Blocknet is a 2nd layer blockchain interoperability protocol that enables communication, interaction, and exchange between different blockchains. This allows for the development of multi-chain applications and blockchain microservices, creating exponentially more capabilities and possibilities for the blockchain ecosystem. Blocknet is a self-funded and self-governed open source project with contributors around the world building an open and collaborative ecosystem.
--Technical Overview--
Blocknet is a Proof-of-Stake (PoS) blockchain with a utility token called BLOCK. Unlike other currency-focused blockchains, Blocknet is a service-based blockchain comprised of 3 main components:
* XRouter - Provides the Blocknet Protocol with a communication layer consisting of an inter-blockchain SPV client backend that enables the verification of blockchain records without requiring users to download the full blockchain. XRouter allows applications to interface with blockchains on the TCP/IP networking layer, enabling a true Internet of Blockchains;
* XBridge - Provides the ability to perform trustless atomic swap exchanges between any blockchain that is supported by the Blocknet Protocol via APIs. XBridge allows any application to act as a decentralized exchange, opening the door to an ecosystem of decentralized trading services;
* XCloud - Provides a decentralized microservice cloud network powered by XRouter. Developers will be able to put both blockchain and non-blockchain microservices on Blocknet’s “public cloud” decentralized network. XCloud allows applications to run entirely decentralized, opening the door to the possibility of monetizable, fully decentralized applications;
The network is powered by 2 types of nodes:
* Staking Nodes - Secure the network by staking BLOCK to verify the blockchain;
* Service Nodes - Host the full nodes of compatible blockchains, host microservices, audit interactions, and perform anti-spam and anti-DOS measures for the network;
The following are the requirements to operate each type of node:
* Staking Nodes - A Staking Node can be operated with any amount of BLOCK, but staking more BLOCK yields more frequent rewards;
* Service Nodes - A Service Node requires 5000 BLOCK;
--Tokenomics--
Blocknet involves multiple economic models with respect to the use of the BLOCK token.
* Block Rewards - Blocknet is Proof-of-Stake(PoS) with 1 BLOCK created every minute, of which 30% is awarded to Staking Nodes and 70% to Service Nodes;
* Service Fees - Service Nodes receive 100% of BLOCK fees generated from the use of services on the network, including trades performed via XBridge, interfacing with blockchains via XRouter, and use of microservices via XCloud;
* Collateral - BLOCK is required for collateral to operate a Service Node, as well as to use certain services on the network;
* Governance - Submitting proposals to the network requires a fee to be paid in BLOCK and proposals can only be voted on by Service Nodes;
* Transaction Fees - Transferring funds on the network incurs a transaction fee paid in BLOCK;
The utility of the BLOCK token increases the buy pressure on the market, while the reward potential of operating a node reduces sell pressure on the market.
