Blocknet represents the revolutionary advancement of cryptographic technology and a true peer-to-peer protocol between nodes of a different protocol. The technology works via a combination of an API and an application platform which enables open-ended application and ensures delivery of services between users of different cryptocurrency. Blocknet is often referred to as "Internet of Blockchains" because it does not have any central or core currency and boasts an open inter-blockchain framework.Blocknet was founded by Dan Metcalf, a developer at XCurrency. It was conceptualised to improve the present state of cryptocurrencies by allowing one coin’s features to provide services to every other cryptocurrency and to weed out the scam-coins.The token for Blocknet is BLOCK
The blockchain is a revolutionary technology but absence of interoperability, mobility, and modularity in the current blockchain framework, it restricts to meet its full potential.Interoperability: In the present state, there are multiple blockchains that focus on multiple areas in financial transaction system and technology. But, without interoperability between blockchains, it is same as the disconnected world.Mobility: With the size of blockchain is increasing indefinitely, popular blockchains also have a limited life-cycle for mobile usage. The high-storage requirement will block its future use-cases and also be limiting its mobility.Modularity: Data in blockchain are permanent and cannot be reversed. With the passage of time, its relevance cease to exists. And, results in getting tied with terabytes of obsolete data making the whole ecosystem too large.
Blocknet enables a multi-blockchain service that is delivered to devices that contain only single blockchain. It helps in solving all the three main issues that restrict blockchain to meet its full potential and also helps in conserving the constrained resources.How does it workBlocknet is an "inter-blockchain 2.0 technology" which means those cryptocurrencies created using "blockchain 2.0" features will be compatible with every Blocknet node. This enables different coins to render services to each other. Blocknet takes microservices on its blockchain design which is based on P2P network architecture. Microservices deploys the following features in the blockchain.
XBridgeThe foundation of Blocknet is on XBridge protocol, is a peer-to-peer protocol that allows nodes to communicate and deliver services either decentralized or centralized. Blocknet has till now successfully established inter-node communication and the development for the exchange of digital tokens is under test conditions. Once it is completed, it will be a key part of the Blocknet platform and will enable rapid and simplified developments of DApps.