A new and ambitious project is being developed, and it aims to bring a conjuction between a variety of crypto currencies and their specific technology. Meet the internet of blockchains, The Blocknet!
The Blocknet will provide an application platform for future development, while embracing the combined capabilities of all its nodes, developers and communities. It is an open platform where every one is invited to bring innovation to cryptos; Blocknet works through a Platform with a decentralized marketplace, combined with XBridge technology, which enables cross-chain P2P connectivity.
The Blocknet will be used to deliver a wide range of services. The fee for a service goes to the nodes rendering it. However a portion of the fee also goes to the Blocknet for delivering the service. This portion will be distributed to Blocknet shareholders. This is a revenue-generating technology specific to the Blocknet.
Crypto currency projects pursuits a common ideal; it is one of a future free of central control and the abuses of liberty it engenders.
This future is within the Blocknet collective grasp: the revolutionary power of the blockchain has simply to be harnessed to provide the much needed services. Now the Blocknet has implemented the technology, the resources, and the communities’ effort to achieve this.
Crypto currencies today function as isolated islands, with separate blockchains, nodes and users. As such, Blocknet presents innovations and pretends to bring several digital currencies working in the same platform with each other.
Blocknet pretends to implement a broader use for all the currencies participating in the platform. While each project on its own is valuable, the power of combined technology and development skill is priceless and easily overcomes the difficulties that lye ahead.
This project proposes to harness one formidable collective potential with a powerful application platform: the Blocknet.
The Blocknet is founded upon the XBridge, a true P2P protocol extension based on the Xnode protocol (the secure way in which XCurrency’s nodes communicate).
An API implementing the XBridge protocol will be incorporated into the wallets of participating crypto currencies.This API forms part of a generalized application platform, running on every node. The application platform allows nodes to provide their features as services to other nodes on different blockchains.
Blocknet will offer a wide variety of services and features much like Supernet already does. And it uses an XC currency native feature to operate the platform, the XBridge. It offers Cold Storage services, Instant Transactions, Private Chat, Distributed VPN Service, RepSystem, a Decentralised Exchange, and a lot of Fiat Currency Gateways. It will also have a series of Crypto-currencies and some assets integrating the platform along with a Development Incubator, in order to stimulate a decentralized growth and innovation.
For instance, the most important mechanism of the platform will be the XBridge.
If an XC user wants to use UTIL’s (native coin, used to store configuration for services, where a global service configuration exists that can vary on a per node basis) VPN service. Then the XBridge is used to provide users with an XC address.
After that XC is sent to the decentralized exchange and exchanged for UTIL and then sent to UTIL node(s) to provide the VPN service.
UTIL nodes securely connect to the XC node through XBridge and route web traffic.
Wallets send any currency supported by the Platform just by an automatic process of exchanging the desired coin and sending the platforms native coin.
The Blocknet Project has been embraced by multiple crypto currencies; This is done by adding each coin and respective alt-chain to a specific node that can enable the XBridge. The participating currencies are:
Characteristics of the XBridge
The XBridge provides the core foundational layer for the API to function, while the API enables nodes to provide services and be part of the application platform.
The XBRIDGE technology is capable of providing Private payments, managing a VPN, the private messaging, Public Ledger, Decentralized Asset Exchange, and the Fiat Gateway Eschange.
The Application Platform is executed over a true P2P protocol extension with an End-to-End encryption to further enlarge security. It is also completely open source and based on a trustless dependant system where every node is able to provide services to every other node or any other blockchain operating in the node. This “modus operandi” insures that the decentralized aspect of the Platform and puts the power of every coin at the interest and service of all.
The Blocknet will be guided and fostered by a foundation consisting of members of participating crypto currency projects. Each currency is entitled to a seat on the Blocknet Foundation’s board, bringing together individual crypto currencies like never before.
The Blocknet Foundation will join the outstanding abilities of developers and will function as an incubator, funding the creation of a development platform and multiple Blockchain 2.0 services. The Foundation will also be the main responsible for allocating funding for this projects.
No fee or portion of a crypto currency’s money supply is required to join the Blocknet, howeve, Membership will be set on the basis of a ratification process.
Information about the ITO
The Initial funding will be raised through an ITO (initial token offering) beginning on 29 October 2014. Shares will be made available for purchase on traditional exchanges and on the NHZ asset exchange.
Shares purchased with coins of participating crypto currencies will cost 10% less although the price is yet not determined. There will be no limit on the number of shares offered through the ITO. After the ITO no further shares will be created.
Blocknet will be very valuable to the coins involved. Each individual coin’s value will also be a matter of the value its tech inputs to the marketplace. The Blocknet will be like the internet, but the internet of digital currencies and their functional Blockchains. Even though the coins involved will be competing, each and every one of them will be adding values to the platform with its value.
Photo sources: Blocknet