Blocknet - Polo, Kraken, Bitfinex killer

[vvv7777777]

Blocknet could be the best investment of 2017. Here's why:

Exchanges are centralized:
- They can be insolvent without you knowing
- They decide which coins to add -- which hurts a lot of crypto projects
- They could be trading against you without you knowing
- They require KYC to stay complaint and you have no idea where that information goes. Isn't it strange that people want privacy with things like Monero and Zcash, but we give exchanges our identification?

Interoperability of blockchains is going to be huge:
- With a Blocknet backend, people can trustlessly use any cryptocurrency they want for anything that accepts bitcoin

Poloniex, Kraken, and Bitfinex have each been facing problems, and soon people will look for decentralized exchanges out of need, not just a "nice to have".

Blocknet is the only fully trustless cross blockchain exchange that is working. Right now it's working in testnet with BTC/SYS, BTC/BAY, and BTC/LTC. The devs can trivially add any currency that is BIP65/CLTV (including ZCash, Dash etc.), they plan on integrating ETH soon, and the exchange works for any combination of pairs.

AMA link (includes discussion about Blocknet vs Cosmos): https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/

Blocknet vs Ark: https://bitcointalk.org/index.php?topic=829576.msg18785897#msg18785897

Join the Slack: https://blocknet.herokuapp.com/

Twitter: https://twitter.com/The_Blocknet

[danielwwt]

Sold my PIVX and got into Blocknet a month ago.

I'm sure this is gonna be my best investment EVER.

Have great confidence in this project. Devs are awesome and slack is getting more people. All remind me early days of PIVX.

check the video below.

https://www.youtube.com/watch?v=ALxr7MpaIoA

[adroitful_one]

Sold my PIVX and got into Blocknet a month ago.

I'm sure this is gonna be my best investment EVER.

Have great confidence in this project. Devs are awesome and slack is getting more people. All remind me early days of PIVX.

check the video below.

https://www.youtube.com/watch?v=ALxr7MpaIoA

This is the first time I have seen this project. Very much appreciated for bringing it to my attention. Was it announced here because I never got an alert about it if so

[Zenoru]

Totally agree with all your points. I can't believe the market cap is still so low, although it's probably due to most money going into all these vaporware ICOs and due to the Poloniex delisting. The good thing is that more and more projects are recognizing the blockchain interoperability tech's potential - Ark, Cosmos, to name a couple. But as the OP said, Blocknet is actually much ahead because its tech is functional on its testnet, and it is truly decentralized, unlike some other proposed solutions.

[truxton]

Agreed too.  Block is SO undervalued right now.   Even if you dont have enough to run a node, there will be a nice profit in the coming weeks after the Fork and then after that with the UI launch. HODL!

[Febo]

I know two decentralized exchanges that are working on is DEX in counterparty wallet. Other is https://bitsquare.io/

But reality people still loves to trade on centralised exchanges. It will take some time to switch mentality to decentralised ones.

[kawacaki]

what is the total supply of blocknet?

[truxton]

what is the total supply of blocknet?

3.9 Million.

[Opossum Minister]

what is the total supply of blocknet?

3.9 Million.

With an actual use, few coins in circulation, and only $8,766,947 in market cap.... I am starting to think this has potential for upward movement.

[danielwwt]

Sold my PIVX and got into Blocknet a month ago.

I'm sure this is gonna be my best investment EVER.

Have great confidence in this project. Devs are awesome and slack is getting more people. All remind me early days of PIVX.

check the video below.

https://www.youtube.com/watch?v=ALxr7MpaIoA

This is the first time I have seen this project. Very much appreciated for bringing it to my attention. Was it announced here because I never got an alert about it if so

https://twitter.com/The_Blocknet?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

check out this. This is where all the update

[truxton]

WAVES market cap - 80 million, not launched.

BLOCKNET market cap - 8 million, tech working and demoed, hard forking in mere weeks.

Do the maths.

[truxton]

Just saw the devs have answered a load of questions on the reddit AMA:

https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/

Summary: (dev answers in red)

1. What is the timescale for the UI and SPV? Just roughly. Are we talking a couple of months, 6 months, end of year, next year? Cheers.

We work in an "agile" manner and thus do not deliver to timescales. As a rough estimate which cannot be taken as a commitment, I'd suggest that the timescale for the UI is "a couple of months" and SPV multiwallets "6 months." I may be mistaken though.

The better answer: we are aware that mass-adoption of an exchange technology requires low friction, thus removing the need to download at least two blockchains before trading. So SPV is at the top of our list of enhancements.

Work has already begun on the UI.

2. How is Blocknet different from projects like WAVES, COSMOS, SWARM CITY and so on. In general, how is Blocknet's approach to build a decentralized exchange and an interoperability protocol different from its competitors?

The Blocknet is the only project in our awareness that decentralises the four core functions of an exchange - capital deposits, order broadcast, order matching, and coin exchange.

    all coins stay in wallets

    orders are broadcast over an inter-chain DHT network overlay

    order books are compiled by local applications, not a central or distributed entity

    coin exchange is atomic and trustless, utilising OP_CHECKLOCKTIMEVERIFY and not requiring the control of any third party.

As for interoperability in general and the emerging token ecosystem, the Blocknet is deliberately designed to function as infrastructure. No central chain is required, enabling services to be built on any chain and monetised and delivered over xbridgep2p, our "blockchain router," to nodes on any other chain and to dapps harnessing blockchain services.

Regarding waves, it's a coloured coin approach. As such, as a trader, you'd have to deposit your coins for some underlying token in order to trade. This does not decentralise deposits, even if the underlying architecture is distributed. Additionally it requires you to trust some manner of intermediary to redeem your coloured coins for a real coin when you want to withdraw.

My opinion on this is that if you're building a decentralised exchange, the main objective is to provide an alternative to having to trust some intermediary with your coin deposits.

Coloured coins cannot achieve that, and so I cannot consider any exchange of this type a decentralised one in the true sense of the word.

As for Cosmos, (a) its consensus algorithm is DPOS and (b) it relies on anchors/validators and so is vulnerable to collusion attacks.

These two points amount to Cosmos being a distributed system, but not one in which control is decentralised (that's what "decentralised" means btw - it's about control).

Thirdly - and correct me if I'm mistaken - Cosmos' approach is architecturally ill-fated to run afoul of the emerging "token ecosystem" by requiring inter-chain services to run on its chain only.

This is another way of saying that it is "inter-chain centralised," may be fine for sidechains, but is not suitable for an inter-chain era where it becomes the norm for dapps to become inter-chain orchestrations of on-chain microservices.



3. What are the possible applications of the xBridge other than a decentralized exchange?


   monetised API consumption
    digital service delivery

The Blocknet is designed as infrastructure for the emerging token ecosystem. Any service or orchestrated sequence of microservices provided by dapps may be delivered over the Blocknet's infrastructure.

Using decentralised exchange, these services are intrinsically monetisable, removing the friction and high costs of traditional payment networks - friction which has prevented the monetisation of the bulk of the API ecosystem.

Due to the decentralised exchange, consumers of a service may pay in their native token even if the service consumes a different token.


4 Do any of these dapps exist already or will they have to be built? Anymore concrete dapp examples would be great - helps me spread the word and keeps it simple.

This is potentially very exciting because if a service is in demand and people are buying Block to use the service then it makes the price go up.

Currently the only things on the Blocknet are its core infrastructural services:

    blockchain router

    coin exchange protocol

    trade fee collection nodes ("service nodes")

    in-wallet order book and order-creation/acceptance controls

    p2p end-to-end-encrypted data transport

If you're looking for concrete examples, the scenario is the same as current apps with a microservices architecture: you can build any of them with a monolithic architecture, but they'll struggle to scale, bugfixing is harder, a bug anywhere can break the entire thing, and they're not composable (i.e. they cannot be broken down into sub-services which may be used and monetised in other ways).

So... take all the dapps in existence. We're making the case that it's best to build many of them as inter-chain dapps.



5. What are the benefits of running a node? And how many blocks do I need to run one?

There are two types of node: a "service node" and a trader node.

Service nodes do not handle or control any trader's coins. Their function is to collect and distribute trade fees. Typically a service node operator will run multiple full node wallets of whichever coins (s)he wants to support, in order to garner as many trade fees as possible.

Trader nodes enable one to trade on the decentralised exchange.


6. Will there be fees for buying/trading on Blocknet like there is with Coinbase/GDAX?

Yes, there are fees, though they are significantly lower that centralised exchanges (with a minimum fee that's just above the dust threshold).

The fee structure is as follows:

    transactions over the networks of each of your currency pairs will remain subject to their normal network fees for P2SH transactions

    a tiny trade fee is charged in BLOCK and the software takes care of securing some BLOCK to pay the fee.
        current implementation: trading is from the Blocknet wallet and you can buy BLOCK using it or on any other exchange. This is then used for fees.
        future implementation: trading will be from any trading dapp built by anyone. The protocol is likely to involve a second trade for the BLOCK trade fee, without requiring your dapp to have the Blocknet's blockchain





Click the reddit link for more answers.

[/quote]

SLACK INVITE: https://blocknet.herokuapp.com/

[phytosaw22]

Agreed too.  Block is SO undervalued right now.   Even if you dont have enough to run a node, there will be a nice profit in the coming weeks after the Fork and then after that with the UI launch. HODL!

How much you need to run a node?

[McWorse]

Thanks a lot guys for this information. Sounds very interesting. And in my opinion, there is a great demand for a decentralized exchange. It can keep the business anonymous and it breaks our addiction to a shady system.
Thumbs up for the devs and for the project.
Bought for support.

[JerryWinski]

Blocknet sounds like a good buy right now. But Decentralized exchanges have never really seen good returns compared to other tech like Ethereum. I just hope that 2017 is the year for them since I hold next, bitshares and counterparty.

[Xaltotun]

Blocknet sounds like a good buy right now. But Decentralized exchanges have never really seen good returns compared to other tech like Ethereum. I just hope that 2017 is the year for them since I hold next, bitshares and counterparty.

I think that's because no one has done it correctly. Every other decentralized exchange requires you to send them your money.

When the exchanges hold our money, we lose. When we hold our money, we win.

[funsponge]

Blocknet is the future of crypto!

Crypto NEEDS decentralized exchanges!! This is gona blow when its released just like Stratis has recently.

[vvv7777777]

Agreed too.  Block is SO undervalued right now.   Even if you dont have enough to run a node, there will be a nice profit in the coming weeks after the Fork and then after that with the UI launch. HODL!

How much you need to run a node?

5000 BLOCK

[JeffBrad12]

Crypto NEEDS decentralized exchanges!! This is gona blow when its released just like Stratis has recently.

Lykke, Bitsquare, Etherdelta.
My question what's different among all of another decentralized exchange site with blocknet?

Blocknet sounds like a good buy right now. But Decentralized exchanges have never really seen good returns compared to other tech like Ethereum. I just hope that 2017 is the year for them since I hold next, bitshares and counterparty.

I think that's because no one has done it correctly. Every other decentralized exchange requires you to send them your money.

That means most of the decentralized exchanges are fail?

When the exchanges hold our money, we lose. When we hold our money, we win.

Looks like a lot of people still interested in centralized exchange which easiest for use. Honestly, i have a lot of bad experience with using decentralized exchange site.

[truxton]

Crypto NEEDS decentralized exchanges!! This is gona blow when its released just like Stratis has recently.

Lykke, Bitsquare, Etherdelta.
My question what's different among all of another decentralized exchange site with blocknet?

Blocknet sounds like a good buy right now. But Decentralized exchanges have never really seen good returns compared to other tech like Ethereum. I just hope that 2017 is the year for them since I hold next, bitshares and counterparty.

I think that's because no one has done it correctly. Every other decentralized exchange requires you to send them your money.

That means most of the decentralized exchanges are fail?

When the exchanges hold our money, we lose. When we hold our money, we win.

Looks like a lot of people still interested in centralized exchange which easiest for use. Honestly, i have a lot of bad experience with using decentralized exchange site.

Please ask your question in the main thread where the devs are: https://bitcointalk.org/index.php?topic=829576.7080
They are pretty good at answering questions as you will see. Synechist is the person you need to ask.