Web 3.0 meets the internet of blockchains: Ethereum becomes Blocknet-enabled

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Web 3.0 meets the internet of blockchains: Ethereum becomes Blocknet-enabled

London, 12 MayThe Blocknet is to take crypto-powerhouse Ethereum into the inter-blockchain era, enabling nodes on any blockchain to interact with its smart contracts, which resolves a key problem faced by the “Internet of Things” – interoperability. Ether will also be included in the Blocknet’s upcoming decentralized exchange.

 

What do you get when you cross interoperable blockchains with the internet of the future? You get a sidechain killer. After all, why centralize if you don’t have to? Ethereum, the visionary advancement upon Bitcoin, has joined the Blocknet, which enables any one blockchain’s innovations to be served to nodes on other chains. The result? The inter-blockchain era.

Interoperable blockchains for IoT

There can be no true Internet of Things without interoperability – and currently the world of connected devices is fragmented. While blockchains are an ideal technology for IoT, the thousand-odd blockchains in existence are almost completely disconnected from each other, functioning like isolated islands, or perhaps like LANs disconnected from the internet. The Blocknet is here to change this, and is creating a connected “internet of blockchains” to enable the phenomenal innovation of blockchain-based projects to be delivered as services to nodes on other blockchains. Its development plans include:

  • a multi-chain development platform‏
  • an app store‏
  • industry standard‏ decentralized applications‏

Decentralized exchange

Probably the single greatest perceived need in the crypto community is for a real decentralized exchange. An estimated one in sixteen bitcoins have been stolen. More exchanges than is easy to keep track of have been hacked, defrauded, or stolen from. A change is necessary, and for Ethereum and the ten (and counting) other Blocknet-enabled projects, a change is soon to come. Part of the Blocknet’s core tech is an inter-blockchain decentralized exchange, which is truly peer-to-peer and currently available as an alpha build.

Following Ethereum’s integration, the Blocknet will make use of Ethereum’s script VM engine, enhancing its power and flexibility. The exchange is intended to launch on or before Ethereum’s upcoming launch.

 

Sidechains? Why centralize?

One prominent solution to the dual problems of decentralized (or otherwise trustless) exchange and of harnessing the phenomenal innovation of cryptocurrencies is that of sidechains. It treats Bitcoin as the backbone network to which other blockchain-based projects must be subsidiaries.

In contrast, the Blocknet’s XBridge protocol will create an open framework that allows nodes on any blockchain to deliver services – for a microfee – to nodes on any other blockchain. Unlike sidechains, this creates an “internet of blockchains,” where no one network is central, and which can be extended as widely as the internet is today.

In addition to security and, in a sense, democracy, the practical benefits of this are clear. Blockchain design can become modular, enabling (a) microservices, (b) tiny blockchains for mobile apps, (c) archivable or swappable chains, (d) easy upgrades, bug-spotting, and fault isolation, since each chain can be given just a single function, and (e) unmatched scalability. This just would not be possible when relying on a single central blockchain.

For app developers, the Blocknet’s architecture has intrinsic appeal, because services can be delivered to one chain directly from any other chain without having to deal with a third party in the middle or with Bitcoin’s enormous chain size. It is this that allows the innovation in crypto to shine. Ethereum’s smart contracts can be used to build currencies, financial derivatives, voting systems, decentralized organizations, data feeds, title registries and thousands of other applications. Soon they will be harnessed right from your wallet or app.

Blocknet.co

Ethereum.org