The Themis blockchain (aka. Themischain) is designed to provide a third - party escrow service (like the role that Alipay plays in online shopping). Themis chain issues a token named Global Escrow Token (GET). Themischain motivates the blockchain peers by using an incentive mechanism which takes both deposit and reputation into consideration. Peers who take active part in escrow and arbitration will obtain a reward. When people use escrow services and arbitration services provided by Themischain peers, they pay GETs to the peers. And, if Themischain peers participate in arbitration, they earn GETs as well. Themis makes peer - to - peer fair exchange happen not only among digital currencies but also between digital assets and physical assets by escrow contract and arbitration contract.
DPoSR Consensus. We improve the current DPoS (Delegated Proof - of - Stake) algorithm and present a new consensus algorithm namely DPoSR (Deposit based Proof of Stake and Reputation). In DPoSR, we consider two key factors: the reputation of dispute settling peers; and deposit of peers. if a peer wants to act as a delegate, he must pay some deposit in advance, and the probability of being a delegate depends on its deposit and reputation.
Deposit Mechanism. If one node wants to be a delegate, he or she must pay some deposit in advance. If this node acts maliciously, the deposit will be confiscated by Themischain. A delegate will get rewarded for keeping the system running normally, that means he or she can share the transaction fee with other delegates. This forms a positive incentive to the mediator, encourages it to behave well to keep the system running securely. As the blocks are signed by delegates in turn, if one delegate misses the signature by being offline, it will face the risk of being replaced by others. This encourages delegates to ensure they have enough online time for profits.
Mediators Motivation Mechanism. If nodes provide the secret shares correctly, they will get rewards according to the deposit they paid in; Or if they are offline or lost the secret shares, they won’t take part in the arbitration of transactions, and won’t get any reward. If they provide manipulated or wrong information of secret shares, they will lose their position of mediator. Thus, this mechanism will motivate peers providing correct secret shares, keeping online and storing their shares securely.
Reputation Management Mechanism. On one hand, nodes in Themischain participate in dispute resolution, and give some arbitration suggestions. On the other hand, they give anonymous comments to the solutions other users gave for disputes continuously. Here on, we will create a practical anonymous reputation mechanism, and it can update the value of reputation among users rapidly and privately. The reputation system will collect each user’s feedback of arbitration suggestion correctly, and update the reputation value rapidly. And the value affects the possibility of being a delegate, that means if you have a higher level of reputation value, you are more likely to become a delegate.
Common nodes motivation mechanism. Only the nodes that have enough benefits in Themis can have the opportunity to be the mediators, and the other nodes are named common nodes. Common nodes can’t participate in the process of escrow, however, they can transfer their benefits to the trusted mediators, and the trusted nodes will verify the fee they will earn from transaction, and payback to the common nodes by quota. If the mediators got punished, the common nodes related to them will bear the loss too. This mechanism ensures that all the owners of benefits on the Themis chain have the opportunity to receive rewards, and that motivates common nodes entrust their benefits to trusted mediators, and this way, we can improve the stability and security of Themis.
Traditionally, transactions between digital currencies are executed on crypto currency exchanges. Exchanges achieve this by creating internal accounts, which are also called IOU (I Owe You) accounts. In this mode, it’s easy to achieve high transaction speeds, However with the following issues; security, lack of liquidity, time lag of transactions. Regarding the transaction time lag, transaction results aren’t submitted on the blockchain in a timely manner, and result in not being cashed immediately.
The model of decentralised exchanges was built to address the issues of centralised exchanges. Most of decentralized exchanges are based on the Multi - Signature Scheme or Hashed Time - lock Contract (HTLC) to ensure atomic transactions. However, Multi - Signature Schemes depends on the Trusted Third Party(TTP) which is vulnerable to collision attacks and DoS attacks. For the HTLC scheme, attackers may launch DoS attacks which could result in users unable to make refunds in a given moment.
Current centralized coin exchanges and decentralized coin exchanges are focusing on transactions between digital currencies, but paying little attention to satisfy the requirements of fair exchanges between digital currencies and physical goods.
During the transaction between digital currencies and physical goods, it’s hard to achieve transaction and delivery at the same time, thus the fairness of atomic exchanges face a challenge: a buyer doesn't want to pay without assurance that the seller will ship the purchased goods, while a seller doesn't want to ship without assurance of that payment. Traditionally, a trusted third party is required for hosting transaction funds and arbitration, and during the period between transaction and delivery, the third - party needs to host buyers’ transaction funds to satisfy fairness. One common solution of third - party payment is using the 2 - of - 3 multi - signature. In this scheme, each buyer, seller and third - party holds a private key. A buyer sends his money to a multi - signature address, so only the party that has 2 pri vate keys of these 3 can unlock the address and get the money. If things go well, the buyer will send his private key to seller, and seller will get the money. If any dispute arises, the third - party will mediate, resolve the dispute, and send his key to th e winning party to finish the payment (or refund). There are two advantages of this escrow protocol. Firstly, If there is no dispute, buyers and sellers can close the transaction without the consent of the third party.. Secondly, the third - party can’t take the hosted funds because the third - party only has his own key, the hosted funds can only be taken with at least 2 keys of the 3 parties. But this protocol faces two critical problems. Firstly, collusion attacks. The hosting party can easily contact the sp ecific buyer or seller for collusion unless the escrow protocol is meticulously designed. Secondly, DoS attacks. Even though the third - parties can’t take the hosted funds, they can also refuse arbitrating disputes, and lock the hosted funds.
Attention. There is a risk that unverified members are not actually members of the team
$11 545 380
Main positives:There are currently no direct competitors aiming to provide anonymous decentralized OTC trading in the same way Themis is. There is a strong demand for the product as the majority of crypto to fiat trades in China take place on OTC platforms. They operate while under the constant threat of being shut down by the Chinese government, and a decentralized platform such as Themis cannot be stopped by regulators.The project is based on solid technical fundamentals with the core of the Blockchain tech being built on: Group escrow protocol, an anonymous reputation system, zero-knowledge proof, and a deposit and reputation based DPoS consensus algorithm.They have support from Shen Bo, the founding partner of Fenbushi Capital, Yang Linke, the founder of Happy East Capital as well as support from BTCChina and Consensus Capital.
Main negatives:While it is still early on in the project, certain aspects of it are still developing. For example, the Themis social media profiles and online marketing campaigns still require a lot of work.The Testnet is expected to launch in June 2018, with the Mainnet scheduled to launch around October 2018. This may prove to be a long wait for some, especially for the Mainnet. The GitHub also only has 8 repositories, and the website has not been updated since December. Why is this?Another project with a weak roadmap – it only has 5 bullet points of information, which is not sufficient for a project aiming to raise above $20M. We would like to know more detail about how Themis is planning to achieve all of their goals.
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