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

[Xaltotun]

Blocknet is special because it's the first decentralized exchange using atomic transactions. Meaning, fast & secure w/ no iou's.

If you build it, they will come.

Patience people. This is just the beginning.

[wwzsocki]

Does this help? :

https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/?sort=new

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.

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.

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.

I'll list a couple of simple ideas:

Zcash mixer (clone a multiwallet, integrate xbridgep2p, auto-trade for Zcash and back to any other currency. Near-perfect mixing)
A marketplace app. You'd want the following services: (a) customer reputation and info, (b) payment processing, (c) image storage, (d) item listings. Use a microservices architecture for the reasons given above, gaining the advantages of utilising multiple blockchains. Use one chain to store encrypted customer info (see the final item on this list), use the Blocknet's XBridge to accept payments in any cryptocurrency, store images on a server, and use a third chain and in-wallet code for the item listings and UX. The result: a scalable, composable set of services that are easier to bugfix, ungrade, or replace.

The use of any Ethereum contract by supplying "gas" in other coins
A stablecoin that maintains its peg by exploiting the fact that trade records on a dx are on-chain (checks trade records; burns/creates or freezes/unfreezes coins to maintain a precisely equivalent money supply)
An OAuth killer: a personal information service that records encrypted personal metadata on your chain and comes with a revocable permissioning system. Users thus acquire self-sovereignty over their personal information. From there, you can integrate to any site/app requiring sign-in, or users can voluntarily sell their metadata to advertisers for micropayments (sorry, Google Ads), or it can support passport/identity systems.

Thank you for that but still I understand tech behind this coin and ongoing development but there isn't one working app. Why?

[cryptofuture22]

I got a question about POS, that is very important for me to be answered, because of my religion. the question is:  Can i choose to hold block but NOT TO STAKE my coins, lets say i got 100Block in my wallet for 2 years, then i still want them to be 100 block i dont want Stake reward is this possible, or is my wallet force-staking automaticly?

[godis]

I got a question about POS, that is very important for me to be answered, because of my religion. the question is:  Can i choose to hold block but NOT TO STAKE my coins, lets say i got 100Block in my wallet for 2 years, then i still want them to be 100 block i dont want Stake reward is this possible, or is my wallet force-staking automaticly?

Can I ask what the religion?
Yes it is

[cryptofuture22]

staking is like interest rate from banks, and this is prohibited in Islam.

So lets say i just download the wallet, i bought 100block and then what? i just close wallet and that is it or do i have to do something so they are not staking?

[insom]

7,17$

[Praxis]

7,17$

Crazy.  

I expected it to grow of course, but not that fast. I guess many people wanted to get 5000 ASAP, for the nodes.

[86B]

staking is like interest rate from banks, and this is prohibited in Islam.

So lets say i just download the wallet, i bought 100block and then what? i just close wallet and that is it or do i have to do something so they are not staking?

There's an option to lock or unlock your wallet.  Unlocked = staking, Locked = not staking

[truxton]

Does this help? :

https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/?sort=new

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.

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.

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.

I'll list a couple of simple ideas:

Zcash mixer (clone a multiwallet, integrate xbridgep2p, auto-trade for Zcash and back to any other currency. Near-perfect mixing)
A marketplace app. You'd want the following services: (a) customer reputation and info, (b) payment processing, (c) image storage, (d) item listings. Use a microservices architecture for the reasons given above, gaining the advantages of utilising multiple blockchains. Use one chain to store encrypted customer info (see the final item on this list), use the Blocknet's XBridge to accept payments in any cryptocurrency, store images on a server, and use a third chain and in-wallet code for the item listings and UX. The result: a scalable, composable set of services that are easier to bugfix, ungrade, or replace.

The use of any Ethereum contract by supplying "gas" in other coins
A stablecoin that maintains its peg by exploiting the fact that trade records on a dx are on-chain (checks trade records; burns/creates or freezes/unfreezes coins to maintain a precisely equivalent money supply)
An OAuth killer: a personal information service that records encrypted personal metadata on your chain and comes with a revocable permissioning system. Users thus acquire self-sovereignty over their personal information. From there, you can integrate to any site/app requiring sign-in, or users can voluntarily sell their metadata to advertisers for micropayments (sorry, Google Ads), or it can support passport/identity systems.

Thank you for that but still I understand tech behind this coin and ongoing development but there isn't one working app. Why?

Because the DX toook a long time to get right and it took 3 builds for the devs to be happy with it.  This is in fact the 3rd build.  This project is only now coming out of its first phase.  Hard fork in a few weeks, then the UI, then the apps & dapps. Patience.  Please join slack for more details.    https://blocknet.herokuapp.com/

[truxton]

[imconfusedman]

I got a question about POS, that is very important for me to be answered, because of my religion. the question is:  Can i choose to hold block but NOT TO STAKE my coins, lets say i got 100Block in my wallet for 2 years, then i still want them to be 100 block i dont want Stake reward is this possible, or is my wallet force-staking automaticly?

Brother if your religion is Islam (assalamu alaikum) I can assure you that staking is NOT Riba (interest), it's different in the sense that it's more of a reward for securing the network rather than "money generating money" out of thin air like the ones who are in the banking industry, especially since there are no loans involved, and if there were no nodes securing a network then that network would fail to exist!

Please do not be confused from the websites and people who say these are "interest" payments, they're not the same as those that are forbidden for us as mentioned in the Holy Quran;

The Holy Quran, Chapter 2 Verse 275
"Those who consume interest cannot stand [on the Day of Resurrection] except as one stands who is being beaten by Satan into insanity. That is because they say, "Trade is [just] like interest." But Allah has permitted trade and has forbidden interest. So whoever has received an admonition from his Lord and desists may have what is past, and his affair rests with Allah . But whoever returns to [dealing in interest or usury] - those are the companions of the Fire; they will abide eternally therein."

I will give you another example, when miners on the Bitcoin network are "mining" for Bitcoin, they're using electricity and resources, this is similar to a trade.
They trade electricity, time, and resources for the chance of receiving a portion of a Bitcoin.
The same thing applies to the cryptocurrencies with a 'Proof of Stake' system, the ones who hold the coins have become the 'miners' and they are securing the network through holding their coins.

To summarise:
Bitcoin: They trade a large amount of electricity, resources and time for the chance to receive a portion of Bitcoin as a reward. = not RIBA.
Proof of Stake: They trade a small amount of electricity, resources and time for the chance to receive a portion of the POS currency as a reward. = not RIBA.

But to answer your initial question, yes you can hold your BLOCK without staking it. I believe to stake your BLOCK you must unlock your wallet and wait for a period of time before it will start to reward you.

It is generally a similar system, however the Proof of Stake system is more environmentally friendly which I see as much better.
And Allah knows best (Allahu A'alam).

[freshfred]

...thanks mate, that's a full answer, very professional ;-)

[RAGEmond]

the tsunami is coming guys prepare .. 1$ left

[XRP1]

7,17$

Crazy. 

I expected it to grow of course, but not that fast. I guess many people wanted to get 5000 ASAP, for the nodes.

I think that there will be a slight decline in prices. Maybe up to 6-5.5 $. Perhaps by the end of the day or tomorrow.

[truxton]

I agree with this.  I think was phase 1 of pure FOMO.

[insom]

0.003BTC / 7.70$

onwards!

[Jumanji7]

I feel good to travel in an unchartered territory with BLOCK 

[l33tn00b]

Next stop .01 

[truxton]

[leigh2k14]

7,17$

Crazy. 

I expected it to grow of course, but not that fast. I guess many people wanted to get 5000 ASAP, for the nodes.

I think that there will be a slight decline in prices. Maybe up to 6-5.5 $. Perhaps by the end of the day or tomorrow.

Wrong, 330k as I write this.