About

Blocknet is a cross-chain peer-to-peer protocol that allows nodes on separate networks to communicate and execute both value and data transfers. The team developed their own blockchain with a native token of BLOCK used to pay execution fees.

History

Blocknet aims to build an “internet of blockchains” with communication tools designed to allow nodes from different blockchains to exchange tokens and information. These tools enable decentralized applications to access data from any blockchain, from a decentralized exchange to a consumer-facing application, that runs a node through Blocknet. This inter-chain flexibility will, for example, allow an application to build smart contracts on NEO that utilize Filecoin’s storage network. Bocknet empowers developers to build applications that can pay for certain features on different blockchains through one codebase.

Blocknet also enables direct cross-chain atomic swaps for decentralized exchange. In traditional decentralized exchanges, token pairs are limited to one blockchain. For example, Radar Relay and Paradex can only leverage the Ethereum chain via 0x. This limitation hampers the functionality of all blockchain-based applications and incurs significant waste a la transaction fees across chains. Blocknet enables the decentralized exchange of almost any token without utilizing a centralized service (e.g. Binance) and eliminates token conversion fees.