The "block weighted average price", or 'B-WAP', is a new indicator, price discovery mechanism, data-set and API.
Realizing blocks as a measure of time, BNC dynamically calculates an accurate market price for each block in the bitcoin blockchain.
This is done using BNC's Bitcoin Liquid Index (BLX).
For every block generated on the bitcoin blockchain (since trading began at Mt Gox), a volume weighted average price in USD, for the duration of that block, has been formulated out of the fine granularity of the BLX. The first block where a USD price was established in the Bitcoin Liquid Index is 68774 (2010-07-17 23:14:35 UTC). Data is refreshed every 10 minutes with any new blocks confirmed outside of the last 2 hours.
http://bravenewcoin.com/news/blocks-are-a-measure-of-time-introducing-the-bitcoin-blockchain-b-wap/
