For those who lurk around cryptocurrency or ICO space long enough, you've likely heard of the term fair-exchange. At this point, you're likely deep into the detailed technicalities of blockchain technology.
With all these crazy new terms you've just learnt, its easy to miss some of the more important details. Fair exchange is one detail that cannot be overlooked, as it has too many times in the past.
Put simply, it is when two parties wish to make the exchange of digital assets with a physical product. In the cryptocurrency area, as many of us are familiar with, many crypto's have secure methods to transfer the ownership of coins. In fact, that is the primary usage. Things get more complex, however, when people begin talking about atomic exchange with guaranteed fairness.
Themis, which is the escrow service we are creating, guarantee's just that. Literally named after the Greek Goddess of divine order and fairness, we developed Themis, a fair exchange system for digital currencies. Based on blockchain technology, Themis provides a decentralized digital currency escrow service to provide fair exchange services among digital currencies, digital assets, and physical goods. Themis leverages a novel group escrow protocol, along with threshold encryption, anonymous reputation mechanisms, non-interactive zero-knowledge proof, high performance digital signature algorithms, in order to provide atomic exchange with guaranteed fairness.
I highly recommend you check out our white-paper for more of a detailed understanding of the problem we are trying to solve. This can be found at www.themis.network.
Follow our telegram link as well and ask direct questions to the team behind the product! https://t.me/joinchat/ArZGkUmnNc1TCppEjeLlnA