What is Thorium?
In 2009, a small group of technologically advanced individuals created what we know today as the Blockchain, and through it a cryptocurrency called Bitcoin. Currently, Bitcoin is recognized as the leading cryptocurrency in the entire industry because all other currencies use a variation of Bitcoin’s cryptography protocol and blockchain technology advancements. Since its inception and release, many developers have been trying to improve on the original model by speeding up transaction times, diversifying the use of the Blockchain and increasing its abilities. Ethereum, which was developed and released in 2014, would be the most notable of these competing cryptocurrencies, all of which are traded 24 hours a day on cryptocurrency exchanges. But most, if not all, cryptocurrencies lack intrinsic value… using the Blockchain, Thorium Tokens are an insured, vault verified, bullion backed token and therefore have a floor price and intrinsic value.
There are fundamentally two different types of crypto exchanges: the ones that deal with fiat currency and the ones that deal purely in crypto. Thorium is the latter, we believe that pure crypto exchanges will be a lot more important in the near future. However, there is one more distinction to be made within purely crypto to crypto exchanges: centralized exchanges and decentralized exchanges. In centralized exchanges records are mutable and fraud is possible which makes auditing a challenging problem. Recently, decentralized exchanges have been on the rise. The security problems go away in decentralized exchanges however most of them are limited to trading only ERC-20 Tokens. For this reason most traders still prefer centralized exchanges but reliability is often the main issue with centralized exchanges: during heavy trading time, some exchanges become inaccessible for a period of time which leads to trading losses. Decentralized exchanges benefit from the ability to deploy a new node with a minimum amount of configuration. There is no central authority which means there is no central point of failure. A single node failure does not impact the accessibility of the network. We intend to introduce a solution that is both decentralized, with all the security benefits and still offers a wide selection of cryptocurrencies, our solution will address the much needed reliability issue with cryptocurrency exchanges.
Moreover, Thorium is building a social peer to peer platform: all exchanges lack a social aspect. We will give traders the ability to add their friends, chat, create pages, groups and polls and post on the Forum. Most traders use up to six applications to keep up to date with all their investments, our goal is to give them all the information they need in the same place, so that they are always one step ahead.