Ecosystem Update
September 2020
There are a number of exciting new updates to unpack in today’s newsletter, so let’s dive right in.
Blocknet Protocol
ETH/ERC-20 Atomic Swap Support
We are excited to let you know that ETH/ERC-20 XBridge integration is in progress and will continue over the next couple of months. This has been one of our most requested and highly anticipated features.
For the uninitiated, XBridge is the decentralized exchange layer of the Blocknet Protocol that enables cross-chain atomic swaps, and was designed from the ground up to decentralize each component of the exchange process, including storage of funds, orderbooks, order broadcast and settlement.
Preliminary work on ETH/ERC-20 integration began several years ago, but was put on hold until an XBridge compatible light wallet could be developed. This was a strategic decision, as the resources and experience required to run a full Ethereum node is outside the reach of most users. With our XLite wallet now in private beta and nearing a public release, we are proceeding full steam ahead with ETH/ERC-20 integration.
Once integration is completed, you will be able to trustlessly swap ETH/ERC-20 for Bitcoin (or any other supported asset) on Block DX Exchange and leverage the Blocknet Protocol to build previously impossible cross-chain Ethereum dApps.
Infura-like Payment Gateway
XRouter can now function as a decentralized Infura-like ETH payment gateway for accessing Geth data!
If you are new to Blocknet, XRouter is the communication layer of the Blocknet Protocol that enables dApps to consume services and verify data on any blockchain, without the need to host blockchains locally. XRouter harnesses the Blocknet’s interchain overlay network (i.e. service nodes) and SPV proofs, to empower developers to build lightweight dApps that are decentralized from the ground up, and can be composed of services and contracts on many chains.
The payment gateway allows users to send a request with a payment to service nodes in return for a project ID and API that allows them to make a certain number of requests to the API based on how much they paid. The project ID and API key is then used to track the calls. This is similar to how centralized blockchain infrastructure-as-a-service providers like Infura work today.
Any service node operators interested in collecting fees for providing Ethereum data should follow this guide to get their service nodes staged to support decentralized Ethereum services.
Blocknet Blockchain
ERC-20 BLOCK
Blocknet on Ethereum!? Our developers have begun exploring various methods for synthetically representing/wrapping BLOCK tokens on the Ethereum blockchain. Once implemented, you will be able to acquire BLOCK tokens on Ethereum DEXes and use it in DeFi applications. We are looking forward to integrating BLOCK into the growing Ethereum ecosystem.
Upstream Bitcoin Updates
Bitcoin upstream v.18.1 updates are underway. As you may recall, we migrated the Blocknet base chain code to Bitcoin’s v.18 codebase with the release of Blocknet Comet. This allows us to immediately benefit from all the security, scalability, network efficiencies and protocol enhancements that Bitcoin has to offer and quickly and easily pull in upstream updates.
Decentralized Applications
Block DX Exchange
Block DX is a truly decentralized cross-chain exchange built on the Blocknet Protocol. Every aspect has been designed and developed since 2014 to be fully decentralized and peer-to-peer. No signups. No KYC. No middlemen.
Trading Volume
Maker Bot
Work on the open source Block DX maker bot is continuing this month with further research, development, testing, bug fixing, support, code refactoring and rolling-up new features and makerbot versions.
ARM Build
A new ARM build for Block DX Exchange is in progress. Once ready, it will allow Block DX to run on ARM processors like the AWS Graviton2.
XLite Wallet
After years of anticipation, it’s almost here. XLite has been released in a private beta!
This is a major leap forward for the Blocknet, and marks the beginning of the new cross-chain DeFi era — we couldn’t be more excited.
XLite is a first-of-kind XBridge compatible lite wallet. Put simply, it’s a lightweight multiwallet that you can connect to Block DX decentralized exchange to securely trade real crypto using cross-chain atomic swaps.
Until now, users were required to run full nodes for each coin they wanted to trade on Block DX — and while this ensured a high level of security, was not practical for many users.
The latest beta XLite build (v0.8.12) is compatible with Windows, Linux and Mac. If you would like to help with testing, please join the private beta Discord channel here.
Governance
We are an open sourced, self-funded, and self-governed project with dedicated contributors around the world.
Our governance system was built from the ground up to be on-chain and completely transparent. We are the first project to have implemented on-chain governance on a Bitcoin codebase.
Up to 40,000 BLOCK are minted and distributed each month to successful proposals in an on-chain vote called a superblock. You can learn more about our on-chain governance process here.
Marketing
New Blocknet Website
The new Blocknet website is now live. With a fresh new look and formatting, it’s now easier than ever to find all the information you need.
Blocknet in the press
- The Blocknet co-founder, Arlyn Culwick, joined YouTuber @noahseidman for a special live stream chat. Watch the full video here.
- Bitcoin Warrior | Block DX Cross-Chain Trading: A Complete Guide to Atomic Swaps
- The Capital |Block DX, A Decentralized Non-KYC Platform with XLite Wallet
- Crypto Daily | Block Dx Review: Global Decentralized Exchange
Looking Forward
With so many important pieces of the puzzle coming together, there is good reason to be excited about the future of the Blocknet project and its impact on the DeFi Ecosystem. We will continue to keep you updated on all the important developments. To stay up to date with the latest subscribe to our Newsletter and join our Discord.
Onwards and upwards,
– The Blocknet Contributors
About Blocknet
The Blocknet is a decentralized network and protocol suite for seamless cross-blockchain interoperability.
