Topic: Blocknet's XRouter Can Pull In MASSIVE Amounts Of Fee's To Node Owners (Read 519 times)

I'm a fan of Blocknet and Node Owner as well, I really do wish it a success. But we all know it. There is still a long way to go.
And in case you missed it. Block is about to reach $2..
I missed the ETH jump today but Litecoin and Block are killing it for me. BTC back at $26.8K

Never heard of Blocknet before, but this forum seems to spare some golden nuggets from time to time. The most important aspect of all of this is the right marketing. If they can pull it off, they're off to a great start. I believe they need to look into partnering up with other projects to see any kind of expoure, much like LINK has done up until now.

There's a ton of demand for this. It's pretty similar to Chainlink, but without enforced KYC on people running nodes, which puts Blocknet on top in terms of decentralization actually.
As much as Chainlink is leading the race right now, they'll get a LOT of competition in the future. The fact that 67% of the initial supply is owned by 1 entity in the Cayman Island kind of worries me.

So from what I could dig up in this thread. The XRouter can bridge blockchains, and make them communicate, which is very convenient for developers wanting to benefit from multiple blockchains at once? That's incredibly genius and something I could see a LOT of demand for.

Definitely doing more research on this one - Funny how the most promising projects (tech wise) is the least known. 

I have made a website that showcases the possibilities of XRouter in a form of a user interface. You can get all kind of information from all blockchains hosted by the service nodes on the Blocknet Network. You can also bring off-chain data onto the chain with XCloud Services, which you can also play around with on the site.

It is still a work in progress, but it's working already.

https://service-explorer.core.cloudchainsinc.com/#/

Thanks for your reply. I guess I need to do some more research on their XRouter and how it works. Potentially this could be a big deal, but so could a lot of things crypto related, so I need to do some hefty research before I jump ship.

The Incentives Of Running A Blocknet Service Node

The Blocknet Protocol allows for the monetisation of inter-chain and multi-chain services and for interactions between any smart contract platform and any other blockchain, even those that do not have smart contract capabilities. (e.g non Ethereum chains.) XRouter was designed from the ground up to provide interoperability with ANY and ALL blockchains, including all DTL’s (such as IOTA and Hashgraph.) and private chains (such as Hyperledger or R3.) There is no limit on the data XRouter can consume and verify. It is not limited to blockchain data only. XRouter can also verify external data sources such as those used in Oraclize. (In this example, a non-blockchain weather data call can be utilized.) The Blocknet Protocol is supported by a network of Service Nodes, which are similar to Masternodes but with an increased level of participation. Service Nodes host full nodes of the supported blockchains, host microservices, verify UTXOs, route communication between blockchains, and perform anti-spam and anti-DOS measures for the network. BLOCK is the utility token of the Blocknet blockchain and is used to pay fees for the network’s services, such as those provided by XBridge and XRouter. Through these fees, BLOCK is used as compensation to participating Service Nodes to incentivize support. In addition to receiving fees for supporting the network, operators of Services Nodes also receive 100% of fees generated from use of the network’s services (XBridge, XRouter, XCloud). Blocknet Service Node owners therefore have a great incentive to maintain their nodes. This is a marked difference to operating a normal Ethereum node where there is a lack of an economic model to encourage operators to continue to run Ethereum nodes. (Rewarding full Ethereum nodes isn’t part of the base layer). This may be a contributing factor to the decline in the number of Ethereum nodes. There are currently approximately 450 Blocknet Service Nodes spread across the planet providing a stable decentralized network with access to over 100 blockchains. Because of this, the network is not susceptible to centralized failure or censorship and the potential for node collusion is very small when compared with a centralized collection of servers where it would be easier to game the system. Moreover, running a Blocknet node means that node operators will be providing the framework for a brand new API ecosystem where 100% of provider fees go to Service Nodes.

Diversification is key! I'm doing a ton of research on other DEX related projects as well as of recently. Also looking into DEFI projects, as it seems like decentralization is the next step forward, these projects will likely be the biggest gainers next bull run.

Good luck!

Nice, that's actually pretty cool. I'm eyeing a lot of great opportunities to take advantage off with these low prices. Think I'll buy some BLOCK, been accumulating a lot of ADA, ETH, and BTC lately, so I think I'm pretty well diversified for the next run up.

Forgot I even made this thread, haha.

Yes, you'll be able to profit passively from all 3 sources if you run a node. If you can't afford a node you can stake your coins like any other Proof Of Stake coin out there.

If Blocknet truly takes off with partnerships etc. in the future, you could make a hefty sum of profits from a node or two, especially from the XRouter.

Forgot I even made this thread, haha.

Yes, you'll be able to profit passively from all 3 sources if you run a node. If you can't afford a node you can stake your coins like any other Proof Of Stake coin out there.

If Blocknet truly takes off with partnerships etc. in the future, you could make a hefty sum of profits from a node or two, especially from the XRouter.

Interesting. So basically you can collect XRouter AND DEX fee's along with the traditional block rewards from holding a node?
Might need a deeper look into it. Wasn't aware of all these passive ways of income through the network, just parts of them.

I'm sure it will take a while before we see any major adoption of these services on the larger scale though, long term perhaps.