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What Is BlockNet ?
One of the main issues with blockchain platforms today is that their services and applications are usually only available to users of that specific blockchain. Say you develop a smart contract or an app for Ethereum. That would mean that only Ethereum users will be able to use it, and Ripple or Bitcoin users won’t. That creates centralisation in a market that’s supposed to be complete decentralised and backfires when it comes to their principles.
Cross-chain protocol and inter-operability of dapps (decentralised-apps) between different blockchains would set this market back into its principles and would help these developers gain a more significant profit from their work.
To open these doors and help both developers and users, Blocknet has been developing a protocol that aims to enable this.
Given how ambitious this project is, and how it could change the blockchain market and further improve it, it pays to understand it. That is why we’ve made this guide.
1. What is It?
Blocknet is a platform that aims to form a network of blockchains.
That is, to connect every blockchain so that users won’t have to download and install an entire new blockchain just to access an app. By creatin0g bridges between them, developers and clients gain access to a broader market without needing to download and register on several different platforms.
Additionally, the Blocknet has released its own token, the BLOCK, to enable node operations. However, exchange users won’t need to own BLOCKS. Only those operating nodes (be it to distribute fees or verify transactions) will need to possess BLOCKS, as well as earn them.
2. Who’s Behind It?
The core team includes:
a. Dan Metcalf (co-founder and chief developer): Former Bitcoin developer and experienced in the field of wireless security. His projects include open sourced firewall solution for MS Windows Networks.
b. Arlyn Culwick (co-founder, coordinator and architecture contributor): Experience includes PR and media liaison for XCurreny.
c. Ismail Malik (business acceleration): Founder of the first blockchain lab and over 20 years of experience in assets management and cryptocurrencies.
3. Practical Uses.
One of the main attractions of Blocknet is how practical the project has set out to make the blockchain environment,
From its functions as a decentralised exchange, Blocknet allows for easy cryptocurrency trades where coin ownership is fundamental. Additionally, the cross-blockchain protocol it’s working on could prove to improve the DAPP market.
The BLOCK, while not intended to be as practical (since it’s only conceived for paying fees), can also be used as a cryptocurrency given its demand and how it can be exchanged for other coins.
BLOCKS are generated as rewards for those who maintain nodes that enable the function of Blocknet.
When it comes to mining, the platform uses a Proof of Stake protocol, where coin owners are given new BLOCKS for those they already have “frozen” in their wallets (old coins that haven’t been used since they were purchased).
To mine, someone must download a wallet, deposit BLOCKs into it, and enable the “for anonymisation and stake only)” option.
5. Investing notes.
The PoS protocol can be an excellent source of profits while the prices are down since you can purchase a reasonable amount for a low price and just leave them staking. Once prices go up and you wish to sell them, you may stop the process, grab your new coins, and sell them.
To follow Blocknet’s development and news, you can refer to the following sites:
official website: https://blocknet.co (or https://blocknetprotocol.com)
official Reddit: https://www.reddit.com/r/theblocknet/
official twitter: @The_Blocknet