Topic: Blocknet solving Ethereums Centralized Data Protocol - Infura (Read 502 times)

 Liquidity is low currently but Blocknet is the real DEX with atomic swaps. No KYC, you keep your keys. Blocknet has XBridge.
 XBridge is a decentralized exchange layer that connects any blockchain asset via cross-chain atomic swaps.

Blocknet is one of the best cryptocurrency projects alongside Bitbay.

It's gonna be an interesting year.

New roadmap released for this project, looking forward to cold staking and the final release of XRouter

Ethereum dapps are currently quite centralized because they rely on a full node run by Infura. That node is supposedly more than 1 terabyte large or 500 GB above. I have no idea how large it is now

So I'm happy to see that Blocknet will replace the Centralized Infura. I hope that my favorite coin ADA can also prevent something like this.

Blocknet is Purely Decentralized. Gone are the days when centralized systems are widely used because they're efficient. Blocknet is technically about 10x easier compared to other DEX's. In addition to being a lot easier to monetize as well.

And here's how the Blocknet Protocol works:

Decentralized applications should be censorship-resistant, trustless, and without a central point of failure –  principles that the Blocknet Protocol was founded on. The Blocknet Protocol consists of 2 components:   

1.XRouter is an inter-blockchain SPV client backend, enabling the verification of blockchain records without requiring users to download the full blockchain. XRouter functions on the TCP/IP level and is compatible with any and all blockchains and networks.   

2.XBridge provides the ability to perform true trustless and decentralized exchanges between any digital asset that is supported by the Blocknet Protocol via APIs. The entire process is done in a trustless manner.

Together XBridge and XRouter provide decentralized, total blockchain interoperability across ALL blockchains, creating an Infura-like, but completely decentralized API ecosystem for hundreds of blockchains.

The trading volume on Blocknet peer-to-peer decentralized exchange, Block DX, is continuing to grow organically and has now surpassed $1,000,000!

Fellas, don't forget to always take profit if possible. They say you don't sell winners but it is safe if you'll take profit whenever possible. Take a deep breath and relax to make a rational decision.

Last year I learned that comparison is the thief of joy. So focus on much better things. Focus on learning all you can from stories of success of other people and determine if it something you can apply in your life. Then lastly, sit back and take comfort in the fact that there is still time before the BLOCK goes ALL IN... Enough time to make LONG Positions 

Okay, folks... I'm not a programmer so I can't interpret code but from a network perspective, this platform seems very innovative and inventive.

To put it simply. Blocknet has 3 main tech...

XBridge - A decentralized exchange layer that connects any blockchain asset via cross-chain atomic swaps.

Xrouter - A decentralized communication layer that connects bulky blockchain networks to the lightweight multi-chain dApps of the future.

XCloud - A decentralized microservice cloud network powered by XRouter that allows for interaction with microservices, blockchains, APIs, and cloud tech that's hosted by Service Nodes. Developers will be able to put both blockchain and non-blockchain microservices on Blocknet’s “public cloud” decentralized network. This allows applications to run entirely decentralized, opening the door to the possibility of monetizable, fully decentralized applications.

I Believe there's a lot of money to be gained from running nodes on these DEXs. This is why I recently accumulated a Blocknet node to cash in on DEX trading fees. 

So if i understand this right. Blocknet has developed their own data transmission service which prevents such outages on the Ethereum network? Pretty insane that nobody seems to talk about this, guess we need to see it in action before people take notice, and actually make USE of it.
There's so many "concepts" and ideas that never reach completion, which is why I'm guessing so many people are sceptical.

The amount of data flowing throug Infura is insane. Metamask is used by millions of people, and these millions of people rely on Infura.
Pretty crazy, since the CEO of Nexus was recently hacked on Metamask.
Source: https://decrypt.co/51355/hacker-steals-8-million-from-nexus-ceo-by-remotely-changing-metamask?utm_source=reddit&utm_medium=social&utm_campaign=sm

Only very few people know about Infura from what I've seen. Millions of dollars worth of fees is collected through this node, so it's a very profitable business, however if it goes down, you'll see people freak out, haha.
Blocknet's Infura replacement is just one aspect of their Oracle Network though, they can bridge any blockchain using their XRouter. 

Thanks, guess I need to do some research into Ethereum and Blocknet, seems really interersting, especially because I've never really seen Infura being discussed before.

Devs said 2021, that's all we know for sure right now.
Ethereum has some centralized points of failures. Nobody cares until something like this happens, haha. Funny thing is, Infura processes millions of dollars worth of fees every day, fees which could be paid to service nodes on the Blocknet chain. 

Would like to know as well. A few weeks ago when I logged into my metamask account, it said I had 0 tokens on it. I freaked the FUCK out, lol. I thought I was hacked or something, almost got a heart attack, lol. I read about some "Infura outage", but didn't know the technicals behind it. 

Never heard of "infura" before, but it worries me a bit that Ethereum functions like this?

When is this ready for public use?

I follow Blocknet on Blockfolio and Discord. From what they stated, Hydra will be ready next year. Don't know when in 2021 though, hope it's Q1 

Been buying just a little, in case it takes off. It's a bit of a gamble, but a gamble I'm willing to take based on past performance. Block was valuated at 5 cents in februray 2017, and mooned to $60 11 months later. 

Needs to be integrated into Metamask to make that happen, which would be a huge achievement. Not sure if the team can pull it off, but we'll have to wait and see I guess 

Last time BTC hit this level, the price of BLOCK was nearly $60 - Which is a 60x from here - And back then they hadn't accomplished this much tech. It might actually be a good play in the end.

If the network get a small fraction of Infuras daily volume, you can make some SERIOUS bank with this. Millions of dollars is processed in fees every week through Infura, imagine if you could get a tiny fraction of that. 1 node would be enough to make a living 

"Lots of money" how much are we talking here? Been following  this project for the past week or so, and the community seems very active, which is great to see. The upside on this one is huge, I'll definitely take advantage of that!

The vast minority of Ethereum users have any ideas of how it works, let alone what Infura really is.

Most people is investing to get rich quick these days. It's all that matters, profit.

Blocknet node owners could make some serious money off of the traffic from Ethereum, just need to be integrated on sites like Metamask etc.

If Infura is so bad, why does ETH rely so much on it? Seems fucking dumb, guess nobody cares, lol. 

I wonder if Blocknet will ever fix this, if they do this project will 500x in price over night, haha 

Blocknet's XLite wallet: https://xlitewallet.com/

Will definitely boost the overall use of the Blocknet DEX, which is one of the only DEX's out there with BTC and LTC trading pairs.

There's a pretty good incentive to hold a service node if the volume picks up, making BLOCK even more attractive from an investors point of view.
The future looks interesting - I wonder when people will put their attention towards promising ALT's.

Seems like a MAJOR flaw in Ethereum, if it only relies on a few centralized nodes.
I'll definitely do some research on Blocknet, seems like a promising project from I can read here, and that says a lot, as I haven't even read the white paper yet, lol.

Ethereum went down because of Infura just the other day. SO many people panicked when they logged into metamask to see their balance at: 0.00

Blocknet's Infura solution could be integrated straight into Metamask and give people the option to use a completely decentralized data transmitter in the future, instead of relying so much on Infura itself!

Infura seems like a very bad setup for Ethereum. Never been aware of this, and made me curious about Blocknet, which I remember from back in early 2018. Did a quick glance at it, but never really paid too much attention to the project.

Thanks for sharing this useful info, time to do some research! 

Blocknet is a nice project which is massively undervalued since they don't do it like everyone else. They don't use all their resoruces on marketing, but rather on straight up developments, which is nice for a change.

Blocknet is not just a DEX as believed by the vast majority of people, it's also a project working on a decentralized oracle network, which is much more complex and doesn't compromise decentralization. It's sybil resistant - Doesn't enforce KYC on it's nodes, like we've seen with Chainlinks setup.

Overall the upside potential on Block is massive. It's only a matter of time before they get recognized for their tech. 

You can join the beta testers through the Blocknet Discord channel and try it out on your own.
It's being fixed for bugs and exploits currently, but once finished, I'm sure the overall volume on their DEX will rise a LOT, benefitting node owners, and the whole eco-system

Nice read.

I've been eyeing Blocknet for a long long time, and believe it's massively undervalued versus what they've built so far.

Their Litewallet looks promising, making BTC trading possible in a decentralized fashion. Uniswap has seen massive success, but doesn't support REAL BTC, nor any other relevant projects like LTC.
It's currently undergoing testing, but the overall design looks promising: https://xlitewallet.com/

Only very very few people know about this, but I'm sure once they're ready and everyone starts taking notice, that Blocknet will get the attention it truly deserves. Meanwhile, I'm accumulating this, hard. 

I would have to agree that this is a very practical use case and problem solving side of blocknet that i was not aware of before, Infact it is really pleasing to know that these independent projects and their developers are working for a bigger cause and providing solutions for ethereum network which is a big achievement in my eyes and for this blocknet should be really appreciated.

The gas fees you pay whenever you want to send ETH based tokens via the ETH network is paid to a centralized data protocol called Infura.

Infura is a centralized data protocol, which if it goes down (has happened before), makes all the ETH tokens unuseable, which would be a disaster for a project like LINK, which relies on the ETH chain with it's nodes.

Blocknet is the only project working on a decentralized data protocol, which can handle ETH's data, the interesting part is the fees involved, which is shared among the nodes running these services. Infura collects millions of dollars in fees every year, so a fraction of those fees paid to node holders would mean incredibly high ROI for node owners.

Decentralization means that the single point of failure - Infura wont be an issue for token holders anymore. This is pretty interesting in terms of a business aspect, where node owners will take the fees, and not a centralized entity like Infura.

Blocknet is mostly known for their DEX, but they are much more than that, and this recent DEFI craze will for sure put Blocknet up to par with top delivering projects in this space, since their tech has been built on for years already.

You might wonder why this isn't a top 100 project yet, if what they are building is this significant, but they don't deal much with marketing yet, but rather focuses their time and energy on their tech.

Blocknet's tech could be incorporated straight into Metamask, giving it's users a decentralized, AND cheaper solution.

This is one of the very few projects I could see 100x, let alone 500x since it's marketcap is so incredibly low, and since this project isn't a new "churn and burn" project, you know they deliver.