Blocknet is building the internet of blockchains

Blocknet is building the internet of blockchains

Cryptocurrency Projects Use-Cases
August 1, 2017 by Hitesh Malviya
304
“once you achieve trustless exchange, you create space for an entire ecosystem of monetized services” The Blocknet is infrastructure for the coming “inter-blockchain era,” an emerging technology epoch characterised primarily by the superseding of the current API ecosystem with an intrinsically monetizable “token ecosystem.” From the perspective of blockchain technology, if blockchains are to achieve
Blocknet application

“once you achieve trustless exchange, you create space for an entire ecosystem of monetized services”

The Blocknet is infrastructure for the coming “inter-blockchain era,” an emerging technology epoch characterised primarily by the superseding of the current API ecosystem with an intrinsically
monetizable “token ecosystem.”

From the perspective of blockchain technology, if blockchains are to achieve their true potential, then broad, generic
interoperability between blockchain services is required. Without inter-chain interoperability, blockchain-based services will

(a) either deliver services only within the confines of the limited customer base that runs its nodes, or sacrifice the unique security properties of blockchains in delivering to centralized entities, and

(b) face enduring problems with chain bloat and, relatedly, the market-related pressure to build further features onto a single chain.

From the perspective of software-as-a-service (SaaS), the token ecosystem embodies two fundamental advancements:

(a) the comparatively frictionless monetisation of services, and

(b) the leveraging of the unique robustness, decentralization,
and security properties of blockchain technology.

By creating an “internet of blockchains,” the Blocknet is positioned to enable the frictionless monetisation of APIs, and in doing so, to empower blockchain technology by converting its thousands of isolated chains into a token ecosystem.

what the Blocknet is designed to enable

• The delivery of potentially any kind of digital service from a node on any blockchain to another.
• The ability for any given blockchain service to function not as an “appcoin” but as a “protocol service,” that is, to be consumable by any other dapp anywhere, instead of only by its community, greatly enlarging the service’s market reach and revenue stream.
• The ability for smart contracts to function not as “dapps” but as “protocol tokens,” where their code quality may benefit from a broad contributor-base of developers from diverse communities, exploit their combined learnings, prevent chain bloat and the duplication of code and labour, and deliver services to the entire blockchain-consuming market, instead of just the set of users of its blockchain.
• The ability to create dapps with a multi-chain architecture, leveraging relevant services no matter which chain they are available on, rending nugatory the (currently-difficult) choice of blockchain.
• The capacity for a microservices architecture, where each blockchain delivers a single service, integrated with many others in a modular fashion, providing simpler component design, easier bugfixing, and easier upgrading.
• The monetisation of inter-chain and multi-chain services, using
their intrinsic tokens of value.
• The full exploitation of the new, cryptoeconomically-driven business models ushered in by blockchain technology, in which a business may extract value from a “better than free” model, from monetary policy directly (ICOs, transaction fees, deflationary economics, etc), and from a marketplace for its monetized APIs.

Original thread published at https://bitcointalk.org/index.php?topic=829576.0

Apart for technology advancement, Blocknet also promises as a good long term investment, Currently its trading at 10.8$, With its increasing usage we might see its value touching 100$ in near future.

Don’t miss this: Top 8 Altcoins to invest right now for maximum gains

Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.

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