Thor Network helps in solving most decentralized value exchange problems using its cross-chain atomic swap technology. Thor Network is creating a strong use case for connecting existing blockchain systems for exchanging digital assets and cryptocurrencies more smoothly as it continues to grow stronger. Thor Network recently announced that it is set to release more functionalities for application layers built on blockchain networks.
What Does Thor Intend to Solve?
Thor challenges the existing infrastructure for exchanging digital assets and cryptocurrencies. The cryptocurrency market has exploded into a $200 billion industry, and centralized exchanges handle millions of dollars of trade every day. Because of their centralized, single-point-of-failure infrastructure, these exchanges face several issues like theft, operational problems and lack of transparency. Thor Network also faults these exchanges for inside jobs and market manipulations.
The network goes on to suggest that even available decentralized solutions like Swap, 0x protocol, Bitshares and Kyber Network are facing problems because of cross-chain operability constraints. Thor talks about building an efficient cross-chain solution to help decentralized platforms break “walls” and support exchange of assets regardless of the underlying blockchain.
How Does Thor Solve the Problem?
Thor works on a cross-chain atomic swap technology that helps in multiple blockchain support and improves the liquidity of the assets. The Atomic Settlement Network (ASN) built by Thor allows instant and seamless transfer of assets over a variety of decentralized apps and blockchains. The system uses Hash Time-Locked Contracts (HTLC), enabling point-to-point exchange among multiple parties. While doing this, the assets are never kept in the custody of a third party, enabling users to take control of their funds.
“‘Cross-chain atomic exchange’ can provide better asset versatility, cross-chain interoperability, and scalability for blockchain systems. By connecting the existing blockchain systems, Thor network is set to release more capabilities for the application layer built on the blockchain.”
Thor Network’s core members come from leading technological and financial companies of the world, including Alibaba, Samsung, BNP Paribas, and SAP. The co-founder and head of global business development at Thor, Olivier Raybaud, commented on the viability of their solution, saying:
“Only with secure and high-performance value circulation across blockchain systems can people get equal access to the inclusive value brought by blockchain.”