Blocknet: The Essentials

This is a short guide to Blocknet and its components. Blocknet is a PoS blockchain interoperability protocol that enables communication, interaction, and exchange between different public and private blockchains, as well as on-chain access to off-chain data, APIs, and services via oracles. Just as the internet enabled computers to communicate, the Blocknet Protocol enables Blockchains to communicate creating an “internet of blockchains”.

Blocknet uses the utility token BLOCK. The Blocknet Protocol consists of two principle components, XRouter and XBridge. Additionally there is also XCloud, a decentralized microservice cloud network powered by XRouter that allows for interaction with microservices, blockchains, APIs, and cloud tech that is hosted by Service Nodes. The Service Nodes, which are similar to masternodes but with an increased level of participation are used as a DHT network overlay to support XBridge, XRouter, andXCloud services. In order to support these services, they host full nodes of the blockchains the protocol is compatible with, serve oracle data, verify UTXOs, route communication between blockchains, and perform anti-spam and anti-DOS measures for the network. Service Nodes can also vote to participate in Blocknet’s self-governance system.

XRouter Essentials

  • Interact with any and all public or private chains.
  • Interconnect and harness contracts, protocols, and services from other Blockchains.
  • Provides an inter-blockchain SPV client backend, enabling the verification of blockchain records without requiring users to download the full blockchain.
  • Allows for a “decentralized Infura”.
  • XRouter proxy for enterprise clients allows for millions of transactions per second.
  • On-demand payment gateway for services.

XBridge Essentials

  • Decentralized exchange protocol.
  • Serverless DHT-based peer-to-peer network.
  • Integrate locally with nodes on​ other​ networks.
  • Allows for decentralized capital storage, order broadcast, order matching and settlement.

XCloud Essentials

  • Allows decentralized access to off-chain oracle information and data.
  • Build blockchain and oracle services with API and URL endpoints.
  • Monetize any service with crypto payments.
  • Use existing applications without re-coding.
  • Build decentralized applications.

Service Node Essentials

  • Service Nodes earn 100% of fees from XBridge, XRouter, and XCloud services.
  • Service Nodes can specify their own fees which are paid in BLOCK.
  • Fees can be earned from any service provided as well as from trades on Block DX, a decentralized exchange.
  • Service Nodes serve oracle data, verify UTXOs, perform anti-spam and anti-DOS measures for the network.
  • Vote on and create proposals.

Block DX Essentials

  • 100% decentralized and trustless utilizing XRouter and XBridge.
  • Cross-chain atomic swaps.
  • Trade between any and all blockchains.
  • Trade directly wallet to wallet with no third party.
  • No proxy tokens or coloured coins.
  • No KYC.
  • Free listings open to all.

Blocknet Essential Articles.

Blocknet enables the creation of a multitude of cross-chain dApps and multichain architectures only limited by developers’ imaginations. If you want to build for XRouter, set up a Service Node or have any questions, please join our Discord or Telegram. You can download Block DX and the latest Blocknet wallet, Blocknet Comet with XRouter here. CloudChains Inc. is currently implementing a fully decentralized lite (thin) multi-wallet utilizing Blocknet’s XRouter protocol. To learn more about Blocknet, check out our website, API, documentation, and Discord. You can also check out the full 2020 roadmap here.

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Website / Block DX Website / Documentation Portal / API Docs / Discord / Twitter / Medium / Telegram / Reddit /Newsletter / Blocknet Facebook / Block DX Facebook /YouTube / DTube / Instagram / Minds / BitcoinTalk / Proposal Forum /Blockdx.co


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