PROBLEM & SOLUTION
ThunderCore aims to solve a well-known blockchain Trilemma:
Vitalik Buterin believes that at a fundamental level, Blockchains can only achieve 2 out of 3 of these traits at one time:
-Decentralization (defined as the system being able to run in a scenario where each participant only has access to O(c) resources, i.e. a regular laptop or small VPS)
-Scalability (defined as being able to process O(n) > O(c) transactions)
-Security (defined as being secure against attackers with up to O(n) resources)
ThunderCore team offers a two-path approach to solve Blockchain Trilemma:
The Thunder protocol combines any “standard” blockchain—which they refer to as the slow chain—with an optimistic “fast-path”. The fast path protocol is executed by a committee of stakeholders and coordinated by a central authority called the Accelerator. The Accelerator’s job is to linearize transactions and data (which is a task that is hard to do in a decentralized way, yet easy for a central authority).
Which leads to the following protocol behavior:
-Under optimistic conditions (that is when the network is operating properly and the systems are not under a major attack) network supports high throughput and instant confirmation.
-Under worst-case conditions, the blockchain remains secure even if the Accelerator is get fully corrupted, as long as a) a majority of the stakeholders are honest, and b) the underlying “slow-chain” remains secure.
The ThunderCore platform is built with the developer community in mind. It collects feedback, data, and insights on how developers use the platform and how to better support them in building decentralized apps (DApps). The team is stating that Ethereum apps can be ported to ThunderCore platform in “five minutes”.
Thundercore launched its Pre-Release Mainnet on February 28th. The difference between Pre-Release Mainnet and Public Mainnet is the lack of ability for the public to stake tokens. So, basically, we can state that Thunder has already showcased their mainnet but still yet to release code.
We can observe a significant growth in Total Addresses created since March 1, 2019.
March 1 — April 16, 2019
Here are some key metrics on the Pre-Release Mainnet:
ThunderCore Pre-Release Mainnet is ready for Dapp Development. Because of ThunderCore leveraging full EVM compatibility, Dapps can be migrated to ThunderCore in as little as five minutes. ThunderCore plans to launch its Public Mainnet in Q3 2019.
ThunderCore team has divided its roadmap into three key areas:
1)Research and Protocol Design
3) Developer and User Enhancements
According to the roadmap, the next major milestone the team is approaching is ThunderCore Jupiter, which includes mainnet launch and ThunderCore full node open source release.
The pre-release mainnet is up and running with almost 40k registered Addresses and 177,604 recorded transactions as of Apr 17th. Pre-release Mainnet is actually a Mainnet, but the team is just stress-testing the network before releasing the source code.
ThunderCore Team consists of 60+ employees (https://www.linkedin.com/company/thundercore). The team is international, but most team members are located in San Francisco, USA. The ThunderCore team consists of professionals and passionate blockchain developers with solid experience.
There are three key members of the core team we want to highlight:
Chris Wang, Chief Executive Officer at ThunderCore, has received a Ph.D. in Computer Science from Carnegie Mellon University at age 22. He helped to create Playdom, a social gaming company acquired by Disney for $532m. Chris was also an early investor in Alibaba, Glassdoor, and FlipKart.
Elaine Shi, Chief Scientist and Co-founder at ThunderCore, has also received a Ph.D. in Computer Science from Carnegie Mellon University. Elaine wrote the first academic paper on Bitcoin and decentralized smart contracts. She is also a Co-Founder at the Initiative for Cryptocurrency and Contracts (IC3). So, she has is very experienced in the blockchain field and can be referred to as a pioneer. Elaine received multiple academic awards for her researches: the Packard Fellowship, ONR YIP Award, NSF Career Award, Alfred P. Sloan Fellowship, Google Faculty Awards, NSA Best Scientific Cybersecurity Award, an ASPLOS Best Paper Award and many more.
Rafael Pass, Scientist and Co-founder at ThunderCore, has received a Ph.D. in Computer Science from the Royal Institute of Technology (Sweden). He also received a Ph.D. in Computer Science from MIT in 2006. He worked in JP Morgan and Price Waterhouse Coopers but for a short time (1 year both). He also co-created ANONIZE, a highly scalable computation protocol that was implemented in Brave browser, with Abhi Shelat.
ThunderCore has several notable partnerships with:
TrustWallet, a multi-currency wallet directly integrated into Binance also supports TT token. In addition, the wallet’s users have access to all the applications built on top of the ThunderCore (the partnership was announced on March 27, 2019).
Anchain.ai is a silicon valley based blockchain security company founded by cybersecurity veterans. AnChain.ai’s technology help to identify vulnerabilities and protect Dapp developers and blockchains. AnChain.ai’s technology will help to check if the Dapps ThunderCore users interact with are safe (the partnership was announced on April 18, 2019).
All the partnerships are meaningful and not just common MOU between two blockchain companies with products yet to be developed.
TOKENOMICS AND TOKEN SALE
Thunder Token (TT) is the native currency of the ThunderCore blockchain. Like Ethereum or Bitcoin it is a store of value and will be used as a gas fee for transactions and underwrite smart contracts on the ThunderCore blockchain. Thunder Token can be used to build and monetize decentralized applications on the ThunderCore blockchain.
ThunderCore has already raised $50 million on the private sale stage (source).
Seed Round token price: 1 TT = $0.01
Private Round token prices:
Round 1: 1 TT = $0.02
Round 2: 1 TT = $0.10
ThunderCore minted a total of 10,000,000,000 Thunder Tokens divided into the following:
-26%, To the early investors and adopters
-15%, Incentivizing the community and bug bounties
-15%, Incentivizing committee members and operators
-10%, Incentivizing developers, partners, creators
-19%, Retained by ThunderCore for company operations
-15%, Incentivizing employees and advisors
ThunderCore will conduct an IEO on Huobi Prime Lite on May 9, 2019. Total trading allocation reserved for Prime Lite will be worth roughly 500,000 USDT.
VERDICT: 8.5 out of 10
ThunderCore is an interesting project with ambitions to improve blockchain as a whole. The development for ThunderCore is currently in the pre-release mainnet stage, with mainnet planned for Q3 2019. The project is being developed by an impressive team of 60 people, mostly based in the San Francisco area.
Especially we would like to highlight Elaine Shi who is a prominent thought leader in the academic blockchain space. The only concern we have with ThunderCore is the huge valuation before the launch of the mainnet. Although, we can see a bunch of strategic partners and advisors who have deep connections and substantial experience in the blockchain arena to help ThunderCore to deliver their plans.