Explore Themelio’s new blockchain paradigm—richly layered applications evolving on a permanent foundation of endogenous trust.
Blockchains' most distinctive feature is endogenous trust: security guaranteed by the protocol, not by its participants. Yet existing blockchains don’t ensure endogenous trust. Tightly coupled with applications, they are forced to change with application needs. And we are forced to trust whoever decides the changes.
So Themelio rejects the “world computer” paradigm that directly interfaces with apps. We focus on providing an immutable foundation that never needs trust-damaging protocol changes.
Most general-purpose blockchains use an “account-based” ledger containing accounts with balances and storage. But this tightly couples apps with the blockchain and introduces opportunities for security-shattering contract bugs, undermining endogenous trust.
Instead, Themelio uses a more elegant model perfect for a fundamental trust layer — Bitcoin's “coin-based” model, augmented with rich scripting and thin clients.
Even without protocol changes, endogenous trust in any blockchain relies on its consensus game that incentivizes correct behavior. But blockchains today often design their consensus games on shaky security assumptions and patch up failures by violating endogenous trust.
Thus, Themelio's innovative proof-of-stake system, Synkletos, is designed to maximize long-term safety even in the presence of unlimited collusion.
Themelio’s base currency, Mel, is a new asset class that finally delivers on crypto’s promise of sound decentralized money. Melmint, a fully trustless, oracle-free issuance mechanism, stabilizes Mel's value against an index representing the time cost of sequential computation.
Mel has no ties to any fiat currency and stability beyond any conventional cryptocurrency. It is a fundamental breakthrough in money.