Topic: [ANN][Blocknet] truly decentralized exchange | token ecosystem infrastructure - page 127. (Read 1103293 times)
April 26, 2017, 04:37:09 AM
April 26, 2017, 04:12:56 AM
hope people don't see the huge potential of this coin and hinder me to fill my bags 
It's still undervalued coin from my point of view at the moment price should be over $10 as recent testing gone wonderful. This first truly decentralized exchange has huge potential I also bought last night under 70k and will hold my coins till $100.
April 26, 2017, 03:59:18 AM
I got the most blocknet. For the future. I think you will be valued.
April 26, 2017, 03:54:55 AM
hope people don't see the huge potential of this coin and hinder me to fill my bags
April 26, 2017, 03:51:07 AM
Block at $1.95 now.
April 25, 2017, 06:56:10 PM
Those AMA answers confirm there's a hell of a lot more than just a decentralised exchange going on here. Xbridge will be able to link together dapps.
Think about this, a service does something useful and it is in high demand. They can monetise it using Xbridge. And the best thing, people will use Block to pay for the service... meaning that high demand for the service will push up the price of Block.
Think about this, a service does something useful and it is in high demand. They can monetise it using Xbridge. And the best thing, people will use Block to pay for the service... meaning that high demand for the service will push up the price of Block.
April 25, 2017, 03:46:47 PM
Less than115k block available on Bittrex. 
111K now. Time is running out to get block this cheap.
Also the whale buy walls are now gone. Looks like they accumulated enough.
April 25, 2017, 03:32:20 PM
Just saw the devs have answered a load of questions on the reddit AMA:
https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/
Summary: (dev answers in red)
1. What is the timescale for the UI and SPV? Just roughly. Are we talking a couple of months, 6 months, end of year, next year? Cheers.
We work in an "agile" manner and thus do not deliver to timescales. As a rough estimate which cannot be taken as a commitment, I'd suggest that the timescale for the UI is "a couple of months" and SPV multiwallets "6 months." I may be mistaken though.
The better answer: we are aware that mass-adoption of an exchange technology requires low friction, thus removing the need to download at least two blockchains before trading. So SPV is at the top of our list of enhancements.
Work has already begun on the UI.
2. How is Blocknet different from projects like WAVES, COSMOS, SWARM CITY and so on. In general, how is Blocknet's approach to build a decentralized exchange and an interoperability protocol different from its competitors?
The Blocknet is the only project in our awareness that decentralises the four core functions of an exchange - capital deposits, order broadcast, order matching, and coin exchange.
all coins stay in wallets
orders are broadcast over an inter-chain DHT network overlay
order books are compiled by local applications, not a central or distributed entity
coin exchange is atomic and trustless, utilising OP_CHECKLOCKTIMEVERIFY and not requiring the control of any third party.
As for interoperability in general and the emerging token ecosystem, the Blocknet is deliberately designed to function as infrastructure. No central chain is required, enabling services to be built on any chain and monetised and delivered over xbridgep2p, our "blockchain router," to nodes on any other chain and to dapps harnessing blockchain services.
Regarding waves, it's a coloured coin approach. As such, as a trader, you'd have to deposit your coins for some underlying token in order to trade. This does not decentralise deposits, even if the underlying architecture is distributed. Additionally it requires you to trust some manner of intermediary to redeem your coloured coins for a real coin when you want to withdraw.
My opinion on this is that if you're building a decentralised exchange, the main objective is to provide an alternative to having to trust some intermediary with your coin deposits.
Coloured coins cannot achieve that, and so I cannot consider any exchange of this type a decentralised one in the true sense of the word.
As for Cosmos, (a) its consensus algorithm is DPOS and (b) it relies on anchors/validators and so is vulnerable to collusion attacks.
These two points amount to Cosmos being a distributed system, but not one in which control is decentralised (that's what "decentralised" means btw - it's about control).
Thirdly - and correct me if I'm mistaken - Cosmos' approach is architecturally ill-fated to run afoul of the emerging "token ecosystem" by requiring inter-chain services to run on its chain only.
This is another way of saying that it is "inter-chain centralised," may be fine for sidechains, but is not suitable for an inter-chain era where it becomes the norm for dapps to become inter-chain orchestrations of on-chain microservices.
3. What are the possible applications of the xBridge other than a decentralized exchange?
monetised API consumption
digital service delivery
The Blocknet is designed as infrastructure for the emerging token ecosystem. Any service or orchestrated sequence of microservices provided by dapps may be delivered over the Blocknet's infrastructure.
Using decentralised exchange, these services are intrinsically monetisable, removing the friction and high costs of traditional payment networks - friction which has prevented the monetisation of the bulk of the API ecosystem.
Due to the decentralised exchange, consumers of a service may pay in their native token even if the service consumes a different token.
4 Do any of these dapps exist already or will they have to be built? Anymore concrete dapp examples would be great - helps me spread the word and keeps it simple.
This is potentially very exciting because if a service is in demand and people are buying Block to use the service then it makes the price go up.
Currently the only things on the Blocknet are its core infrastructural services:
blockchain router
coin exchange protocol
trade fee collection nodes ("service nodes")
in-wallet order book and order-creation/acceptance controls
p2p end-to-end-encrypted data transport
If you're looking for concrete examples, the scenario is the same as current apps with a microservices architecture: you can build any of them with a monolithic architecture, but they'll struggle to scale, bugfixing is harder, a bug anywhere can break the entire thing, and they're not composable (i.e. they cannot be broken down into sub-services which may be used and monetised in other ways).
So... take all the dapps in existence. We're making the case that it's best to build many of them as inter-chain dapps.
5. What are the benefits of running a node? And how many blocks do I need to run one?
There are two types of node: a "service node" and a trader node.
Service nodes do not handle or control any trader's coins. Their function is to collect and distribute trade fees. Typically a service node operator will run multiple full node wallets of whichever coins (s)he wants to support, in order to garner as many trade fees as possible.
Trader nodes enable one to trade on the decentralised exchange.
6. Will there be fees for buying/trading on Blocknet like there is with Coinbase/GDAX?
Yes, there are fees, though they are significantly lower that centralised exchanges (with a minimum fee that's just above the dust threshold).
The fee structure is as follows:
transactions over the networks of each of your currency pairs will remain subject to their normal network fees for P2SH transactions
a tiny trade fee is charged in BLOCK and the software takes care of securing some BLOCK to pay the fee.
current implementation: trading is from the Blocknet wallet and you can buy BLOCK using it or on any other exchange. This is then used for fees.
future implementation: trading will be from any trading dapp built by anyone. The protocol is likely to involve a second trade for the BLOCK trade fee, without requiring your dapp to have the Blocknet's blockchain
Click the reddit link for more answers.
https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/
Summary: (dev answers in red)
1. What is the timescale for the UI and SPV? Just roughly. Are we talking a couple of months, 6 months, end of year, next year? Cheers.
We work in an "agile" manner and thus do not deliver to timescales. As a rough estimate which cannot be taken as a commitment, I'd suggest that the timescale for the UI is "a couple of months" and SPV multiwallets "6 months." I may be mistaken though.
The better answer: we are aware that mass-adoption of an exchange technology requires low friction, thus removing the need to download at least two blockchains before trading. So SPV is at the top of our list of enhancements.
Work has already begun on the UI.
2. How is Blocknet different from projects like WAVES, COSMOS, SWARM CITY and so on. In general, how is Blocknet's approach to build a decentralized exchange and an interoperability protocol different from its competitors?
The Blocknet is the only project in our awareness that decentralises the four core functions of an exchange - capital deposits, order broadcast, order matching, and coin exchange.
all coins stay in wallets
orders are broadcast over an inter-chain DHT network overlay
order books are compiled by local applications, not a central or distributed entity
coin exchange is atomic and trustless, utilising OP_CHECKLOCKTIMEVERIFY and not requiring the control of any third party.
As for interoperability in general and the emerging token ecosystem, the Blocknet is deliberately designed to function as infrastructure. No central chain is required, enabling services to be built on any chain and monetised and delivered over xbridgep2p, our "blockchain router," to nodes on any other chain and to dapps harnessing blockchain services.
Regarding waves, it's a coloured coin approach. As such, as a trader, you'd have to deposit your coins for some underlying token in order to trade. This does not decentralise deposits, even if the underlying architecture is distributed. Additionally it requires you to trust some manner of intermediary to redeem your coloured coins for a real coin when you want to withdraw.
My opinion on this is that if you're building a decentralised exchange, the main objective is to provide an alternative to having to trust some intermediary with your coin deposits.
Coloured coins cannot achieve that, and so I cannot consider any exchange of this type a decentralised one in the true sense of the word.
As for Cosmos, (a) its consensus algorithm is DPOS and (b) it relies on anchors/validators and so is vulnerable to collusion attacks.
These two points amount to Cosmos being a distributed system, but not one in which control is decentralised (that's what "decentralised" means btw - it's about control).
Thirdly - and correct me if I'm mistaken - Cosmos' approach is architecturally ill-fated to run afoul of the emerging "token ecosystem" by requiring inter-chain services to run on its chain only.
This is another way of saying that it is "inter-chain centralised," may be fine for sidechains, but is not suitable for an inter-chain era where it becomes the norm for dapps to become inter-chain orchestrations of on-chain microservices.
3. What are the possible applications of the xBridge other than a decentralized exchange?
monetised API consumption
digital service delivery
The Blocknet is designed as infrastructure for the emerging token ecosystem. Any service or orchestrated sequence of microservices provided by dapps may be delivered over the Blocknet's infrastructure.
Using decentralised exchange, these services are intrinsically monetisable, removing the friction and high costs of traditional payment networks - friction which has prevented the monetisation of the bulk of the API ecosystem.
Due to the decentralised exchange, consumers of a service may pay in their native token even if the service consumes a different token.
4 Do any of these dapps exist already or will they have to be built?
Anymore concrete dapp examples would be great - helps me spread the word and keeps it simple.This is potentially very exciting because if a service is in demand and people are buying Block to use the service then it makes the price go up.
Currently the only things on the Blocknet are its core infrastructural services:
blockchain router
coin exchange protocol
trade fee collection nodes ("service nodes")
in-wallet order book and order-creation/acceptance controls
p2p end-to-end-encrypted data transport
If you're looking for concrete examples, the scenario is the same as current apps with a microservices architecture: you can build any of them with a monolithic architecture, but they'll struggle to scale, bugfixing is harder, a bug anywhere can break the entire thing, and they're not composable (i.e. they cannot be broken down into sub-services which may be used and monetised in other ways).
So... take all the dapps in existence. We're making the case that it's best to build many of them as inter-chain dapps.
5. What are the benefits of running a node? And how many blocks do I need to run one?
There are two types of node: a "service node" and a trader node.
Service nodes do not handle or control any trader's coins. Their function is to collect and distribute trade fees. Typically a service node operator will run multiple full node wallets of whichever coins (s)he wants to support, in order to garner as many trade fees as possible.
Trader nodes enable one to trade on the decentralised exchange.
6. Will there be fees for buying/trading on Blocknet like there is with Coinbase/GDAX?
Yes, there are fees, though they are significantly lower that centralised exchanges (with a minimum fee that's just above the dust threshold).
The fee structure is as follows:
transactions over the networks of each of your currency pairs will remain subject to their normal network fees for P2SH transactions
a tiny trade fee is charged in BLOCK and the software takes care of securing some BLOCK to pay the fee.
current implementation: trading is from the Blocknet wallet and you can buy BLOCK using it or on any other exchange. This is then used for fees.
future implementation: trading will be from any trading dapp built by anyone. The protocol is likely to involve a second trade for the BLOCK trade fee, without requiring your dapp to have the Blocknet's blockchain
Click the reddit link for more answers.
April 25, 2017, 02:48:07 PM
I hope when the project is done, we will need some marketing done, updated OP, news articles etc. Project is in good hands!
Project is in good hands! I also think OP should be updated with recent progress and working links. Dev has to educate the people about this technology with effective marketing strategy so this will be fruitful when community will grow it will go to the moon.
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April 25, 2017, 02:29:18 PM
I hope when the project is done, we will need some marketing done, updated OP, news articles etc. Project is in good hands!
Project is in good hands! 
April 25, 2017, 02:28:53 PM
Less than115k block available on Bittrex.
April 25, 2017, 02:02:33 PM
I expect word to spread and people in competing projects to diversify a little into Block.
This project has flown under the radar for almost 2 years. And now it's delivering the goods.
This project has flown under the radar for almost 2 years. And now it's delivering the goods.
April 25, 2017, 02:01:10 PM
This coin is very undervalued compared to Cosmos. Especially considering we have an actual functional "bridge" working between blockchains, doing direct peer to peer atomic trades.
The next big thing in crypto is cross chain communication, linking together all the value of all the blockchains. There's a couple of coins trying to this and interestingly we are the smallest market cap and the most ahead with our code.
The next big thing in crypto is cross chain communication, linking together all the value of all the blockchains. There's a couple of coins trying to this and interestingly we are the smallest market cap and the most ahead with our code.
I know. It makes zero sense.
Crypto markets are highly irrational in the short term. Coins get undervalued or overvalued by hype or FUD. Dissemination of knowledge takes time because the forum is so noisy and everyone is a car salesman trying to pitch their own investment. Eventually the cream rises to the top.
Fact is, no other coin is doing cross chain peer to peer atomic communication. Some promise it and some have raised loads of money to work on it. But no-one else has it close to working yet.
Guaranteed x10 from here in the coming weeks just based on a simplistic market cap analysis.
April 25, 2017, 11:42:43 AM
I feel huge rise is coming very soon some people are increasing huge pressure on sell wall to get cheap. If you have strong believe in this technology than keep hold them tight it will be worth to it.
April 25, 2017, 11:27:21 AM
LTC - SYS TESTING HAS STARTED ON THE BLOCKNET DECENTRALISED EXCHANGE:
April 25, 2017, 09:38:13 AM
BLOCK has been added to another exchange.... Stay tuned for confirmation.
April 25, 2017, 09:11:37 AM
I also get benefited form the current episode of whale playing with the market in sense of making accumulation. I just succeeded to scoop up little more what I could afford and my goal is long term. I am not concerned at all as we will see effect on continuous progress in coming months. Blocknet is investment right at the moment.
April 25, 2017, 08:39:53 AM
This coin is very undervalued compared to Cosmos. Especially considering we have an actual functional "bridge" working between blockchains, doing direct peer to peer atomic trades.
The next big thing in crypto is cross chain communication, linking together all the value of all the blockchains. There's a couple of coins trying to this and interestingly we are the smallest market cap and the most ahead with our code.
The next big thing in crypto is cross chain communication, linking together all the value of all the blockchains. There's a couple of coins trying to this and interestingly we are the smallest market cap and the most ahead with our code.
I know. It makes zero sense.
April 25, 2017, 08:38:12 AM
This coin is very undervalued compared to Cosmos. Especially considering we have an actual functional "bridge" working between blockchains, doing direct peer to peer atomic trades.
The next big thing in crypto is cross chain communication, linking together all the value of all the blockchains. There's a couple of coins trying to this and interestingly we are the smallest market cap and the most ahead with our code.
The next big thing in crypto is cross chain communication, linking together all the value of all the blockchains. There's a couple of coins trying to this and interestingly we are the smallest market cap and the most ahead with our code.
April 25, 2017, 06:28:18 AM
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