Ecosystem Update

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Your one-stop-shop for all the latest Blocknet news each month.
  • Hydra, our decentralized replacement for Infura, is set to launch in 2021.
  • Trading volume on Block DX exchange closing in on $1,000,000.
  • ERC-20 BLOCK nearing release.

XLite Wallet — Public Beta

XLite, our DEX compatible multi-wallet, will be advancing from private to public beta! Our developers have been extensively testing and debugging XLite over the past several months and are now sufficiently satisfied with its stability and performance to open testing to the public. If all goes well with the public beta, a production release of XLite could be as early as this year.

Hydra — Launching in 2021

We are gearing up for a 2021 launch of Hydra, our decentralized replacement for Infura. Marketing has already started with a new twitter account and, over the coming months, we will be working on a new website and user documentation.

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A preview of Hydra’s own distinct micro-branding.

What is Infura?

Infura is a centralized Ethereum node provider that allows developers and users to run applications without requiring them to set up their own Ethereum node or wallet.

Infura is flawed

The problem with Infura lies in the fact that it’s centralized. With so many decentralized applications relying on Infura it effectively becomes a single point of failure for the Ethereum network.

Hydra

What sets Hydra apart from Infura is that the Ethereum nodes are not operated by a single centralized organization, but a decentralized network of service nodes.

  • Security — Users can make requests to several service nodes in order to gain higher confidence in the result.
  • Sybil Resistance — It requires 5000 BLOCK as collateral to operate a service node, which ensures service nodes are financially invested in Blocknet’s success and prevents the network from being overwhelmed by an attacker.

Trading Volume Nearing $1,000,000

Trading volume on our peer-to-peer decentralized exchange, Block DX, is continuing to grow organically and is now closing in on an all-time total of $1,000,000! At the time of writing, the all-time trading volume is $993,499.

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Overview of the trading volume on Block DX exchange this year (Excluding trade worth $134,990.79 in February 2020)

ERC-20 BLOCK nearing release

Support for BLOCK has been merged into the Anyswap Cross-Chain Bridge codebase and is currently undergoing testing and debugging. Once complete, users will be able to mint ERC-20 BLOCK, known as aBLOCK, for trading on the Uniswap Protocol and for general use in the Ethereum DeFi ecosystem.

Governance

We are an open sourced, self-funded, and self-governed project with dedicated contributors around the world.

Looking Forward

With the upcoming public releases of Xlite and Hyrda, there is good reason to be excited about the future of the Blocknet project and its impact on the DeFi Ecosystem. We will continue to keep you updated on all the important developments. To stay up to date with the latest, subscribe to our Newsletter and join our Discord.

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

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