Overview

  • Country China
  • CategoryFinance/ Cryptocurrency Exchange

Themis is a blockchain-based fair exchange system for digital currencies, providing a decentralized escrow service for digital currencies.

Project stage

Prototype

Detailed description

Themis is a decentralized system which provides third-party escrow services and dispute resolution services to bring fairness to exchanges in which one or both parties are using digital currencies as subject matter. Technically, Themis should satisfy following requirements.

  • Fairness: After exchange, either both seller and buyer can obtain all the goods (digital currencies, digital assets, physical goods) they want, or they can obtain nothing (All-or-nothing);
  • Security: None of the parities can transfer the digital funds during the period of exchange;
  • Passivity: If no dispute arises, there is no need for the thirdparty to take part;
  • Correctness: Ensure transactions and settlement of disputes are executed by the protocol agreed in advance;
  • Dependability: Mitigate single point failure and DoS attacks;
  • Privacy: In case of no disputes, the third-party can’t be aware of if the transaction completes, and only related parties can be aware of if disputes arise.

Problem

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.

Solution

The Themis blockchain (aka. Themischain) is designed to provide a third-party escrow service (like the role that Alipay plays in online shopping). Themischain 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.

Features

Fair Exchange via Group Escrow
Themis ensures that mutual trustless entities complete the exchange of assets in accordance with the prior agreement: Either both parties can get the corresponding goods, or both parties get nothing.

Anonymous Reputation Mechanism based on Verifiable Shuffles and Linkable Ring Signatures:
Themis utilizes the verifiable shuffles and the linkable ring signatures to achieve the calculation of reputation anonymously.

Non-Interactive Zero-Knowledge Proof
Themis utilizes Non-Interactive Zero-Knowledge Proof to solve privacy problems. Foremost is to ensure that the secret shares offered to mediators by both transaction parties are true.

Digital Signature Algorithm with High-concurrency Verification Ability
Themis program involves a new digital signature algorithm with high-concurrency verification ability. Themis supports variety of digital signature schemes, such as a hash-based one-time signature algorithm, a specific elliptic curve and verification algorithm and etc.

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Additional links

  • Token details

    • Token symbol ? Token symbol — a shorten token name. It is used during an ICO and after the coin listing at the cryptocurrency exchanges. : GET
    • Fundrasing target ? Fundraising target — the maximum amount of funds to be raised during an ICO. When it is reached, the developers stop selling the tokens because they do not need to raise more money for the project development. : 22,000 ETH
    • Token type ? Token type — a platform for a startup launch that influences the stability of blockchain operation, the speed of transactions and the fees. :Ethereum (ERC20)
    • Soft cap ? Soft cap — the minimum amount of funds to be raised for the project development. Sometimes when the soft cap has not been reached, the money is returned to the participants. : NA
    • Role of token ? Role of Token — type of token depending on the opportunities it offers to its owner. Utility tokens give their owners a right to use the project services, security tokens are aimed at bringing profit, and currency tokens are a money substitute. :Utility token
    • Total supply ? Total supply — a total amount of tokens that will be released by the developers. :1,000,000,000 GET
    • Escrow agent ? Escrow agent — a qualified agent who has the right of signature in a multisig wallet. An escrow agent participates in an ICO, monitors the financial operations of the developers and confirms their fairness. :No
    • Tokens for sale ? Tokens for sale — the number of tokens offered to the participants of an ICO. :500,000,000 GET
    • Whitelist ? Whitelist — a list of participants, who get an opportunity to buy tokens. To be whitelisted, you need to register on time because the number of participants and the registration period are usually limited. :Without whitelist
    • Additional emission ? Additional emission — an additional release of tokens. It can be done once after the crowd sale or on an ongoing basis. In the projects with a limited emission there is no additional emission. :No
    • Exchange listing ? Exchange listing — an assumed date when the token will be listed at a cryptocurrency exchange. The developers usually indicate it in a roadmap and a white paper. :NA
    • Accepting currencies ? Accepting currencies — cryptocurrencies and fiat currencies that can be used for buying the project tokens. :ETH,
    • Can't participate ? Can't participate — the countries where it is prohibited to buy tokens. These can be countries where ICOs are prohibited altogether, or countries that have the requirements that a particular project does not meet. :China, Singapore, USA,
    • Know Your Customer (KYC) ? Know Your Customer — a verification procedure for ICO participants, during which the developers can ask for personal data, a photo and a scanned copy of a passport of a potential investor. :No
    Get details
  • Token and Funds Distribution

    Token distribution date

    NA

    Unsold tokens

    NA
      • Token Distribution

        • Funds Distribution

      Sale schedule

      Round Token Price Bonus Min / Max Purchase Soft Cap Hard Cap
      Public sale — Ended
      Start Soon
      End 19 Apr 00:00 UTC
      0.0363 USD No - Uncapped 22,000 ETH
      • Team

        • Hongwei Meng photo
          Hongwei Meng
          CEO
        • Alex Khawaja photo
          Alex Khawaja
          CMO
        • Evan Bian photo
          Evan Bian
          CPO
        • Ennan Zhai photo
          Ennan Zhai
          CTO
        • Wei Xin photo
          Wei Xin
          CSO
        • Emma Zhu photo
          Emma Zhu
          Operation Manager
      • Advisors

        • Han Kao
        • Daniele Bernardi
        • Chen Zhong
        • Gong Hui
        • Guan Zhi
        • Tang Cong
        • Genevieve Leveille
        • Miles Benham
        • John Middleton
        • Carly Stratton

      Roadmap

      • Jun 2017

        Started the design of fair exchange protoocl

      • Dec 2017

        Finished the MVP version

      • Mar 2018

        Internal test of decentralized escrow service

      • Jun 2018

        Launch the Themischain test net

      • Oct 2018

        Launch the Themischain main net

      Activity