 |
March 12, 2021, 01:31:08 PM |
|
Currently, we have BLOCK as the token representative for the Blocknet Protocol. The Blocknet community has acknowledged the limitations of the BLOCK token with regards to trading and flexibility as a digital asset. To address this concern, the contributors in the Blocknet platform have established aBLOCK.
aBLOCK, according to Blocknet’s medium definition, is a wrapped version of the BLOCK token. aBLOCK was created as an alternative version of the BLOCK token that can be purchased by people from any country on Anyswap, Uniswap, or other decentralized exchange platforms where the ERC-20 tokens are traded on the Ethereum blockchain. To put it simply, the wrapping of BLOCK to aBLOCK tokens is like compressing your file into a zip document to make it transferrable and accessible to other platforms. aBLOCK allows BLOCK tokens to be efficiently introduced to other crypto networks.
According to Mr. Conan Mishler, aBLOCK was designed to provide the following indispensable needs:
1. Liquidity and Accessibility – the BLOCK token is not listed on many high liquidity exchanges. As previously mentioned, aBLOCK will make it possible for people around the world to buy BLOCK coins on Uniswap, Anyswap, and many other accessible and user-friendly decentralized exchanges. BLOCK/aBLOCK liquidity will be greatly improved because clients in the ETH-based DeFi environment will now have access to BLOCK (as aBLOCK) on the above-mentioned platforms. Users also will have the option to unwrap their aBLOCK to BLOCK.
2. Involvement with Hydra – aBLOCK will be an important and convenient payment method for Hydra, Blocknet’s decentralized infura solution. Hydra allows decentralized API access to developers to retrieve blockchain information from potentially any blockchain. It also provides its clients an all-in-one solution for all supported chains, including Ethereum. aBLOCK will satisfy the charge on Hydra fees in the BLOCK token as well as the fees in an ERC20 token.
There is one BLOCK token placed inside each aBLOCK token (1:1 mapping). Unwrapping of the tokens can be done any time, allowing the seamless conversion of aBLOCK back to its native BLOCK tokens with the help of bridging stations of exchange platforms. It shall be noted that the price of aBLOCK may vary depending on the proposed exchange/s. Blocknet has provided the easy-to-follow steps to bridge and wrap/unwrap BLOCK to aBLOCK. Users must first install the MetaMask, an Ethereum based wallet, in order to proceed with the operation. The following methods shall be followed accordingly:
Bridge and Wrap
- Firstly set up the bridge from BLOCK to aBLOCK (Blocknet ERC20)
- Place the desired amount of BLOCK to be converted
- Send the BLOCK to the deposited BLOCK address
- Click CrossChain Deposit
Bridge and Unwrap
- Ensure first that your aBLOCK is in your MetaMask wallet
- Setup the bridge from aBLOCK (Blocknet ERC20) to BLOCK
- Enter the desired amount of BLOCK to retrieve
- Enter the recipient BLOCK address
- Click Redeem
aBLOCK has made it possible to promote BLOCK tokens on the Ethereum main network. The Blocknet community’s big move to make their tokens become flexible and adaptable is indeed worthy of recognition.
|
