THORSwap Airdrop is a decentralised cross-chain liquidity protocol based on Tendermint & Cosmos-SDK and utilising Threshold Signature Schemes (TSS). It does not peg or wrap assets, it simply determines how to move them in response to user-actions.
THORChain observes incoming user deposits to vaults, executes business logic (swap, add/remove liquidity), and processes outbound transactions. THORChain is primarily a leaderless vault manager, ensuring that every stage of the process is byzantine-fault-tolerant.
THORSwap Airdrop key objective is to be resistant to centralisation and capture whilst facilitating cross-chain liquidity. THORChain only secures the assets in its vaults, and has economic guarantees that those assets are safe.
THORSwap will airdrop 5% of the total supply to various early users of the platform.
THORName buyers, THORSwap traders and Liquidity providers, active Discord members and THORChain supporters and community members will be eligible for the airdrop.
The snapshot details are yet to be announced.
Follow their social channels to stay updated about the airdrop.
Check out the airdrop announcement tweet from here.
RUNE is the asset which powers the THORSwap Airdrop ecosystem and provides the economic incentives required to secure the network. RUNE has four key roles which are described below.
Liquidity (as a settlement asset)
Security (as a sybil-resistant mechanism, and a means for driving economic behaviour)
Governance (signalling priority on-chain)
Incentives (paying out rewards, charging fees, subsidising gas)
THORNodes service the THORChain network, of which there is intended to be initially 100, but can scale to 300. The design goal of THORChain is such that anyone can join the network with the required funds (permissionless) *and be anonymous*, yet still be secure. THORChain takes this a step further by having a VERY high churn schedule, kicking out nodes continuously.
This high-churn network ensures that it is censorship-resistant, evades capture and resists centralisation. Each THORNode is comprised of several independent servers in a cluster, which run full-nodes for each connected chain, a THORDaemon and a Midgard API. THORNodes should be anonymous, do not support delegation and are regularly churned out.
THORSwap Airdrop is a leaderless vault manager:
1-way State Pegs allow syncing state from external chains
A State Machine to coordinate asset exchange logic and delegate redemptions
Bifröst Chain Client to convert redemptions into chain-specific transactions
A TSS protocol to enable distributed threshold key-signing
Instead of limit-order books, THORChain uses continuous liquidity pools (CLP). The CLP is arguably one of the most important features of THORChain, with the following benefits:
Provides “always-on” liquidity to all assets in its system.
Allows users to trade assets at transparent, fair prices, without relying on centralised third-parties.
Functions as source of trustless on-chain price feeds for internal and external use.
Democratises arbitrage opportunities.
Allows pools prices to converge to true market prices, since the fee asymptotes to zero.
Collects fee revenue for liquidity providers in a fair way.
Responds to fluctuating demands of liquidity.
THORSwap Airdrop security model is always by consensus – the truth is what everyone agrees it is. Any THORNode can attempt to spoof downstream clients and send a fake vault address, but a client can protect themselves against this by checking that at least 1/3rd of Nodes agree.
The process for this is:
Get the full list of active THORNode IPs
Retrieve the vault address off at least 1/3rd of them
Check for 100% correctness, if incorrect, repeat Step (2)
If correct, use one of the proofed THORNodes for the next session
Repeat Step (1) regularly
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.