Blocknet (BLOCK) considers itself the internet of blockchains, but how far can it go with this claim, and is it justified in making such a claim?
We did some research into the platform and below is a thorough take on what we found concerning this brave new coin in the digital currency space. The developers of BLOCK have created what they call a blocknet that empowers the passionate communities behind every single coin that exists in the blockchain universe. It’s a one-stop connecting point for all digital currencies and works with atomic swaps on a truly decentralized basis. This connectivity brings together a wide arch of activities and parties, including blockchains, markets and communities. This is a truly revolutionary system that helps to unify the disparate coin system that seems to have evolved with the global spread of the blockchain and digital currencies.
So how does it work?
There are two sides to every coin and with BLOCK this is no different. Developers of the platform have created what is dubbed the Blocknet Protocol, a true peer-to-peer protocol that unifies all nodes across all blockchains. This creates a unified space for the digital interaction of all currencies, something which has been a bit of a challenge given the ever-increasing number of digital token deployments. This challenge has often meant that value exchange and transfer has faced impediments and this has slowed the adoption of digital currencies in general. Thanks to the protocol, developers, users, traders and investors are now able to create a truly cross-platform and cross-market system of moving around value on the blockchain. Indeed the unifying nature of BLOCK means that developers are no longer looking at a single ecosystem but a wide arc of ecosystem – hence the blockchains description being touted by developers of BLOCK.
The unifying protocol means that there is a wide open field for the adoption and development of dapps, a sub-system of programs and application that helps give the development of digital currency a massive cross-platform boost.
Blocknet has some history too. Having been started as far back as 2014, the protocol has built up a veritable army of enthusiasts, all eager to protect and spread the efficacy of a unifying set of blockchains all on one protocol. So far one dapp has been built and deployed. Block DX was built on the blocknet protocol and serves a truly decentralized exchange that facilitates a truly free and connected blockchain community effect. Listing on the BLOCK DX is free and does not require any sort of permission to be granted by the developers of BLOCK. This openness and transparency of governance has made Block DX one of the top destinations for new listings with one additional benefit for those who chose to list on the exchange. The extra benefit is additional liquidity, something many other exchanges have struggled to provide in sensible and scalable amounts for the growing crowed of digital currency traders. The use of BIP65 atomic swaps has been a crucial part of the growth of this area of the exchange and this has translated well for the currency on the ground.
So far the digital token in BLOCK has seen interest from traders and investors. This interest has taken valuation to around $19.25 currently and the token is showing that it can deliver on some elements of its upside. You only need to consider that since hitting a high of $22.53 on June 9, 2018, there has been some tapering in the valuation of the currency. BLOCK has responded well and has seen valuation climb back up, though not all the way to previous highs. The next few weeks will be interesting for traders and investors in BLOCK.