Checking Out Decentralized Exchanges… Blocknet (BLOCK)
Less than two months ago China banned both ICOs and cryptocurrency exchanges. The actions by China highlighted the need for decentralized exchanges.
Yesterday I reviewed a potential decentralized exchange play called Komodo (KMD). Today I’m going to check out Blocknet.
This crypto has been around for a while. Blocknet did its ICO way back in October 2014 and launched that November around $0.08 per BLOCK. It wasn’t until April of this year the BLOCK price really got moving, breaking $1 and eventually hitting a high of $32 in August. Now it’s trading around $20.50.
Blocknet bills itself as the Internet of Blockchain. It’s a peer-to-peer protocol between nodes on different blockchains. And it serves as the foundation of the technology stack as other protocols can incorporate its API and build on its application platform.
It’s on the application platform that Blocknet plans to have a decentralized exchange. For the decentralized exchange, Blocknet will need to launch the production blockchain, which is being worked on right now. In July the team took a step forward when they retired the interim wallet.
The next step is to launch the service nodes on the mainnet. The service nodes maintain the network and earn BLOCK fees in return. You’ll need 5,000 BLOCK to run a service node.
The graphic below shows what the Blocknet ecosystem will look like.
Once the production blockchain is released it will be able to support the service node voting system. That will enable governance of development funding and network & protocol changes.
Right now there’s about 4.8 million BLOCK tokens in circulation. I haven’t been able to find out if there’s a capped supply or not. But there is a staking reward so it looks like there will be some inflation with BLOCK tokens.
Overall this is a very interesting project although it appears Blocknet does have a ways to go before it will have a decentralized exchange.
What’s exciting is that Blocknet is built to be both modular and mobile. So we could see Blocknet enabled apps, which would mean your info is on a blockchain instead of a central server. That’s pretty cool.
What do you think of Blocknet?
For more on cryptos follow me @g-dubs and on SteemFollower
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upvoted steemit.
cool project
good platform
Great. Upvoted
Thanks!
@g-dubs very intersting decentralized exchange project you brought today. Before this I did not know anything about blocknet. This is a quality post for the steemit community. upvoted. @gold84
By the way, thanks for taking a look at my latest post this morning.
Thanks @gold84 ... I responded to this yesterday but it didn't take... Steem has been a little screwy lately
looks interesting. following you
Thanks, I'll be checking out more decentralized exchanges.
Wish I had seen this sooner.
The project is very promising from what you have stated.
Going to have to go look into this a bit more.
thank you for this gem.
Just my two STEEMS Worth.
I like bitshares better for you do not have to download any software. But i really hate how unuser friendly bitshares is it looks worse than yobit and that just sad ..
I think the user friendliness is what's holding BTS back... anyone non-tech doesn't really like the interface
yep that the sucky part
This wonderful post has received a bellyrub 13.89 % upvote from @bellyrub thanks to this cool cat: @g-dubs. My pops @zeartul is one of your top steemit witness, if you like my bellyrubs please go vote for him, if you love what he is doing vote for this comment as well.
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