Blocknet breakthrough: first ever communication between nodes on different blockchains

Blocknet breakthrough: first ever communication between nodes on different blockchains

Amidst a burgeoning „blockchain 2.0” scene, the Blocknet shifts paradigms with what can only be called „inter-blockchain 2.0” technology.

There will never be just one blockchain. If the tremendous potential of blockchains is to be realised, humanity’s vast services and data requirements will require many. And these chains will need, of course, to interoperate. Enter the “internet of blockchains,” the Blocknet – with its prototype inter-node protocol.

The Blocknet is, at heart, a simple idea: combine the collective potential of the unprecedented innovation that has followed the invention of Bitcoin. Already there exist myriad technologies that apply blockchain-based technology to virtually every purpose currently imagined. What is missing, however, is a way for these technologies to work together to serve a single device, or a single app, and to deliver the rich, seamlessly integrated user experience that we’ve come to expect from traditional software.

MOBILE DEVICES NEED A SMALL APP FOOTPRINT

The Blocknet will fundamentally transform the utility of the blockchain. After all, mobile phones can scarcely run a full Bitcoin node, never mind twenty other blockchains delivering decentralised storage, email, instant messaging, shopping, controls for your smart property, currency exchange, and so forth. Unless blockchain networks become interoperable, the potential of distributed computing cannot be realised.

APP DEVELOPERS NEED SIMPLICITY

There are six distinct functions in a structured escrow service – executive, auditor, recipient, payment platform, representative, and represented party. These functions are performed, correspondingly, by the Foundation’s Board, CoinGateway, the coin or developer receiving funding, Bitgo, Blocknet Coin Representatives, and the coins’ communities.

BLOCKCHAINS WERE BORN FOR MICROSERVICES

Blockchains are a permanent ledger of every transaction in their history. Thus, they have a habit of irreversibly increasing in size. For this reason there is little sense in creating a single blockchain to handle a multitude of services, as its size would increase more quickly, and in consequence its useable lifespan would decrease. What blockchains are ideal for is microservices – specific, single functions that can be coordinated together to deliver a given service. Their lifespan would be longer, and the cost of archiving a blockchain and beginning a new one would be low, since doing so would affect no other functions. Distributed applications powered by the Blocknet will take advantage of lean, purpose-specific microservices in a new, revolutionary internet architecture.

THE XBRIDGE

The Blocknet has reached its first milestone of the development of its XBridge inter-blockchain technology: the successful sending of a message between nodes on different blockchains. Dubbed the “XHub”, the prototype peer-to-peer communication protocol is available, in its early alpha stages, on Github. Developers are encouraged to use the code as it is open source and anyone is free to implement it in their projects.

With this technology in the bag, the Blocknet’s next milestone is to achieve the ability to initiate transactions on one blockchain from a node on a different chain. This will enable distributed exchange of currencies and, ultimately, open-ended inter-chain functionality.

With the XBridge, the Blocknet will provide a function – beyond the paradigm of “blockchain 2.0” – that truly empowers a distributed blockchain-based world.