Blocknet (BLOCK) is a decentralized, peer-to-peer (P2P) blockchain technology platform that enables the transfer of data and value between blockchains. It acts as an intermediary between blockchains, allowing them to communicate with each other and enables the creation of a blockchain-based “internet of blockchains”. This is made possible by the Blocknet Protocol, which allows for the sharing of data and communications between different blockchains and which is built on top of the widely utilized XBridge technology.
Blocknet was founded in 2014 by a team of blockchain enthusiasts and developers who have been working on the project since then. The project is built on the foundation of open source software and decentralized protocols, allowing it to be used by anyone in the world without the need for central coordination or control. Furthermore, the Blocknet Protocol allows for the addition of new blockchains to the system without any additional cost or technical challenges.
The Blocknet platform is powered by its native token, BLOCK, which is used to incentivize network nodes, facilitate transactions and pay for services. BLOCK is the first token to be issued on the XBridge technology, which is designed to facilitate cross-chain transactions. As of 2021, Blocknet is actively working on the development of a Decentralized Exchange (DEX), which will enable users to trade different tokens and assets without the need for a centralized exchange.
The Blocknet Protocol is designed to be a secure, flexible and scalable platform that enables the creation of decentralized applications (dApps). These dApps can be used to create new products and services, as well as to improve existing ones. Blocknet is also actively working on the development of a platform for blockchain interoperability and scalability, which will enable developers to build applications that can run on multiple blockchains.
Overall, Blocknet is an ambitious project that seeks to revolutionize the blockchain industry by facilitating inter-chain communication and scalability. It is a project that has the potential to unlock new possibilities for the blockchain ecosystem and the world at large.