Today, with the increasing development of blockchain technology, cross-chain interaction has become an important issue. As a decentralized liquidity network, THORChain provides an innovative solution - THORNames. This is not only to simplify user operations, but also to improve the overall user experience. This article will delve into the functionality of RUNE tokens and THORNames and their application in cross-chain transactions.
What are THORNames?
THORNames is a system that allows users to register cross-chain wallet addresses, which are represented as hexadecimal strings of 1 to 30 characters and can contain special characters such as -_+. This means that THORNames can not only represent traditional addresses, but are also compatible with emojis ⚡️, making transactions more intuitive and interesting for users. Additionally, THORNames are case-insensitive, further simplifying the process for users.
How to register THORNames? Users need to register their address using a special note and THORChain’s MsgDeposit transaction. This process enables the system to look up the name and retrieve the correct address for a given chain. Each THORChain address can be assigned a THORName to manage other addresses related to it. For example, users can set THORName to chris, then send $BTC to the chris.btc address and $ETH to the chris.eth address. This design makes cross-chain transactions more convenient.
Technical details of THORNames
Currently, THORChain supports eight native L1 chains, including Bitcoin, Ethereum, Litecoin, Binance, Bitcoin Cash, Doge, and Cosmos Chain (Cosmos) and BSC. THORNames are limited to 30 characters, including the range ^[a-zA-Z0-9+_-]+$.
Query THORNames: Users can query THORNames by accessing /thorname/{thorname}, or use /thorname/lookup/{thorname} to check for a specific THORName. Although there is currently no on-chain reverse query function, the given THORName can be used to query within THORChain.
Registration fee
There is a one-time fee of approximately 10 RUNE to register a THORName, and a fee of 20 tor per block, which is approximately equivalent to 1 RUNE per year. If the user pays 2 RUNE, the name can be registered for two years. These fees are controlled by Constants/Mimir and are currently set to:
TNSFeeOnSale: 1000 basis points: TNSBlockFee: 20 tor per block (approximately 1 RUNE per year)
For example, paying a registration fee of 20 RUNE will register THORName for 10 years (10 RUNE registration fee + 1 RUNE per year).
Steps to create THORName: The process of creating THORName is relatively simple. The user only needs to send a MsgDeposit containing remarks. The prefix of the remarks is name, n or ~. The note template is as follows:
~:name:chain:address:?owner:?preferredAsset:?expiry
For example, if the user wants to create a THORName named ODIN and associate it with the Bitcoin address bc1Address, the following format can be used:
~:ODIN:BTC:bc1Address:thorAddress:BTC.BTC:1231231
Among them, expiry can be set to the past block height in order to log out THORName.
The role of RUNE token
The RUNE token is the core of the THORChain ecosystem, serving as a medium of transactions and a provider of liquidity. The RUNE that users need to pay when registering THORNames is not only to obtain a unique name, but also to support the operation of the entire THORChain. The value of RUNE rises as the usage of THORChain increases, allowing users who hold RUNE to enjoy the benefits of ecosystem growth.
in conclusion
The emergence of THORNames provides a new solution for cross-chain transactions, simplifying the user's operation process and improving the overall user experience. With the further development of blockchain technology, THORChain and its RUNE token will play an increasingly important role in the future financial ecosystem. Users only need to remember a simple THORName to easily conduct transactions between multiple chains. This is undoubtedly a big step forward for blockchain technology.