Thread by @THORSwap

Let's talk about THORName Service (TNS)

TNS is a multi-chain naming system based on THORChain network.

Simply, TNS is similar to ENS but it's based on THORChain.

Then, why TNS? 👇

1/cont

THORChain is a multi-chain liquidity protocol enabling the swaps between L1 blockchains like $BTC, $ETH, $BCH

Unlike Uniswap or Pancakeswap, all swaps may have different chain addresses.

e.g Swap BTC<>ETH transaction involves both btc and eth addresses.

2/

All wallets and interfaces will massively integrate THORChain for cross-chain swap and yield, and @xdefi_wallet will be the first wallet that integrates THORName.

Just swap Bob.btc -> Bob.eth, send Bob.thor, Bob.doge

3/

THORChain is permissionless and neutral network that embraces all blockchains and needs its own naming system instead of using other systems like ENS, depending on Ethereum network.

That's why TNS is a very unique and scalable system built on THORChain network.

4/

THORNames will cost 10 $RUNE for registration and 1 $RUNE per year to renew ownership.

Dynamic pricing will be introduced in TNS V2 to allow registration and renewal at fixed $USD rate, so Users can acquire names at fixed price, not depending on deflationary price of $RUNE.

5/

All registration and trade fees are collected to community reserve and contributed to maintaining higher APY and network security.

It's obvious THORName will be playing an important role in preventing inflation of $RUNE.

6/

Is TNS just for naming service?

Technically, THORChain protocol needs TNS for processing complex address systems between various blockchains.

For protocol side, THORName solves a technical problem for $BTC -> $XMR Swap.

7/

Why TNS needs to cost $RUNE at all?

If TNS doesn't cost anything for registration and renewal, anyone will acquire names forever preventing other groups or individuals.

There should be an economic pressure to own something that isn't valuable to you but is to someone else.

8/

THORNames will be immediately tradable once protocol is out, which is expected in the next few weeks.

Users can register a new name or bid on existing name, Owners can sell at the highest bid.

Owners can also set own price for the name after V2 Protocol is out.

9/

There is no financial advice for registering the THORName, always DYOR before throwing your funds and take your own responsibility

We allowed free registration for Twitter handles for a week and Users can acquire their names at 50% discount price during the pre-order phase

10/

THORChain is multi-chain protocol and it deserves to have its own naming system like THORName

And THORName will get traction as THORChain evolves into the next level.

e/