Blocknet is a decentralized service protocol that connects nodes of different block chains. Certain block chains communicate with each other, Blocknet connects them in a secure fashion.
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Blocknet is a decentralized service protocol that connects nodes of different block chains. Certain block chains communicate with other, Blocknet connects them with each other.
- Efficient scalability
- How blocknet works and Interconnectivity is maintained?
- Components of Blocknet
- Coin Exchange Protocol
Since no blockchain can serve all the applications all the time, there is a need to have a particular platform where all block chains could communicate and interact with each other. Blocknet is working to make the block chains interoperable, mobile, and modular. This enables different chains to work together in interconnected fashion and ensure high security, faster speeds, and more efficient scalability than options that are currently available.
How blocknet works and Interconnectivity is maintained?
Blocknet being the internet of block chains aims to connect all block chains and this, helps one chain to access the services of other chains that are currently operational. For example, a blockchain named ethereum can access the functionality of another blockchain named NEO through block net. Simply put, all block chains can communicate with each other through this channel. There are three core components that work together to provide a platform to allow the function of block chains together.
Components of Blocknet
The three components are Xbridge, Coin exchange protocol and inter-chain data transport. They are also referred to as interoperability, modularity, and mobility.
The Xbridge is an integral component of this blocked platform. It is the channel that allows the communication of different blockchains together. The first and the foremost component that connects nodes on different blockchains is this component. The only limitation that Xbridge provides is that one cannot perform cross-chain atomic swaps, but one can transfer additional data and execute smart contracts across the chains.
In the absence of this component, the block chains will operate independently, and there’ll be complete isolation among the chains. For example, anyone who wants an encrypted messenger and smart contract to work together can do so via the blocked network.
Coin Exchange Protocol
The coin exchange protocol is meant to overcome the limitation that we face in Xbridge which does not allow cross chain swaps. Blocknet utilizes coin exchange protocol to allow the conversion between block chains with ease, and there is no involvement of the third party to allow this conversion. Otherwise, if this functionality is not available, then cross chain swaps are not possible, and the purpose blocknet is meant to will be dead.
The inter-chain data transport, the data transport which was being served by Xbridge is taken to a next level by this component and the data transport powers smart contract execution among the chains. As far as mobility is concerned, block chains are not necessarily designed for mobile phone use due to their low storage capacity. When it comes to modularity, it means that data sets are stored in different block chains. Since blocknet is decentralized, it gives certain advantages over centralized exchanges such as trading pairs, anonymity, control and security.
To understand the governance system of this blockchain, it uses service nods, stacking nodes, and trading nodes. For service node, you need 5000 blocknet tokens and keep your computer on. Staking nodes confirm network transactions. Trading node is meant for Decentralized exchange.
- No backing (asset, profits, commodity)