Executive summary

Executive summary

Introduction

The Blocknet – an „internet of blockchains” – is a decentralised application platform built upon a revolution in cryptographic technology; a true peer-to-peer protocol between nodes on different blockchains.

In advance of the Blocknet’s ITO (initial token offering) and in response to an engaging conversation with the public on the Blocknet’s Bitcointalk thread, this document supplies information significant to buyers of Blocknet tokens. Its purpose is to answer a number of questions and to ensure that would-be investors are well informed of the current status of the project, its direction, and its capacity.

The Blocknet is steered by representatives of participating cryptocurrencies, whose communities play an important role in their direction. Rather than serving as closed statement or “final answer,” this document is intended to facilitate further discussion, so that the Blocknet team and its communities can continue to shape the Blocknet’s future together.

THE FUNCTION AND PURPOSE OF THE BLOCKNET

The Blocknet’s core technology is the XBridge protocol, which will establish a hybrid mesh/DHT network between nodes of different cryptocurrencies, harnessing the resources of their wallet services and communities. For the first time, altcoins with niche communities will be able to access an exponentially larger potential user base comprised of the communities of every participating cryptocurrency. Also for the first time, cutting-edge technologies will be served not only to the particular community using a coin, but to any and all users of any participating coin, providing a marketplace of a scale significant enough for services to generate viable income for nodes.

To bring coins’ services to market, an application platform and decentralised marketplace will be developed and, like all Blocknet technology, served from Blocknet-enabled nodes.

The remuneration opportunities the Blocknet offers, and its hugely increased marketplace of users, serves as an incentive for developers to build new blockchain/resource based applications while using the underlying blockchain ledger for fees and payments. The ultimate effect envisioned is a full circle eco-system that can engage numerous vertical B2B and B2C markets worldwide.