Throne (THN)

An open creative economy

At Throne, we're excited about a brand new type of digital good often referred to as a non-fungible token, or NFT. NFTs have exciting new properties: they’re unique, provably scarce, liquid, usable across multiple applications and armed with all the programmability of digital assets.

Throne is an NFT marketplace for the next generation of creators and collectors. A place where everyday users can discover, collect, and sell their work as digital assets.

A core part of our vision is that open protocols like Ethereum and interoperable standards like ERC-721 (and ERC-1155 ) will enable vibrant new economies where creators and collectors truly own this powerful brand new type of digital item. Because we think open, liquid marketplaces will help power these new creative economies, we're building tools with the help of a community of passionate users, developers, and creators.

The importance of technology and contemporary culture is reflected in everything we do, and we have clearly set ourselves apart as a vibrant force in the market because of it.

What is THN?​

THN is the utility token of the Throne community, network, and marketplace. By creating our own token economy we are able to provide a commission free platform if creators select to transact in THN, providing a more sensible and sustainable solution by driving forward a new creative economy.

THN is an ERC-20 token on the Ethereum network and allows for execution of smart contracts and for consensus-based transactions. A blockchain system based on the use of tokens, which can be bought, sold, or traded. In the Ethereum system, tokens represent a diverse range of digital assets and the ERC-20 has emerged as the technical standard for all smart contracts on the Ethereum blockchain for token implementation.

As an ERC-20 token, THN can function similar, in some respects, to Bitcoin, Litecoin, and any other cryptocurrency; THN is a blockchain-based asset that has value and can be sent and received. The primary difference is that instead of running on their own blockchain, ERC-20 tokens are issued on the Ethereum network. Luckily, because ERC-20 tokens are so popular, there are many different options for wallets, making THN accessible and operational to so many people around the world.

Interoperability

Non-fungible token standards allow non-fungible tokens to move easily across multiple ecosystems. When a developer launches a new NFT project, these NFTs are immediately viewable inside dozens of different wallet providers, tradable on marketplaces, and, most recently, displayable inside of virtual worlds. This is possible because open standards provide a clear, consistent, reliable API for reading and writing data.

Tradability

The most compelling feature of NFTs is free trade on open marketplaces. For the first time, users can move items outside of their original environments and into a marketplace where they can take advantage of sophisticated trading options, like eBay-style auctions, bidding, bundling, and the ability to sell in any currency, like stablecoins.

Liquidity

Instant tradability of non-fungible tokens will leads to higher liquidity. NFT marketplaces can cater to a variety of audiences—from hardcore traders to more novice players—allowing for greater exposure of the assets to a wider pool of buyers.

Immutability, provable scarcity

Smart contracts allow developers to place hard caps on the supply of non-fungible tokens and enforce persistent properties that cannot be modified after the NFTs are issued. For example, a developer can enforce that only a specific number of a specific rare item can be created, while keeping the supply of more common items infinite. Developers can also enforce that specific properties do not change over time by encoding them on-chain. This is particularly interesting for art, which relies heavily on the provable scarcity of an original piece.

Programmability

Of course, like traditional digital assets, NFTs are fully programmable. Many of today’s NFTs have more complex mechanics, like forging, crafting, redeeming, random generation, etc. The design space is full of possibilities.

Non-fungible token standards

Standards are part of what makes non-fungible tokens powerful. They give developers the guarantee that assets will behave in a specific way and describe exactly how to interact with the basic functionality of the assets.

ERC-721

ERC stands for Ethereum Request for Comment, and 721 is the proposal identifier number. ERCs are application-level standards in the Ethereum ecosystem, they can be a smart contract standard for tokens such as ERC-20, the author of an ERC is responsible for building consensus with the Ethereum community and once the proposal is reviewed and approved by the community it becomes a standard. ERC-721 was created to propose the functionality to track and transfer NFTs within smart contracts.

We use the ERC-721 in our ecosystem, it's an open standard that describes how to build Non-Fungible tokens on EVM (Ethereum Virtual Machine) compatible blockchains; it is a standard interface for Non-Fungible tokens; it has a set of rules which make it easy to work with NFTs. NFTs are not only of ERC-721 type; they can also be ERC-1155 tokens. However, at Throne we utilize ERC-721.

ERC-721 defines some functions with compliance to ERC-20. This makes it easier for existing wallets to display simple token information and events defined in the ERC-721 standard:

ERC20-like Functions:

• name: Used to define the token’s name, which other contracts and applications can identify.
• symbol: Used to define token’s shorthand name or symbol.
• totalSupply: This function is used to define the total number of tokens on the blockchain; the supply doesn’t have to be constant.
• balanceOf: Returns number of NFTs owned by an address.

Ownership Functions:

• ownerOf: This function returns the address of the owner of a token. As each ERC-721 token is unique and non-fungible, they are represented on the blockchain by an ID. Other users, contracts, apps can use this ID to determine the owner of the token.
• approve: This function grants or approves another entity the permission to transfer tokens on the owner’s behalf.
• takeOwnership: This is an optional function that acts like a withdraw function since an outside party can call it to take tokens out of another user’s account. Therefore, takeOwnership can be used when a user has been approved to