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Thorchain: Why RUNE is RALLYING!! More Potential? ๐ŸŽข

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All the craze around the crypto market makes it easy to forget that history is being made right this moment. Many of the coins and tokens seeing record growth are those belonging to crypto projects. That will change the financial system forever.

Thor chain is one such project and it recently launched the first ever decentralized exchange that lets you swap between native cryptocurrencies even privacy coins as part of the launch 4chain’s roon. Token became a coin on its own blockchain and has continued to see strong growth despite the recent market downturn.

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Today i’m going to explain what 4chain is, how it works, and why roon is one of the most valuable cryptocurrencies on the market. Before we head to the halls of odin, there are some disclaimers that need to be spoken. Financial advice is great, but i am not a financial advisor. So i wouldn’t know all i do is educate in the interest of disclosure. You should know that roon is a cryptocurrency to which i have exposure.

Roon is a recent purchase of mine and my crypto portfolio changes from time to time. If you want to know what else, i hold stick around to the end and you’ll be told. If this is the first piece of coin bureau content you’ve encountered, my name is Guy and this channel is a crypto content mountain. Crypto news, crypto reviews, market analysis and useful tools are just a few of the topics i explore.

If you want to learn about these and more, subscribe to the channel and ping that notification bell to level up your crypto score. You can use the timestamps in the video timeline to get a sense of where we’re going and skip ahead if you think there are topics worth ignoring. Just bear in mind that watching the whole way through is very kind.

Now that these disclaimers are in your brain, prepare to experience the power of thor chain. Thor chain was founded by a pseudonymous team of cryptocurrency developers at a binance Hackathon in 2018. The project technically has no founder and none of its 18 self-organized developers has a formal title of any kind. Many of thor chain’s resources were also created by its community most notably the thor chain website.

This would be concerning were it not for the incredible transparency of thor chain’s core operations. Development updates are published to medium on a weekly basis and treasury reports are published every month all of 4chain’s code is open source. And this code has been audited seven times by well-known auditing firms like sertic and the gauntlet.

Thoughtchain also raised more than two million dollars between the private sale and seed sale of the roon token. And raised an additional quarter million dollars from its ieo on binance. I’ll get back to roon. In a moment in a sentence, 4chain is a protocol that makes it possible to instantly swap crypto currencies between blockchains. It’s designed to function as the back end to the next generation of cross-chain decentralized exchanges.

The thor chain chaos chaosnet went live in the summer of 2020. After almost two years of development 4chain’s chaosnet, subsequently became the back end for the bepswap decks which was the first decentralized application to launch on the binance smart chain in september 2020. Bepswap features wrapped bep2 versions of various cryptocurrencies such as bitcoin, ethereum and litecoin. And served as a testbed for the multi-chain launch of 4chainz chaosnet.

The multi-chain chaos net went live earlier this month. Making it possible to swap between bitcoin, ethereum, litecoin and half a dozen other cryptocurrencies in their native forms without rapping. This can be done using the thor swap web interface, the asgardx web interface and the asgardx desktop client which acts as the front end to thoroughchain’s multi-chain chaos net protocol.

The thor chain community is also building various dex interfaces built on the thor chain protocol. So how the hell does thought chain actually work? Thoughtchain is built using the cosmos sdk and uses a proof-of-stake consensus algorithm based on tendermint. The thor chain blockchain currently has 76 validator nodes and can theoretically support up to 360 validator nodes.

Each thor chain node must take a minimum of 1 million roon which works out to a whopping 14 million dollars at the time of shooting. 4chain nodes are expected to stay anonymous as well and this is a part of why delegating roon is not allowed. The full explanation for this is quite interesting and i’ll leave a document in the description that explains, why four chain validator nodes rotate every three days to enhance the security of the protocol.

And facilitate any protocol upgrades four chain validator nodes are responsible for witnessing transactions occurring on other blockchains as well as sending and receiving cryptocurrencies stored in various wallets that they collectively custody.

For example, let’s say you want to trade btc for eth using thoughtchain, you would send the btc you want to trade for eth to a bitcoin wallet address being custodied by 4chain nodes. They would see the transaction taking place on the bitcoin blockchain and would automatically send out eth from their ethereum wallet to the wallet address you provided


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๐Ÿ”ฅ TOP Crypto TIPS In My Newsletter ๐Ÿ‘‰ https://guy.coinbureau.com/signup/

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๐Ÿ“บEssential Videos๐Ÿ“บ

AMM DEX Explained (Uniswap) ๐Ÿ‘‰ https://youtu.be/4CJEGVBcPGQ
Binance Tutorial ๐Ÿ‘‰ https://youtu.be/YzJ6xkJpeUk
ThorChain Conspiracy (Second Half) ๐Ÿ‘‰ https://youtu.be/mNSuvYaJ2Vg

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– TIMESTAMPS –
0:00 Intro
2:02 What Is ThorChain?
4:19 How ThorChain Works
6:25 ThorChain AMM Mechanism
10:41 ThorChain Asgardex Tutorial
13:41 RUNE Tokenomics & Analysis
16:18 ThorChain Roadmap
19:32 Conclusion

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โ›“๏ธ ๐Ÿ”— Useful Links ๐Ÿ”— โ›“๏ธ

โ–บ ThorChain Node Operator Anonymity: https://docs.thorchain.org/roles/node-operators
โ–บ ThorChain Protocol Dashboard: https://thorchain.delphidigital.io/thorchain/chaosnet
โ–บ ThorChain Blockchain Explorer: https://viewblock.io/thorchain
โ–บ ThorChain Asgardex: https://app.asgard.exchange/swap
โ–บ ThorChain Docs: https://docs.thorchain.org/

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๐Ÿ‘จโ€๐ŸซWhat Is ThorChain?๐Ÿ‘จโ€๐Ÿซ
ThorChain is a protocol that makes it possible to instantly swap cryptocurrencies between blockchains. It is designed to function as the back end to the next generation of cross chain decentralized exchanges.

The multi-chain Chaosnet went live earlier this month, making it possible to swap between Bitcoin, Ethereum, Litecoin, and half a dozen other cryptocurrencies in their native form without wrapping.

This can be done using the ThorSwap web interface, the Asagardex web interface, and the Asagardex desktop client which act as the front-end to ThorChainโ€™s multi-chain Chaosnet protocol.

โ›“How ThorChain Worksโ›“

ThorChain validator nodes are responsible for witnessing transactions occurring on other blockchains, as well as sending and receiving cryptocurrencies stored in various wallets that they collectively custody.

Sending any cryptocurrency out of these so called ThorChain vaults requires the consensus of two thirds of all active validator nodes.

Validators also face harsh slashing penalties if they try to steal from the cryptocurrency vaults they custody.

๐Ÿ’ฑHow ThorChain Actually Works๐Ÿ’ฑ

In contrast to other decentralized exchange protocols, all cryptocurrencies supported by ThorChain trade against the RUNE coin.

As with other AMM style DEX protocols, arbitrage traders are incentivized to ensure the ratio of RUNE and the other cryptocurrency in the pool remains accurate in terms of dollar value.

This reliance on arbitrage traders means ThorChain based DEXes do not need price oracles to function. Instead, the protocol references the price of RUNE in relation to other trading pairs in the protocol.

๐Ÿ‘ฉโ€๐Ÿ’ปThorChain Asgardex Tutorial๐Ÿ‘ฉโ€๐Ÿ’ป

The web version of the Asgardex does not require a browser wallet extension like Metamask to use. All you need is some RUNE.

Since only BEP2 RUNE can be bought on Binance, youโ€™ll need some BNB to convert it to native RUNE. Once youโ€™ve created a wallet on the DEX, youโ€™ll automatically have a wallet for every connected chain.

Swapping against any cryptocurrency requires you to have a minimum of 3 RUNE in your wallet and the amount being swapped must always be larger than 3 RUNE plus the fee being paid for the swap.

๐Ÿ’ธRUNE Tokenomics & Analysis๐Ÿ’ธ

Were it not for the generous team and private sale allocations, RUNE would probably have the best tokenomics of any cryptocurrency on the market.

This is because at any given time, ThorChain validators must be staking RUNE that is worth twice the total value locked by liquidity providers.

The fact that DEX users need RUNE to trade on ThorChain-based DEXes gives RUNE a similar economic profile to ETH which is used to pay for fees on Ethereum.

๐Ÿ“…ThorChain Roadmap๐Ÿ“…

Most of ThorChainโ€™s meaty milestones are hidden in the teamโ€™s weekly updates, and these include things like:

Integration with the Cosmos IBC. Support for privacy coin blockchains like Zcash, Monero, and Haven. Support for smart contract chains like Cardano, Polkadot, Avalanche, and Ziliqua.

And even support for same chain transactions, like ETH and other ERC-20 tokens. This could make ThorChain a competitor to both centralized and decentralized exchanges on all chains.

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๐Ÿ“œ Disclaimer ๐Ÿ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Thorchain #rune #crypto #dex #chaosnet #dex

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