The Blocknet Protocol: Enabling Blockchain Interoperability

  1. A blockchain router, xbridgep2p.
  2. A coin exchange protocol.
  3. An inter-chain data transport.
  1. Decentralized exchange of coins.
  2. Inter-blockchain service delivery.
  3. Service monetisation.

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.
  • Protocol Service: The ability for any given blockchain service to function as a “protocol service”, that is, to be consumable by any other dapp (Decentralized application) anywhere instead of only by its own Blockchain and community, thus greatly enlarging the service’s market reach and potential revenue stream. An example of this is a dapp consuming Golem services to support computational features.
  • Dapps: The ability to create dapps with a multi-chain architecture, leveraging relevant services no matter which chain they are available on, removing the current need to commit to one blockchain. Developers and make blockchain-agnostic design choices and pull in the services needed from other blockchains instead of making trade-offs by selecting an existing dapp platform.
  • Smart Contracts: The ability for smart contracts to function not as “dapps” but as “protocol tokens,” where code quality is enhanced by a broad contributor-base of developers from diverse communities, preventing chain bloat and the duplication of code and labour. Developers can therefore deliver services to the entire blockchain-consuming market, instead of the users of one blockchain.
  • Microservices: The capacity for a microservices architecture on which each blockchain delivers a single service, integrated with many others in a modular fashion, providing simpler component design, easier bug-fixing, and smoother upgrading. This can be viewed as bringing the concept of software libraries to blockchain.
  • Monetisation: The monetisation of inter-chain and multi-chain services, using their intrinsic tokens of value. As services of one blockchain are consumed by another, those services are paid for through use of the respective token.
  • Business: The full exploitation of new, crypto economically-driven business models ushered in by blockchain technology, in which a business may extract value from a “better than free” model: from monetary policy directly (ICOs, transaction fees, deflationary economics, etc), and from a marketplace for its monetized APIs.

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