Blocknet to scale development effort, foregrounding Ethereum support for Block DX

7 Feb 2021, Boston – with the Blocknet’s core components in production, it is positioned to bring a variety of strategically important products and tools to market. To achieve this, it is parallelizing its development, with the hire of developers in a variety of languages, and a more tightly focused, granular costing and management methodology. A key focus of this new approach is to bring ERC20/ETH support to the most decentralized exchange in existence, Block DX. Alongside this is to make Block DX’s. core component, XBridge, available as a JavaScript library to enable wider use in the web3.0 ecosystem, allowing developers to integrate the Blocknet’s interchain trading technology into their dapps.

This new approach coincides with the departure of Michael Madgett, a principal contributor over the past three years. Michael spearheaded a migration to the Bitcoin codebase, implemented many security checks in XBridge, improved code quality across the board, and developed XCloud, the Blocknet’s microservice cloud network for the edges of the interchain. We are very grateful for Michael having built the Blocknet protocol into what it is today, and are extremely excited for what the future holds as the next phase of development begins.

The goal: a decentralized blockchain ecosystem

Block DX: uniquely positioned

Incoming: interchain DeFi

However, with the Blocknet’s interchain infrastructure, Bitcoin and effectively every other blockchain in existence may interoperate with Ethereum, enabling DeFi to exploit the many untapped innovations in the blockchain ecosystem, and enabling DeFi to embrace blockchains with characteristics optimised for a variety of use cases. An interchain DeFi ecosystem entails far greater efficiency, speed, security, and market-fit than is possible on Ethereum alone. Meanwhile, instead of robbing Ethereum of potential, it equips it with the ability to harness the broader ecosystem’s many innovations.

With the Blocknet’s new roadmap and developer hires, an interchain future just got a lot closer.



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The Blocknet Protocol

Blocknet is a 2nd layer blockchain interoperability protocol that enables communication, interaction & exchange between different blockchains.