Blocknet project was developed with an aim to facilitate Cryptocurrencies that are participating in a given blockchain by acting as a peer-to-peer protocol. Operators of participating Cryptos can establish a seamless delivery services and open ended communication between each other, thereby integrating an essentially dispersed community of a multitude of cryptocurrency projects. BLOCK can be actively traded since it has all attributes of a proof-of-stake cryptocurrency. Blocknet empowers every user who contributes in a healthy way in development of a robust network, with its exclusive reward system as well as tokens of value. The native coins can be exchanged instantly with coins that are native to the service delivering nodes for subsequent peer-to-peer payments.
Blockchain’s genesis date is 21st Oct 2014 and has achieved am extremely robust status over three years. Blockchain owes its genesis to XCurrency which further extended to a large number of different Cryptocurrencies. All such Cryptocurrency projects continue to be present on the board of Blocknet Foundation. The major event of XCurrency initiative can be attributed to open-ended communication apart from other services that are possible between any two participating Cryptocurrencies. Blocknet is essentially a PaaS offering that is designed to cater to interactions between nodes of different blockchains as well as Crypto projects. It is also referred to by some experts as Internet of Blockchains for the same reason.
Blocknet has been built to address three vital issues concerning blockchains such as interoperability, modularity, and mobility. Blocknet is developed with an aim to deliver micro-services by leveraging its blockchain specific architecture of a P2P Network. Blocknet helps blockchains communicate with each other by sharing a common ground. By providing mobile apps that cater to small blockchains Blocknet resolves the mobility issues faced by ever growing blockchains. Blocknet also solves the problem of dealing with huge volumes of obsolete by archiving as well as storing data on different blockchains. Blocknet has immense potential to multiply user base of a participating Cryptocurrency. Currently, Blockchain includes UnityCoin, XCurrency, XCash, Fiber, SonicScrewdriver, Librexcoin, Horizon, BitSwift, StealthCoin, and APEXcoin. It is possible to deliver multi-blockchain services to devices that are built to handle single blockchain by leveraging Blocknet. BLOCK enables crowd-sourcing and also liberates users from concerns of hacking as the servers are absent. It also eliminates presence of a central resource that controls ownership of data.
BLOCK is the Cryptocoin used for trading on Blocknet. Presently BLOCK is supported by Bittrex exchange.
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