What Is Blocknet (BLOCK)?

Blocknet (BLOCK) is a multi-blockchain protocol that enables interaction, communication, and exchange between different private and public blockchains. The protocol connects to external off-chain APIs and services through an oracle with a decentralized token ecosystem. Application programming interface or API is a set of protocols to build a multichain software application. However, Blocknet aims to provide developers with the capability to create the application through cross-chain decentralized apps (DApps) or use the protocol as a 2nd layer to extend blockchain functionality. According to the whitepaper, the Blocknet is a foundational infrastructure for the token ecosystem. 

Moreover, by creating an “internet of blockchains,” the Blocknet empowers blockchain technology by converting thousands of isolated chains into a token ecosystem. The Blocknet provides true peer-to-peer interoperability between nodes on different blockchains.  

Furthermore, Blocknet is comprised of three main components; 

· XBridge - XBridge gives the ability to perform trustless exchange between any digital assets supported by the Blocknet Protocol by API. 

· XName - XName is a blockchain router. It is an ecosystem of inter-chain services that need a means of routing messages to the correct blockchain, which in the Blocknet shall be achieved by an inter-chain address system.

· XChat - XChat is an end-to-end-encrypted, peer-to-peer messaging module supporting both one-to-one messages and group messages. 

Block DX is the first inter-chain decentralized app on the Blocknet that needs several blockchain services. Block DX aims to be fast, secure, and reliable, and it aims to be a DEX that mimics a centralized exchange experience but allows traders to exchange directly from their wallets. The Blocknet gets supported by a network of Service Nodes similar to masternodes but with increased participation. Service Nodes host full nodes of the supported blockchains and host microservices.  

Blocknet is powered by the utility token called BLOCK. Fees are paid in BLOCK while using the network, and 100% of those fees get distributed to Service nodes for supporting the infrastructure and network. The transaction fees on the work are paid in BLOCK and awarded to stakers. Blocknet works on the proof-of-stake algorithm, with 1 BLOCK getting created every minute awarded to stakers. Users require BLOCK for collateral to operate a Service Node and use certain services on the network.  

History of Blocknet (BLOCK) 

The whitepaper version 1.0 got launched on March 15, 2018. Dan Metcalf and Arlyn Culwick are the cofounders of Blocknet.