Some more from the Thorchain telegram group:
Hey John. THORChain is a blockchain in and of itself! A network of anonymous nodes bond RUNE to underwrite assets in pools; and like other blockchains these nodes together form the blockchain via consensus & block production.
THORChain currently "observes" binance chain, meaning nodes all run a binance chain node and make witness transactions about what they have seen. The network reaches consensus about the observations and state is changed.
The team is busy integrating Bitcoin, Polkadot, Cosmos and Ethereum so THORChain should be able to observe multiple chains and enable true cross-chain swaps by end of year.
P.S. no I'm not the John that this was a reply to - comments are from Kai - a Thorchain project lead.
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