If you are looking to buy THORChain there is the option of using many exchanges, and each one with its pairs to buy THORChain. Although the most common is to be able to buy THORChain with USDT, in the RUNE/USDT pair. To buy THORChain, depending on the platform, you will be able to deposit funds by credit card, paypal or bank transfer to be able to use your money to use THORChain. The fastest way is to use credit card or paypal, to get the funds in your account as soon as possible.
We are going to focus first on how you can buy THORChain to add it to your portfolio, and later you can find more information about this interesting project, to learn more about it.
Where to buy THORChain
If you want to buy THORChain paying the lowest commissions and with the highest security, then you should use Binance. Binance is the most popular and secure platform for buying cryptocurrencies and with great ease of use. If you have never used Binance, you can create an account here, and see how to do it step by step to buy THORChain with the video just below, so you won’t have any doubts.
In case you can’t see the video, here is a step-by-step to understand it better.
Step by step
The first thing you must do is to create an account with Binance to follow the steps that we will now see, above you will find a link to do so.
With your account created, the next step is to log in and deposit funds. For me, the most practical way is by credit card, although it has a commission of 1.8%, you can have the balance instantly in your account, while with a wire transfer, there is no commission, but you must wait a few days to have the balance available.
With your funds, we must first buy a stablecoin or another cryptocurrency, in my case, I like to use USDT (Tether). To do this, we will go to markets/markets, and click on FIAT market. Here, we will look for our currency, in my case Euros (EUR). And you will see the EUR/USDT pair. Click on this pair, and go to the red sell button. Since we must change the Euros for USDT. Indicate the amount of euros you want to change or your currency for USDT. Click on sell and that’s it, you have USDT.
With the USDT in your balance, you must go again to markets, FIAT market, and search this time for RUNE. Search for RUNE and not THORChain, since RUNE is the acronym and if you enter THORChain you may not find it. Once you search for RUNE, you will see the RUNE/USDT pair. Click on it, and now go to the buy part with the green button. Here, indicate the amount of USDT (Tether), which we bought earlier, you want to use to buy THORChain, and click on buy. With this, you will have THORChain in your balance.
You can go back to the main panel to see it, and if you want to withdraw it, you must click on the THORChain cryptocurrency, withdraw, and indicate the address you want to withdraw it, either your metamask wallet, another exchange or another platform.
What is THORChain?
THORChain is a decentralized inter-chain liquidity protocol based on Tendermint and Cosmos-SDK and using Threshold Signature Schemes (TSS). It does not fix or wrap assets, it simply determines how to move them in response to user actions.
THORChain looks at users’ incoming deposits in the vaults, executes the trading logic (exchange, add/withdraw liquidity) and processes outgoing transactions. THORChain is primarily a leaderless vault manager, which ensures that all stages of the process are Byzantine fault tolerant.
The main goal of THORChain is to be resilient to centralization and capture, while facilitating cross-chain liquidity. THORChain only secures the assets in its vaults, and has economic guarantees that those assets are safe.
There are four key functions in the system:
- Liquidity providers, who add liquidity to pools and earn commissions and rewards.
- Exchangers, who use the liquidity to exchange assets on an ad hoc basis, paying commissions.
- Traders, who monitor the pools and continuously rebalance them, paying commissions, but with the intention of making a profit.
- Node operators who provide a bond and are paid to secure the system.
THORChain uses tendermint which is a classic BFT algorithm. 2/3 of the validators have to agree and the network values the security. The chain has an instantaneous finality and this is necessary to secure the bridges between chains.
The more (ᚱ) RUNE is enclosed in THORChain (80%+), the more accurate its deterministic value will be. (ᚱ) RUNE also becomes more stable, transparent and tamper resistant.