Blend of the Blockchains: Blocknet Review
By Rafał - 2019-08-28
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Blocknet is a masternode based decentralized blockchain infrastructure created on 20th October 2014. It is focused on providing peer-to-peer inter-blockchain interoperability for use by dapps and smart contracts. The inter-blockchain technology is believed to increase the number of practical blockchain usability and services on a large scale. For blockchain to reach its true potential and offer wide range of applications, higher scalability and higher liquidity, interoperability between different chains is necessary as it will not only combine the features of multiple chains to deliver all the required services by an entity but also remove the limitations that confines its customer base. Its hard to embed a single blockchain will all the features, but with Blocknet, one can have access to all those features by using its inter-blockchain protocol.
Three Root Components of Blocknet
XBridge (an inter-chain network overlay)
XBridge is a serverless DHT-based peer-to-peer network whose nodes are integrated with nodes on other networks to make Blocknet an inter-chain network overlay. XBridge enables services such as lookup, location and broadcast between nodes on any blockchain network. Therefore, allowing any application to perform decentralized exchange, opening the door to an ecosystem of decentralized trading services. XBridge is presently implemented in XBridgep2p.exe and in Blocknet wallet.
XRouter (a blockchain router)
XRouter is an inter-chain address system which functions towards routing messages to the correct blockchain and committing routing data to a registry. It provides Blocknet with a communication layer consisting of a decentralized inter-blockchain SPV client backend which verifies the registry without the need of downloading the whole blockchain. XRouter makes it possible to build decentralized apps using features from any public or private blockchain providing complete solution to cross-chain interoperability between any given blockchains.
XRouter will not only keep in check the size of the blockchain, but also increase the scalability of the platform tremendously.
For more information on XRouter, click on the link below:
XCloud (Decentralized Microservices)
XCloud is a decentralized microservice cloud network powered by XRouter. On this decentralized network, developers will be able to put both blockchain and non-blockchain microservices. Therefore, paving the way for monetizable and decentralized apps.
Prominent use cases of Blocknet (By making use of the interoperability protocol)
Secure and decentralized exchange of cryptocurrencies with an easy to use dapp UI will pave the way for monetization of other services and thus help reduce number of frauds, theft and failures. Also, anyone may offer token sale over such decentralized exchange, without any requirement of permission.
Blocknet protocol comes packed with a data transport service for the token ecosystem. This inter-chain messaging service can be used for the ultra-secure delivery of digital goods and messages.
Coin Mixing Service
Blocknet will integrate a privacy coin to XBridge and script the automatic trading of any coin to that privacy coin and vice versa. With the exchange being decentralized, the results will be perfect private coin mixing service.
Solutions for IoT Infrastructure
By interoperating between multiple blockchains and exploiting the technology’s true potential, some of the existing IoT security issues can be solved.
Decentralized p2p storage solution
A blockchain based decentralized p2p storage solution making use of the inter-chain interoperability can significantly enlarge and monetize its user base.
Block DX (World’s Most Decentralized Exchange)
Block DX is a decentralized exchange built on the Blocknet protocol. The exchange is highly decentralized (Decentralized Order Books, Decentralized Order Matching, Decentralized Governance etc) and all the trades are conducted peer-to-peer, wallet-to-wallet using atomic swaps. Thus, removing the need of any third party or middleman. Being decentralized, there is no need to sign-up or create an account on Block DX. Block DX has zero listing fee and accepts every coin on its platform that passes its compatibility test. The platform has zero withdrawal fees and, considerably lower trading fees as compared to the other DEX’s. 100% of the accumulated trading fees goes to the infrastructure and is distributed among service provides. In addition to all these features, the platform offers zero downtime, built-in-DoS protection, high liquidity and freedom to trade between any assets.
For more information on Block DX and to start trading, visit https://blocknet.co/block-dx/
Blocknet comprises of around 10-15 active individuals holding expertise in various fields such as strategic advisory, development, media management, project support, project coordinating, marketing, etc. Blocknet was co-founder by Arlyn Culwick. Blocknet has made a linkedIn link of all its team members available on its website which holds all the information about their experience in the field and the companies/projects they have worked with or are working with. Their whole portfolio has been made available at LinkedIn. This not only helps research the background of the team members easy, but also shows their legitimacy and dedication in the field.
Blocknet team can be found here https://Blocknet.co/Blocknet/about/
Blocknet has a one of the most professionalized and sorted roadmaps in the whole crypto space. Its current roadmap is divided into five sections namely: BLOCK DX, XBRIDGE, XROUTER, XCLOUD and BLOCKCHAIN. Every section has its own mini roadmap with small description of what it plans on upgrading, achieving or introducing in the coming future in the peculiar section.
Time estimates for completion of various tasks have been provided, but these as subject to change with change in priorities, resources, and unforeseen difficulties. Overall, Blocknet roadmap is clean, simple, well-designed and up-to-date with plans for present as well as for the future which perfectly depicts its goals, initiatives and deliverables.
For detailed info on what Blocknet has achieved in the last year and what it has planned for ongoing year, visit: https://mastersofnodes.com/Blocknets-accomplishments-in-2018-overview-and-its-vision-for-2019/
To have a look at Blocknet’s Roadmap, click on the link below
Hosting a Blocknet Masternode requires staking of a minimum collateral amount of 5000 BLOCK (which is around $6,803.88 / 0.65330 BTC at the time of writing). Blocknet Masternode network enables many unique features and adds an extra layer of privacy and anonymity to its blockchain. The masternode operators are rewarded for their network uptime. The block reward is split as 70% for the masternode owners and 30% for the stakers. Therefore, even if you don’t have enough coins to setup a masternode, you can still earn some passive income by staking your coins and keeping the wallet online and running. More the coins, more frequent is the reward. At the time of writing, there are around 422 active Blocknet masternodes and the annual ROI offered is about 17%.
Masternode setup guide can be found here: https://docs.blocknet.co/service-nodes/setup
Details about masternodes ROI, staking and much more can be found here: https://bit.ly/block-roi