[ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure

[mcfom]

I also think that historic moment has been reached now Block gonna deliver that truly decentralized exchange. Feedback of people making me satisfied very soon this will be among top 5 coins on marketcap. It's only based on our believe in any coin so I will keep my faith in it and moving forward with them.

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[bamsterdam]

This is gonna have a huge marketcap, mark my words.

Agreed with you this gonna be a huge thing in crypto market. This is totally new tech at the moment there is no competitor in the market so this will be next big thing on this universe.

Sorry for being a bit lazy and asking this but you say there are no competitors in the market but what about ark and waves? I read here about the cross chain p2p but I believe ark got this from blocknet right? so whats the difference between them? Ark is getting a lot more interest so why if blocknet was here first is ark walking away with the attention? I also read about decentralized exchange with the hardfork is that comparable with waves platform?

The op is not updated since end 2014? why?

Looks like an interessting entry point I read a lot of enthusiasm but still have to inform myself a bit more

[truxton]

Equal to all time high right now.  This is because all the testing I think.

[JanDzban]

Equal to all time high right now.  This is because all the testing I think.

 Oh really, that's awesome. And how is going your adventure with VLC capture video from that tests? Any progress?

[CoinHoarder]

This is gonna have a huge marketcap, mark my words.

Agreed with you this gonna be a huge thing in crypto market. This is totally new tech at the moment there is no competitor in the market so this will be next big thing on this universe.

Sorry for being a bit lazy and asking this but you say there are no competitors in the market but what about ark and waves? I read here about the cross chain p2p but I believe ark got this from blocknet right? so whats the difference between them? Ark is getting a lot more interest so why if blocknet was here first is ark walking away with the attention? I also read about decentralized exchange with the hardfork is that comparable with waves platform?

The op is updated since end 2014? why?

Looks like an interessting entry point I read a lot of enthusiasm but still have to inform myself a bit more

I think that any coin that activates Segwit and the Lightning Network may also be a competitor to this project.

One of the benefits of the Lighning Network:

"Securely cross blockchains: payments can be routed across more than one blockchain (including altcoins and sidechains) as long as all the chains support the same hash function to use for the hash lock, as well as the ability the ability to create time locks."

[bamsterdam]

Yeah I think you're right. Would it not be even cheaper and faster to do so? The only thing is that I think most coins will not be compatible with lightning network since there clones of btc/ltc and have similar issues that needed to be fixed with segwit. What would be the difference in blocknets cross chain p2p tech compared to the lightning network?

[CoinHoarder]

What would be the difference in blocknets cross chain p2p tech compared to the lightning network?

For that question, I will defer to the experts. 😂

[bamsterdam]

Are there some experts in the room ?

maybe someone can explain the differences between ark en blocknet also ?

just bought my first blocks hoping the price would still dip a little so I can buy some more since its on ath now.   

[synechist]

I think that any coin that activates Segwit and the Lightning Network may also be a competitor to this project.

One of the benefits of the Lighning Network:

"Securely cross blockchains: payments can be routed across more than one blockchain (including altcoins and sidechains) as long as all the chains support the same hash function to use for the hash lock, as well as the ability the ability to create time locks."

It's not impossible that a lightning network may support a competitor, but (a) I doubt it, and (b) even if so, then not for some time. Here's why I think this:

Lightning networks are vulnerable to collusion attacks. (Thanks to Dave Zimbeck for noting this.)

Lightning network does 2 of 2 accounts. Then it creates Pune Dryja channels in an asymetric way to make a HTLC to connect two unrelated 2 of 2 accounts.
So if Bob and Alice are in the 2 of 2
Alice is also in a 2 of 2 with Steve
If Steve owes money to Bob he create a HTLC with him so Bob may withdraw at any time. But if Alice is actually Steven she holds both keys and can withdraw effectively defaulting
If Alice is the one routing all payments owed to Bob it works fine. But Alice needs the physical funds in her account.
So using her as the intermediary between the two... it routes payments like such: Steve owes Bob he routes HTLC to Alice who routes it to Bob
If Alice doesn't have the phyiscal funds in the 2 of 2 it won't work.
Therefore the proper architecture of a Lightning network is for EVERYONE to hold money with an extremely rich Bitcoin holder like a bank or winklevoss twins. Because they are the ones who can successfully route all of those payments P2P without clearing them

    From https://www.reddit.com/user/dzimbeck

So, currently, the only workable decentralised exchange solution is the use of atomic swaps that exploit OP_CHECKLOCKTIMEVERIFY, plus other techniques for decentralising order broadcast and order matching.

[dzimbeck]

I think that any coin that activates Segwit and the Lightning Network may also be a competitor to this project.

One of the benefits of the Lighning Network:

"Securely cross blockchains: payments can be routed across more than one blockchain (including altcoins and sidechains) as long as all the chains support the same hash function to use for the hash lock, as well as the ability the ability to create time locks."

It's not impossible that a lightning network may support a competitor, but (a) I doubt it, and (b) even if so, then not for some time. Here's why I think this:

Lightning networks are vulnerable to collusion attacks. (Thanks to Dave Zimbeck for noting this.)

Lightning network does 2 of 2 accounts. Then it creates Pune Dryja channels in an asymetric way to make a HTLC to connect two unrelated 2 of 2 accounts.
So if Bob and Alice are in the 2 of 2
Alice is also in a 2 of 2 with Steve
If Steve owes money to Bob he create a HTLC with him so Bob may withdraw at any time. But if Alice is actually Steven she holds both keys and can withdraw effectively defaulting
If Alice is the one routing all payments owed to Bob it works fine. But Alice needs the physical funds in her account.
So using her as the intermediary between the two... it routes payments like such: Steve owes Bob he routes HTLC to Alice who routes it to Bob
If Alice doesn't have the phyiscal funds in the 2 of 2 it won't work.
Therefore the proper architecture of a Lightning network is for EVERYONE to hold money with an extremely rich Bitcoin holder like a bank or winklevoss twins. Because they are the ones who can successfully route all of those payments P2P without clearing them

    From https://www.reddit.com/user/dzimbeck

So, currently, the only workable decentralised exchange solution is the use of atomic swaps that exploit OP_CHECKLOCKTIMEVERIFY, plus other techniques for decentralising order broadcast and order matching.

Just dropped by the thread to say "hi" and and noticed the reference. Thanks

Yeah the lightning network has some pretty serious security holes to work through before going mainstream or it becomes nothing more than a glorified multisig exchange.

Not to say that off-chain transactions aren't cool, but the only way to solve the problem is to have everyone get accounts with the ultra-wealthy.
Perhaps still a lot of transactions would have to be cleared and also, there is the problem that you need your computer to be running to broadcast transactions that clear before the locks expire (there is some game theory involved because so many transactions get replaced).

Lightning networks might work a little better with a frozen asset class where users would hold more funds which in theory which can be used as collateral when routing IOUS but I definitely do not see Bitcoin doing something like that. And it would still require accounts with wealthy holders.

Also wouldn't a lightning network require a lightning network in EACH coin? Since they are technically doing exchange as micropayment channels, correct me if I'm wrong but all of the coins would need their own network. So I can't imagine how anything like that could be engineered. Also the amount of signatures for the micropayment trade would actually be a bit processor intense because they would have to keep discarding old transactions.

I honestly think the way Blocknet is doing it is the only way to truly do decentralized exchange. And I'm very happy they are going to deliver on this. Shocking nobody else was working on it after all these years.

Kudos!

[truxton]

New all time high a few hours ago.  Just under $1 now and still going up nice and calm.

[jtalk]

That is just awesome seeing another independent dev's point of view on the Blocknet tech which is great. Block is about to deliver after years of hard work and its technology will prevail. I will say it was never so good time to buy Block as it is now. Block will be among top 5.

[truxton]

I honestly think the way Blocknet is doing it is the only way to truly do decentralized exchange. And I'm very happy they are going to deliver on this. Shocking nobody else was working on it after all these years.

Kudos!

QFT!

[NrX]

I honestly think the way Blocknet is doing it is the only way to truly do decentralized exchange. And I'm very happy they are going to deliver on this. Shocking nobody else was working on it after all these years.

Kudos!

QFT!

That's it I found my answer at the moment which project has realistic approach. I think Block is still under valued coin so now time to buy more.

[Coval.R]

I honestly think the way Blocknet is doing it is the only way to truly do decentralized exchange. And I'm very happy they are going to deliver on this. Shocking nobody else was working on it after all these years.

Kudos!

QFT!

That's it I found my answer at the moment which project has realistic approach. I think Block is still under valued coin so now time to buy more.

Yes, of course buy more.

[bamsterdam]

Thanks for the explanation dzimbeck and synechist understand a little more now. Seems like lightning would not be feasible for most coins. If you could explain to me the difference between ark en blocknet ? Ark has gone up really much last days. No point in entering the market now but block has still lots of room to grow

[bamsterdam]

I honestly think the way Blocknet is doing it is the only way to truly do decentralized exchange. And I'm very happy they are going to deliver on this. Shocking nobody else was working on it after all these years.

Kudos!
[/quote]

And what about waves aren't they building a decentralized exchange? Why is blocks the only true way to achieve that? (sorry for all the references to other coins) just trying to get met head around it 

[truxton]

I honestly think the way Blocknet is doing it is the only way to truly do decentralized exchange. And I'm very happy they are going to deliver on this. Shocking nobody else was working on it after all these years.

Kudos!

And what about waves aren't they building a decentralized exchange? Why is blocks the only true way to achieve that? (sorry for all the references to other coins) just trying to get met head around it 
[/quote]


I think Synichist will be along to answer this at some point.  He is pretty good about this sort of thing but remember it is the Easter weekend.

[bamsterdam]

haha yeah your right almost forgot I also have to get moving clean the house before the girlfriend is coming and sees this mess

Really curious about what he has to say on the differences between block, ark and waves

Happy Eastern everybody

[commenter]

If that's the case, then Blocknet should soon have a market cap like Arks !