Thor is shocked: the white paper in-depth interpretation

Thor Chain inherits all the advantages of blockchain technology and aims to create an efficient public chain network.

July 18, 2020 /PressReleaseAgency/ —

At 10:30 am on July 19th, the digital currency Thor white paper was released for the first time in the THOR community. This article will analyze the white paper in depth to show all the magic of Thor.

Tribute to Bitcoin, restart classic glory

The essence of currency competition is that one currency has advantages over another currency. From gold to the US dollar with anchored gold as the starting point, to Bitcoin.

Compared with other original currencies, gold has huge advantages, such as scarcity, difficult to forge, easy to reshape, and easy to circulate. The shortcomings are also obvious, the identification cost is high, and it is difficult to carry. These reasons directly lead to the paper currency or the US dollar becoming the world currency.

The US dollar does not have any inherent monetary attributes. It has made full use of the monetary attributes of gold in the process of enhancing its global reserve status, and has maintained relative scarcity through debt in the construction of a monetary system linked to the US dollar credit. The US dollar is not essentially a stable form of currency.

In 2008, the financial crisis swept the world and Bitcoin came into being. The mission of Bitcoin is to reconstruct the monetary system through a brand-new way and provide an alternative way to solve the economic crisis.

Thor Chain stands on the shoulders of giants, paying tribute to tradition. While retaining the core advantages of Bitcoin, Thor optimized the storage logic, expanded the entanglement mechanism, early protection mechanism, and more efficient two-way value storage.

Return to the technology itself to create the strongest network security architecture

Thor Chain has designed a multi-layer "gatekeeper" mechanism at the level of network security.

1. Trusted chip builds security consensus. The trusted computing module integrates a set of encryption algorithms and encryption keys to create a completely protected operating environment from a technical level. Corresponding to Thor's mining machine, it is to verify the identity of each physical mining machine. When generating a block, verify that the private key is bound to the unique built-in chip of each miner. After broadcasting, all nodes on the network verify the identity of the miner to ensure the integrity of the block.

2. Put an end to the invasion of ASIC computing power. Thor Network uses Proof of Honest to verify the identity of the Thor mining machine, which restricts the mining of Thor Chain on other ASIC mining machines. In order to protect Thor Chain's network security and the rights and interests of the miner system from infringement. At the same time, the value spillover caused by the iteration of the mining machine in traditional Pow mining is eliminated.

3. SGX/TPM security hardware foundation. It can be simply understood as: SGX creates a trusted execution environment, and the TPM chip acts as a secure encryption processor, which contains multiple physical security mechanisms to prevent tampering and is designed to perform encryption operations. All modules start following the principle of "measure first, then execute", and go back and forth to build a safe and secure chain of trust.

Return to Token value itself

Thor Chain's grasp of the application side at the tuyere is very accurate, starting from the "Token side", based on value anchoring and issuance mechanism optimization and innovation, to provide driving force for the long-term value of Thor Token.

The protection of early miners’ interests through Poc mortgages, the two-way efficient value anchoring, and the periodic reduction of Poc mortgage values ​​ensure the uninterrupted incentives of miners’ computing power and scale growth in different periods. Thoroughly experiment with Thor’s distributed global co-construction through blockchain-driven optimization. Encourage more miners to participate in Thor's system construction, thereby achieving network security and stability of Thor's public chain.

1. Odin value entanglement mechanism. In the process of Thor's mining machine submitting the private key for block determination, its trusted computing chip module is bound to Odin Chain through a smart contract, and the black hole contract in the Odin network will be executed. That is, in the original chain, the pledged Odin as a fuel (i.e., gas) will be destroyed in full. And the gas value consumed in the block production every 70,000 block cycle will increase linearly. Therefore, Thor’s anchor value includes not only the cost of energy and electricity consumed by mining machines, but also the cost of Odin consumed as fuel.

2. Miner incentives. Before the arrival of the first half-life, Thor Chain needs to use Odin as the fuel to destroy the original chain, and rewards miners with 50 Thor. This reward actually includes the value consumption of the transaction fee (settled by Thor) incurred by each order in the block. The combustion mechanism of Odin and Thor dual tokens forms a double network value overlay, which enhances and stabilizes Thor Chain’s miner incentives. In addition, as the Odin gas value that needs to be burned increases linearly, Thor's node miners increase the value storage efficiency of Thor token every 5 minutes. To anchor Thor's better economic value. Thereby forming a broader strong consensus on value.

Thor Chain inherits all the advantages of blockchain technology and aims to create an efficient public chain network. Using hardware trusted chips to solve the problem of high energy demand for traditional blockchain technology, smart contracts also greatly increase transaction throughput, and rely on technology to build a new blockchain ecology.

Thor Token, as a native asset on Thor's public chain, the founding team claims to be the same as Bitcoin: no private placement, no pre-sale, no pre-login to the exchange, they will take the road of decentralized digital currency again to complete this innovative Thought experiment.
Looking forward to Thor's market performance in the future!

Abstract (if necessary): This article will open the door to Thor's new world for readers through an in-depth interpretation of Thor's white paper.

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Source: PressReleaseAgency

Release ID: 88969114