What is Blocknet (BLOCK)?
Future of BLOCK Cryptocurrency and know how to buy BLOCK

#1 - What is Blocknet (BLOCK)?

Blocknet: The Basics

Briefly put, Blocknet is a decentralized platform to create connections among blockchain communities. To make the concept more lucid, let us compare a blockchain with a database. Blockchains and databases are similar, except that the databases have centralized storage. Blockchains do not have a specific physical storage, and believe in their virtual existence. Come to think of it, this is the future of internet - where blockchains will not be restricted to cryptocurrencies only.

  1. The number of blockchains has grown and is expanding at an accelerating rate. In the future, this number could touch millions. It’d be a very frustrating experience if these blockchains failed to interact with each other and instead functioned in isolated ways.
  2. Blocknet addresses the issue by allowing blockchains to interact with each other through cross-chain swaps. The technology offers a peer-to-peer protocol that connects different blockchain nodes and enables them to provide microservices to each other. For example, via  Blocknet, if you are building on one blockchain, like Cardano, you can still be able to use functionalities of other blockchains, let us say Ethereum.

 

#2 - What are the benefits of Blocknet?

The benefits are many but it requires a deeper understanding.

  1. One of the components of Blocknet being the Xbridge, Blocknet has in-built fluidity that helps its blockchains maintain a strong connection with each other. In simple terms, these blockchains like to co-exist simply because Xbridge can maintain them. In addition to cross-chain swapping, Xbridge also helps in transferring additional data and executing smart contracts across blockchains.

  2. Thanks to its decentralised exchange - Block DX, you do not have to trust a third party centralized exchange site to do your swaps. With Block DX, you can trade on a list of coins supported by the Blocknet platform. Also, you do not need to register for KYC, which again protects your identity.

  3. Another important function is the service monetization function, via which one blockchain can charge other blockchain nodes to use their functions. Previously unavailable customers can also profit from it. Service users pay their providers in their native coins.

BLOCK Technology

  1. The XBridge performs its functions as the connection between blockchains and facilitates inter-blockchain communication.
  2. To execute the cross-chain swaps, a coin exchange protocol is put into action. The protocol allows for instant exchanges without reliance on any third party.
  3. An inter-chain data transport system performs smart contract execution and allows users to share features across blockchains.
  4. BLOCK is not minable since it uses a Proof-of-Stake algorithm. This means that users can ‘stake’ their coins on the network to earn returns, but Blocknet mining is not possible.

 

#3 - How to buy and store BLOCK?

How to buy Blocknet

  1. Having a market capitalization of $80-85 million as of June 2018, BLOCK is the only native cryptocurrency of the Blocknet platform. This is largely used to pay for platform services, however you can certainly avail them in different exchange platforms.
  2. Currently, BLOCK is only available on four different exchange platforms - Bittrex, Upbit, Cryptopia, and CryptoBridge. You can buy the BLOCK Cryptocurrency using Bitcoins since it is only paired with it.
  3. CoinSwitch, the largest cryptocurrency conversion platform in the world, comes in to help users make the right decision by providing the prices for BLOCK across multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges.
  4. What’s more - with CoinSwitch, you do not rely on a separate BLOCK wallet from the exchange to store your BLOCK cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

How to store Blocknet

You can store BLOCK cryptocurrency in the official Blocknet wallet downloadable for Mac, Windows, and Linux systems.

 

#4 - What is the future of Blocknet?

Complete Analysis of Blocknet | Live Blocknet (BLOCK) Price Charts & Predictions

  1. Blocknet has seen some phenomenal growth since its launch. From a price of $0.04 in February 2017, it was trading at $56 in January 2018. That’s over 1400x in returns within less than a year.
  2. It has since then stabilised and trades in the $15-25 range as of June 2018.
  3. Blocknet’s technology not only combines different blockchains, but also strengthen the communities working behind each of those blockchains. It makes the cryptocurrencies more robust, interoperable and modular, which is a significant value add to the industry.
  4. With enhanced security and usability, the technology is not just limited to cryptocurrencies but also has a huge prospect in developing futuristic systems.  

Date

Open

High

Low

Close

Value

Market cap

Jun 01, 2018

22.80

26.49

22.53

24.87

906,027

117,791,000

Mar 01, 2018

34.48

43.01

33.36

39.02

3,822,430

173,601,000

Dec 01, 2017

21.19

25.21

19.98

23.23

274,557

103,992,000

Aug 01, 2017

10.10

10.97

8.68

10.31

262,725

40,024,300

Mar 01, 2017

0.060182

0.061474

0.048835

0.051565

747

235,343

Dec 01, 2016

0.195538

0.198388

0.189720

0.190076

484

764,655

May 01, 2016

0.080827

0.106590

0.079197

0.089024

176

316,075


#5 - How is Blocknet different from cryptocurrencies?

  1. The Blocknet platform integrates different blockchains together, and cryptocurrencies are developed on those blockchains. BLOCK, the native cryptocurrency of Blocknet, however, has its popularity in the Blocknet system.
  2. When you exchange services from a different blockchain, you pay network fees associated with the coins you’re trading added with a negligible charge that the nodes receive. In this service, only BLOCKs can be used. However, if you do not have BLOCKs then your current cryptocurrencies get converted into BLOCKs.

 

#6 - Should you invest in BLOCKs?

  1. Although Blocknet is a widely accepted concept, the usage of BLOCK is limited compared to other cryptos. Given that you can only get BLOCKs in four dedicated exchange platforms it is not very popular among crypto-geeks.
  2. So, if you are new to the system and do not want to experiment, Blocknet may not be for you. Alternatively, if you are a Blocknet user then you can avail them anyway. Currently, there's 5 million BLOCK coins in circulation.
  3. Having said that, the need that Blocknet serves is a real one, and can assist the cryptocurrency industry fight fragmentation and isolation between its hundreds of different blockchain ecosystems. This makes Blocknet well placed to rise higher in value, like it did previously.
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