Themis GET aims to be the decentralized version of “Alipay” for the digital currency world. Find out how it works today in our review.
What Is Themis GET?
Themis, found online at Themis.network, is a blockchain-based payment platform where users can exchange digital currencies. Themis provides a decentralized escrow service for digital currencies and solves the problems of fair exchanges using digital currencies as a medium.
Themis can be applied in P2P payments of digital currency, OTC trading of digital currency, and more.
In other words, Themis holds money in escrow while goods or services are delivered. Once both sides confirm those goods and services have been delivered, Themis will release the funds from escrow.
How Does Themis Work?
Themis is a decentralized payment platform that allows two trustless parties to complete a fair transaction.
Themis ensures that mutual trustless entities can complete the exchange of assets in accordance with a prior agreement. Both parties can get the corresponding goods, or both parties can get nothing.
To do that, Themis creates an optimistic fair exchange protocol where TTPs only participate when disputes appear. Secondly, Themis places a secure exchange protocol based on group escrow to resist the single point failure issue and DDoS attacks.
Themis will also have an anonymous reputation mechanism based on verifiable shuffles and linkable ring signatures. Themis uses verifiable shuffles and linkable ring signatures to calculate reputation anonymously. This mechanism allows the platform to conceal the relations between identities and votes. It also breaks the restrictions of cryptographic mechanisms reducing malicious user tokens.
Themis also uses non-interactive zero knowledge proof to solve privacy problems. The first goal is to ensure that the secret shares offered to mediators by both transaction parties are true. Secondly, through the verifiable shuffles protocol, verifiers can use the zero knowledge proof to check if the shuffle servers executed random activities correctly. Finally, the client can generate its zero knowledge proof of its reputation budget through the reputation system.
The final core function of Themis is a digital signature algorithm with high-concurrency verification ability. The program involves a new digital signature algorithm with high-concurrency verification ability. Themis supports a variety of digital signature schemes.
If Themis’s information seems convoluted and confusing, then you’re not alone: the English translation on the official Themis.network website isn’t great at explaining the highly technical details of the platform. There’s also only a Chinese version of the whitepaper available online.
To understand how Themis works, it may be useful to look at use cases for the platform.
Themis Use Cases
Some of Themis’s potential use cases include:
P2P Escrow Payment Service:
Themis provides escrow payments of decentralized digital currencies to peer-to-peer online markets like OpenBazaar, helping to achieve direct exchanges between buyers and sellers.
Digital Currency Transactions:
Multi-Agent Assets Escrow:
In situations where a multi-agent transaction or a strong-dependency transaction takes place, Themis can escrow all the funds, including deposits, initial payments, service charges, and final payments) in the multi-agent transaction on the original chain in the form of digital currency. Themis does this by creating smart contracts.
Security Escrow for Supervised Accounts:
Themis uses a set of highly-scalable smart contracts to provide an API of distributed ledgers and decentralized escrow services for supervised accounts.
Who’s Behind THEMIS GET?
Themis is led by Danish A. Alvi, a senior expert at the UCL Centre for Blockchain Technologies (CBT) and one of the first developers to write smart tokens in Solidity compliant with the ERC223 protocol.
Other key members of the team include Jennifer Chung, the CMO at Agility Sciences Limited and Co-Founder of the China-UK Blockchain Association.
The company behind Themis was formed in December 2016. Development of the blockchain and the group escrow protocol was completed in December 2017. The first version of Themis, version 1.0, is scheduled to launch in June 2018.
THEMIS GET Conclusion
THEMIS GET is an escrow service that will make itself available to cryptocurrency markets and exchanges. The escrow service will securely hold the funds of two transacting parties while goods and services are exchanged. When the exchange is complete, Themis will deliver the funds.
To learn more about Themis and how it works, visit online today at Themis.network.