Thirm: The Blockchain Bridge
Cross chain operability is a concept that is being refined and tinkered with to ensure optimization and security. Being able to swap assets across different chains is a service that can aid cryptocurrency users in several different ways. Convenience is obviously a major selling point, but transaction cost, along with privacy, can be more lucrative for the everyday investor or trader. Thirm Protocol on Binance Smart Chain has brought this service to life.
Thirm Protocol (BEP-20, Contract Address: 0x21da60b286baefd4725a41bb50a9237eb836a9ed) is a token on the Binance Smart Chain which utilizes a cross chain bridge protocol that allows you to swap assets cross chain, versus utilizing a decentralized/ centralized form of exchange, or an Over-the-Counter exchange. Users can use the Thirm Bridge dApp available on their website to swap assets atomically.
Atomic swaps essentially allow users to swap equivalent assets off chain, while keeping the transaction secure and trustless. One user submits the transaction on their respective chain while the other user does the same. If the transactions are sent within a certain time frame, the swap occurs. When the swaps are being conducted, one user generates a secret hash created by the application or service being used, which is then relayed to the second user after the first user signed off on the hash. The second user is then able to see the generated hash and the amount which can be swapped, and if agreed upon, can also be signed off on to complete the swap.
To facilitate a swap, the Thirm Protocol dApp is utilized with the native token THIRM, which is Metamask compatible after adding the Binance Smart Chain to your list of networks. A 0.1 THIRM fee is required to facilitate the swap, along with BSC gas fees (which thankfully are much more affordable than Ethereums current gas prices).
Many users may ask why it is beneficial to use an atomic swap versus a more popular means of exchange. In the true nature of blockchain, atomic swaps are one of the most decentralized forms of transfer. The protocol protects the assets by utilizing hashing functions via the dApp to swap, which solves the problem that plagues the OTC sector, trust. Although their are fees, it can be much more expensive to trade assets from one chain to another through exchanges (maker and taker fees, gas/transaction fees, withdrawal fees, deposit fees, etc.). The form of the fee for Thirm is static, although its dollar value may change.
The Virtual Machine created by Thirm essentially wraps your coins and lets you convert them without tracing by the VM or protocol. Your privacy is not in jeopardy, although chain analysis can be performed by professionals tracking movement (Monero’s blockchain is supported by the protocol and can be used for privacy related transactions). Being able to use Monero atomically can be beneficial for the privacy advocate.
Thirm Protocol has provided cryptocurrency enthusiasts the opportunity to use the preferred asset swapping option of the future in atomic swaps. Centralized and Decentralized exchanges will always have a place in the cryptocurrency industry due to the convenience and services they provide. Atomic swapping will undoubtedly be a force that shakes the industry as it grows and Decentralization becomes a more widely adopted way of transferring digital assets.
Protocols that push this mass adoption, like the convenient and easy to use Thirm Protocol, will grow as the space moves towards decentralization. Staying true to the core values blockchain and crypto were built upon, Thirm is set to thrive in an environment that supports and builds the decentralized web the world envisions.
Pertinent Links:
- Website — https://thirm.com/
- CoinMarketCap — https://coinmarketcap.com/currencies/thirm-protocol
- CoinGecko — https://www.coingecko.com/en/coins/thirm-protocol
- Contract Address — 0x21da60b286baefd4725a41bb50a9237eb836a9ed
- Twitter — https://twitter.com/thirmprotocol?s=21
- Telegram — https://t.me/thirm
- Telegram Announcements — https://t.me/thirm_annoucements
(I write articles, reviews, and Litepapers for legitimate, interesting, up and coming cryptocurrency projects. Feel free to PM me to review your project. Thank you!)
Disclaimer: This is not financial advice. The sole purpose of this post/article is to provide and create and informative and educated discussion regarding the project in question. Invest at your own risk.
