With so many different blockchain networks today, what are the factors that need to be considered first before throwing out a newcomer's investments? What drives people to trust and engage with those platforms that they patronize? What are the competitive edges of their blockchain and what makes it different from other networks?
Today we shall talk about Blocknet's positive features towards the upcoming inter-blockchain era.
Blocknet is a blockchain interoperability protocol that enables communication, interaction, and exchange between and among different blockchains. This promoted the development of multi-chain applications and blockchain microservices. The open-source project was inaugurated in 2014 with its contributors participating all around the world with the same goal in mind: to establish an open and collaborative digital trading ecosystem.
Blocknet is governed by its community without any centralized entity. The project supports its own development and innovation through self-funding mechanisms. It is also considered as a Proo-of-Stake (PoS) blockchain with its utility token called BLOCK. Blocknet's service-based blockchain is comprised of three (3) suite products/components:
XRouter – acting as the "Internet of Blockchains", XRouter provides blockchain interoperability for the Blocknet Protocol accompanied by a communication layer that consists of a decentralized inter-blockchain SPV client backend, allowing the verification of blockchain records without requiring its clients to download and secure the blockchain as a whole. It also allows an application to interface with other blockchains on the TPC/IP networking layer. By default, XRouter is easily compatible with all blockchains such as Bitcoin, Ethereum, IOTA, and many more. With the help of XRouter, developers and businesses can utilize the platform to promote their microservices.
XBridge – a decentralized exchange layer within the Blocknet Protocol that connects blockchain assets via-cross chain atomic swaps. XBridge provides Blocknet's users the ability to perform trustless exchanges between any digital assets that are supported by the Blocknet Protocol via APIs. XBridge can be paired with XRouter to perform exchanges between compatible blockchains using a decentralized SPV implementation.
XCloud – often called a decentralized AWS/Azure, XCloud is a decentralized microservice cloud network powered by XRouter. It allows interaction with microservices, blockchains, APIs, and cloud technology hosted by service nodes. XCloud can be utilized by developers and businesses to monetize their services with crypto payments. Its fees are determined by a free market, similar to that of XRouter's fees. However, service nodes can determine the specific fee to be charged for a call, whereas clients can specify the max fee that they can pay.
Blocknet also has its very own Block DX/DEX. It was considered as the first true decentralized exchange that enables trading to other connected blockchains. Listing of blockchain on Block DX is totally free and requires no permission or control requirements. It offers solid features such as safe trading, waived account requirements, low trading fees and trading pair freedom, liquidity, and zero downtime. Users and those who are interested may download the Block DX desktop application and start testing out Blocknet's trading mechanisms.
Another notable application is the Blocknet Core Wallet, Blocknet's digital wallet that stores, transact, and stakes BLOCK. To make Blocknet's platform a lot more flexible and accessible, the community has established the XLite wallet, a lightweight, multi-asset wallet powered by Blocknet. The XLite Wallet uses Blocknet's XRouter protocol to enable it to store, manage and trade over one hundred (100) assets. Its user-friendly dashboard makes it one of the most comprehensible digital wallets in the present time. Blocknet's clients are given the option to integrate their Blocknet Core Wallet with their XLite Wallet to trade their assets on the Block DX platform.
The Blocknet at its core is a platform of interoperability. Its objective shall direct towards the enhancement of its open and non-custodial crypto exchange platform. As a foundational infrastructure for the token system that provides true peer-to-peer interaction between nodes and different blockchains, Blocknet's potential will welcome insurmountable opportunities for blockchain trading that were never imagined before.