The Blocknet Protocol: Enabling Blockchain Interoperability

The Blocknet protocol is a true peer-to-peer protocol between nodes on different blockchains and enables the delivery of potentially any kind of digital service from a node on any blockchain to a node on any other blockchain. It is blockchain interoperability at its finest and forms a general-purpose infrastructure for inter-blockchain services. It is designed to enable the emerging “token ecosystem” in which the Blocknet enables inter-blockchain services, such as decentralized exchange, monetised API consumption, and p2p digital service delivery.

To support inter-blockchain services, the Blocknet has three core components:

  1. A blockchain router, xbridgep2p.

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1. Blockchain Router

The purpose of the router is to trustlessly direct service requests through the proper service nodes. For example, let’s say there is an exchange to trade PIVX for Syscoin. Not all service nodes may support PIVX and Syscoin. Therefore, the router will send this transaction through a service node which does support the appropriate/respective assets in order to complete the exchange and collect the fee.

2. Decentralized Asset Exchange

The exchange component allows for trustless transactions between different blockchains. Cross-chain atomic swaps may be performed between any asset that is supported by the protocol. Any asset that has a stock JSON RPC interface cloned from Bitcoin Core and supports OP_CHECKLOCKTIMEVERIFY is compatible. As a result, the Blocknet supports the majority of cryptocurrencies in existence, and no permission from anyone is required.

3. Cross-Chain Data Transport

The third component of the protocol is trustless cross-chain data transport. This component allows for data and information to be sent from one chain to another, greatly increasing interoperability and the potential use-cases and implementations of this protocol.

These core components work together to provide three core services:

  1. Decentralized exchange of coins.

Below are some examples of what the three core services and the Blocknet Protocol as a whole, enables:

Use Cases

  • Decentralized Exchange: The first application built on the Blocknet protocol is the Block DX. A 100% decentralized trading platform allows trustless P2P trading directly from the wallets of the coins being traded. Users are able to conduct trades in real-time via manual order matching and there is complete trading pair freedom so any two supported coins can be traded. With no accounts or sign-ups required, no listing fees, and no middle man, the Block DX represents decentralization in action.

Monetary Evolution

A decentralized protocol like the Blocknet’s is a key enabling technology for the decentralization of money, but it will have the further effect of enabling digital services to be paid for in virtually any token, frictionlessly, anywhere in the world. This will change e-commerce as we know it. To monetise an API currently requires a cumbersome, costly integration to a third party payment gateway, and the high transaction fees of card networks prevent the emergence of entire business models, like micropayments and global bankless payment apps. Any service or orchestrated sequence of microservices provided by dapps may be delivered over the Blocknet’s infrastructure. Using decentralized exchange, these services are intrinsically monetizable, removing the friction and high costs of traditional payment networks — friction which has prevented the monetisation of the bulk of the API ecosystem. In short, the Blocknet represents a real revolution of the crypto space. To find out more about the Blocknet protocol, please view the whitepaper and read about the latest developments in our newsletter.

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The Blocknet Protocol

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