presentation video.
The idea of THORChain arises in order to be able to obtain or exchange currencies from different blockchains of anonymously and transparently and with confidence. It is independent and decentralized. The idea is that this project serves as a “bridge” to facilitate blockchains. In short, with THORChain users can trade assets. May exchange one asset for another and market prices, as they explain, are maintained according to the proportion of these in a set. For the ecosystem, RUNE is used, its native token and which was officially launched from the beginning of 2021 with a large community, although everything started much earlier and THORChain has existed since end of year 2019.
Partners and team
Who are its partners and founders? One of the characteristics that differentiates RUNE or THORChain from other cryptocurrencies is that there are no founders and there is no CEO. It is a platform hosted via Gitlab And for this reason, unlike others, we cannot go to the “about” section on their web page, but all the people who work on the project (or the vast majority of them) are totally anonymous, as we can read in this 2019 thread talking about the project.
“It does not have a CEO or founder or director. (…) Developers know what to build. They self-organize through Gitlab ”. And, as the corresponding tweet indicates, we can consult this organization at any time. Here we can see all the members of the project with pseudonym and avatar (some use their name and photograph) as well as the time they have been in it or the role they have.
THORChain can only succeed if it is sufficiently decentralized:
1) Nodes must be anonymous and never socially signal
2) Stakers must be driven only by incentives
3) Developers must be transient https://t.co/ye6WELDMEG– THORChain #RAISETHECAPS (@THORChain) November 24, 2019
Features and operation
On the THORChain website they describe RUNE with five super powers or five main characteristics that make it unique and different: Liquidity, security, governance, incentives and amplifier. It functions as a liquidation asset and a resilient mechanism to “drive economic performance” but also emphasizes chain priority and has incentives to pay rewards.
THORChain is unique because it is not thought from the profit point of view but the incentive of the team is “Keep RUNE”. They explain from their website: “Since Rune is linked to the assets of its groups, when the value of these assets increases, the value of RUNE also increases.” It is a liquidity network “without permission”. That is, anyone can access this network that has more than 99 distributed nodes. The tokens give us decision-making power, they give us a voice when it comes to participating in protocol decisions or making any changes.
How does it work? There are four different types of “actors”: stakers or liquidity providers who are responsible for providing liquidity, as its name indicates. How? Committing a number of currencies that form a liquidity pool and are blocked. In return, of course, they receive a series of rewards and commissions. To the stakers They are accompanied by swappers or users that could be considered “normal” and are those who exchange digital assets for others if the blockchains are part of THORChain. And then there are the traders or traders and the node traders. The former are those whose mission is to obtain a “fair” price from the market. How? They buy assets that have depreciated and sell them at a higher price, although they do not receive a reward or token.
They explain it from the guide on GitBook: “If they find that the price is lower in THORCHain they can buy and sell in an external market. If the price is lower in foreign markets, they can buy there and sell on THORChain ”. What they do is buy assets in markets with low prices and they sell them in markets with high prices. Thus they maintain prices but they also receive a profit.
And finally, the node operators that are in charge of validate all network movements THORChain anonymously and that, of course, receive rewards depending on the state in which RUNE is at all times.
And what is RUNE? They explain: “RUNE is the native currency of THORChain and is consumed as transaction fees on the network.” It also has the incentive pendulum. What is it? A system that indicates the possible states in which the network is and that seeks to increase the reward of the nodes. Depending on the state (it can be optimal, insecure, inefficient or intermediate states) the rewards are distributed in one way or another among the stakers or node operators that we mentioned in the previous section. In optimal state, RUNE is distributed “in half”Between stakers and node operators.
Price and technical details
The price of any cryptocurrency is volatile, it changes not only by days but at the same time, every day. But we can check RUNE’s on any specialized page like any other similar currency. At the time of writing, THORChain is priced at $ 8.74 with a price change of $ 1.24 over the last 24 hours (about 16%) and a minimum of $ 7.51. and a maximum of $ 8.85 during the last day. Although you can consult it at the time you need to know the exact data of the coin as it can change suddenly from day to day.
The volume o market capitalization It is around 1,917,343,266 dollars, although, as we have repeated during all these lines, this will change every moment so you should consult it at the exact moment in which it interests you. The maximum shares they are 500,000,000 and the total shares are 461,668,422 (at the time of writing) with around 224,410,215 shares outstanding or, which is the same, around 45% of them.
Regarding the “importance” of RUNE compared to other cryptocurrencies, it is ranked 68 in the CoinMarketCap ranking and appears in more than 130,000 watchlists.
Where to buy
We can find RUNE information or buy RUNE THORChain although we can also earn it through the rewards of the project. The most advisable thing is to buy it in Binance where we will have to register and access the corresponding section. We can buy cryptocurrencies directly with a credit or debit card and we only have to write the amount of euros we want to invest to know how much we are going to get in RUNE.
In addition, at the top of the page we can see how much one euro is equivalent in RUNE at the time of investment. For example, as you see in the screenshot, 1 RUNE equals 7.35 euros. Based on this, we can fill in the Binance data to make the purchase and start trading. Of course, of course we must have an account or you can register from that same section.