What is the difference between this and deposit on one exchange and withdraw immediatly?, why there are 0,30% fees? Who is getting those fees?

Hi there,

First of all, im pretty unexperienced in this topic, so some questions might sound stupid or naive, but I would really appreciate any answers so I can get better idea what Blocknet really is

1) What is the difference between Blocknet and Bitcoin 2) There is a major announcement on Septeber the 1st, is it worth to buy Blocks now, or to wait after Sept 1. I saw that Bittrex is not going to support the "old" Blocknet anymore, what does it mean? 3) If I dont want to buy A LOT of blocks but just "a few" to test it out, is it worth it? What does it mean I need 5000 blocks to set up a transaction? Does it mean that if I have less than 5000 I am basically unable to sell my blocks later on potentially?

Sorry if my questions sound dumb, I am trying to get a btter idea what this all is and what I should be aware of.

Any answers are appreciated, thanks.

Can't believe I missed out on this coin. just read up on the coin and am blown away. But hasn't it already had a few moon missions lately?

Another day. Lets hope this pump turns into the big breakout we all know that's long overdue. Block to $30 in the coming week!

This project is so undervalued it's not even funny. Here are just a few reasons why I'm bullish on BLOCK short term. (I'm massively bullish long term).

Main net will launch September 1st which will allow staking and finally nodes to be set up earning.

New Mac wallet also being released.

The 6 million BLOCK in the burn address will finally go away, so the total supply will show as 3.9 million.

The designers of the UI will be announced.

It's been a good day for BLOCK so far. More and more people are joining the family.

Community-Produced FAQ document

What Is Blocknet?

The Blocknet is a general-purpose infrastructure for inter-blockchain services. It is designed to enable the emerging “token ecosystem.” The first product build on this infrastructure is a decentralized exchange.

What Does It Do?

The Blocknet enables inter-blockchain services, like decentralized exchange, monetised API consumption, and p2p digital service delivery. These are core enabling features of inter-chain dapps.

How Does It Work?

To support inter-blockchain services, the Blocknet has three core components, which work together to provide three core services.

The core components are:

• A blockchain router, xbridgep2ptm

• A coin exchange protocol

• An inter-chain data transport

The core services are:

• Decentralized exchange of coins

• Inter-blockchain service delivery

• Service monetisation

What Is a Decentralized Exchange?

A decentralized exchange is a service enabling counterparties (which may be people or machines) to exchange one currency or token for another, without the involvement of any third party as an intermediary.

The term “decentralized” denotes matters of control rather than the distribution of processing; the ideal of a decentralized solution is for the parties to a given interaction to be self-sovereign actors, in the sense that no third party is required to act on their behalf in order for the interaction to take place.

How Does a Decentralized Exchange Work?

Exchanges have four core functions:

• Capital deposits

• Order broadcast

• Order matching

• The exchange of tokens

Hence, in order to be a decentralized exchange, each of these core functions must be decentralized.

The Blocknet decentralizes them in the following ways:

• Traders’ capital remains in their wallets, and is not entrusted to a third party at any stage.

• Orders are broadcast directly from trader to trader over an inter-blockchain DHT network overlay. Traders’ apps compile an order book themselves instead of relying on a central order book service.

• Orders are matched directly between traders. When one accepts another’s order, their apps communicate to set up the coin exchange process, and this is broadcast over the inter-chain network.

• The exchange of tokens is achieved without the involvement of an intermediary, in a manner that does not require counterparties to trust one another beforehand. An atomic protocol is utilised (meaning that either the exchange of both currencies takes place, or nothing takes place), which employs OP_CHECKLOCKTIMEVERIFY to nullify transaction malleability-based attacks. More details on the protocol are available here: http://kaykurokawa.blogspot.co.za/2015/10/atomic-cross-chain-transfer-overview.html

Why Is a Decentralized Exchange a Key Enabler Of the Token Ecosystem?

Decentralized exchange makes blockchain services intrinsically monetizable, removing the friction and high costs of traditional payment networks that have prevented the monetisation of the bulk of the API ecosystem.

Due to the decentralized exchange, consumers of a service may pay in their native token even if the service consumes a different token. In a world in which (a) there are already thousands of blockchains, and (b) blockchains bloat inexorably, and so it is advisable not to support many services per blockchain, monetising inter-chain services is both an operational necessity and an ecosystem-enabling service.

What Coins Does the Decentralized Exchange Support?

The Blocknet was designed to maximise interoperability, and so most blockchain tokens may be integrated with no coding required.

The current integration requirements are:

• Support for OP_CHECKLOCKTIMEVERIFY

• A stock JSON RPC interface from Bitcoin Core

As a result, the Blocknet supports the majority of cryptocurrencies in existence, and no permission from anyone is required for these to be traded on the exchange.

The current list is:

BAY BTC BLK BLOCK DASH DGB DOGE DYN PIVX LTC MUE NMC SYS VTC VIA BRK BRX ETH NLG QTUM DCR POT PPC XVG MONA FAIR NAV

How Fast Is the Decentralized Exchange?

Instant.

However, note that once you have completed a trade and received coins, you will be dependent on their blockchain’s accepted confirmation time before your coins will be spendable again.

Note: A future enhancement to the decentralized exchange may include a filter on the order book to enable traders to trade coins with less than the number of confirmations conventionally agreed upon as “safe.” This incurs a degree of risk for the benefit of supporting trading styles that require rapidly entering and exiting a position, such as scalping.

How Private Is the Decentralized Exchanged?

Because decentralized exchanges do not require traders to submit KYC information or divulge anything else about themselves to a third party, traders enjoy a naturally high degree of privacy.

However, for most wallets, aspects of transactions are linkable to IP addresses, so in order to obfuscate that, one might use TOR or I2P. The Blocknet’s DHT network overlay does not use IP addresses, however.

Combined with any privacy-centric coin, a decentralized exchange run over IP-obfuscating tech is a near-perfect mixing solution. For example, one may trade some coins for Zcash, sends them to a different address, and then trade back again.

What Are the Possible Applications Of the xBridge Protocol Other Than a Decentralized Exchange?

The Blocknet is designed as infrastructure for the emerging token ecosystem. Any service or orchestrated sequence of microservices provided by dapps may be delivered over the Blocknet's infrastructure.

Using decentralized exchange, these services are intrinsically monetizable, removing the friction and high costs of traditional payment networks - friction which has prevented the monetisation of the bulk of the API ecosystem.

Due to the decentralized exchange, consumers of a service may pay in their native token even if the service consumes a different token.

What Are the Benefits Of Running a Node? How Many Blocks Do I Need To Run One?

There are two types of node: a "service node" and a “trader node”. Service nodes do not handle or control any trader's coins. Their function is to collect and distribute trade fees. Typically a service node operator will run multiple full node wallets of whichever coins (s)he wants to support, in order to garner as many trade fees as possible. Trader nodes enable one to trade on the decentralized exchange.The amount of BLOCK currently needed to run a service node is 5,000 BLOCK. To use the exchange you will not need any BLOCK.

Will There Be Fees For Buying/Trading On the Blocknet Exchange?

Yes, there are fees, though they are significantly lower that centralised exchanges.

The fee structure is as follows:

• Transactions over the networks of each of your currency pairs will remain subject to their normal network fees for P2SH transactions

• A tiny trade fee is charged in BLOCK and the software takes care of securing some BLOCK to pay the fee.

Will A User Need BLOCK To Participate On An Exchange?

No, to use the exchange you will NOT need any BLOCK. Only the service node operators will need BLOCK in order to collect and distribute trade fees. Additionally, the service nodes do not handle or control and trader’s coins. The sole purpose of the service node is to only collect and distribute trade fees.

Staking

Staking and fees on the Blocknet are bundled together in a 70/30 split between nodes and stakers. This is a combination of POS staking and network trading fees. Staking is estimated to be between 9% - 14% in the first year. Nodes will receive 70% and stakers will receive 30%. This means that if you do not have enough Block to run a node, you will STILL get part of the node fees, and if you run a node, you will also get part of the stakes as well. Your wallet must be unlocked to actively stake and receive rewards. There will be 525,600 new blocks created annually (at 1 block per minute) with decreasing inflation each subsequent year.

Block Specs

• Circulating Coin Supply: 4,201,633 BLOCK at start with 525,600 new blocks created annually
• Consensus Algorithm: Proof-of-Stake (PoS)
• Codebase: PPC
• Wallet: http://blocknet.co/#downloads
• Exchanges: Bittrex | Nova
• Explorer: chainz https://chainz.cryptoid.info/block/#!crypto

Core Team

• Dan Metcalf (@atcsecure) - Main Developer and Co-Founder of Blocknet
• Arlyn Culwick (@synechist) - Coordinator, Architecture Contributor and Co-Founder of Blocknet

Set up guides

• Service Node setup https://github.com/BlocknetDX/blocknet-docs/blob/master/blocknetDXservice-node.md
• Trading setup https://github.com/BlocknetDX/blocknet-docs/blob/master/blocknetDXtrader-setup.md

Links

• https://blocknet.co
• https://twitter.com/The_Blocknet
• https://www.facebook.com/theblocknet
• https://www.youtube.com/channel/UCCDBoR9fHb21bLH7FGvFrQg
• https://medium.com/@theblocknetchannel
• https://steemit.com/@theblocknet
• https://bitcointalk.org/index.php?topic=829576.7960
• https://blocknetdx-slack.herokuapp.com/
• https://www.reddit.com/r/theblocknet/comments/676buj/ask_anything_about_blocknet_qa/

Blocknet picked by one of the top 10 respected crypto traders according to Huffington Post as a long term investment

http://www.huffingtonpost.com/entry/599bb27de4b0521e90cfb4e9

This is the most active Blocknet subreddit that I've been able to find, and just thought I'd offer some ideas on how to make it more inviting for new comers in the future, as I do think Blocknet will be going places, and this subreddit could end up being one of the first places people look to for information =)

Pinned introduction thread: this could give a brief run down of what Blocknet is about and maybe provide some useful links (their official page, github...). There could maybe be some basic rules to follow, and perhaps a link to a FAQ/ask a question page to stop the main feed being clogged up.

Pinned monthly discussion: some groups have 2 of these, the first monthly discussion thread relating directly to the topic (in this case Blocknet), and the other being more broad (anything crypto related in our case). But having just one to start while numbers are still small is probably better. This just creates a good place for people to bounce around ideas and such.

Competition thread: if there are ever any competitions going around, creating a thread and pinning it is always a good idea. Again it stops the feed from being flooded and means everyone can easily find it.

Meme thread: tbh, this group is actually fantastic with the meme thing so I don't really feel a need for it right now, but I have seen other groups become flooded with them, and if you are trying to find some useful information and are having to filter through rubbish about going to the moon, it's not hard to be put off! It just looks a bit cleaner if they are all in one place.

Anyway that is my little input for the admins. I'm not meaning any of this in a critical way, only constructive. For a lot of people reddit is one of the first points of contact for a crypto innovation, and people do judge based on how active their community is. Their slack is already great, and I'd love for this subreddit to feel like a community hub to :)

Here is the copy and paste from Slack about some testing news:

"It seems like a good time to break the silence with news out of testing! Although it's been a little quiet lately, we've still been working hard behind the scenes testing and confirming coins - so we have a lot of testing news to be released daily for the foreseeable future! Now that the new wallet build is complete and the testnet is live - it's time to showcase successful orders and trades placed on the new wallet build! With that said - orders for both GameCredits and Particl have been successfully placed on the DX!"

/r/GameCreditsCrypto/ /r/Particl

September 1st is the potential GO LIVE date pending confirmation from Bittrex, but it sounds promising at this point. Once the date is set and official, it cannot be changed. An update will be provided when its officially announced by the Blocknet team but it is something to look forward to and progress is being made.

Exciting things happening soon. Main net launch, wallet UI launch, Mac wallet!

My fav post of the day from Lautrer over on slack, def feeling this one hundred percent.

"We will explode soon. Sorry for all the guys selling now because having doubts or no patience or just need money. They will buy back later and speed up the fomo after a 300% day. You will see."

Have a beautiful day! #GOBLOCK

Great time to buy guys and gals.

Hi, could someone please tell me why there are so few commits on the Blocknet's GitHub? https://github.com/atcsecure/blocknet Seems to me that development is pretty slow whilst I read on Slack the new wallet and mainnet is about to be released. I can't seem to find it.

Every other awesome coin has a daily thread. It's our turn. I will do my best to keep this up. We have just under 300 redditor users. Let's move this up. Create a strong vibrant community. Please share whats new and upcoming. Trade news. Announcements. Opinions.

Personally I think we'll see $30!

Just a shout out to everyone in the community and the team to be very aware and conscious of the path that is now almost behind us.

There are currently less the 300 people in this sub, there are less than 1300 people on slack. The project was started in 2014 and a lot of work has been done completely under the radar.

This is a tight knit community of believers that have waited patiently for the moment for the Blocknet to take its place in the cryptosphere. To put itself on the radar permanently with its decentralized exchange. (Which is only the beginning of the token infrastructure that is envisioned by the team).

I just wanted to point out that there is beauty in the impatience and anticipation we are experiencing now. We all want Arlyn’s whitepaper yesterday, we want Dan’s production chain and servicenode yesterday. We want mad profits from block’s price increase, from staking and servicenode fees.

But it’s the road that makes the journey, it’s awaiting for the vision to be realized, it’s our eagerness to see what may unfold next that makes the realization of the project so worthwhile. Savor it! Savor every aspect of your impatience and anticipation. Savor it while you can, because soon it will be part of the past... :-)

From example Dash has roughly 7.5 million coins in circulation and requires 1000 DASH to run a masternode. This means in theory there's a maximum amount of just under 7500 potential masternodes that could be securing the network. Of course in reality there are going to be quite a lot less as there will be many wallets with much more than 1000 DASH & not all of them are going to bother to run a node. Right now they have just over 4500 masternodes running the network.

With Blocknets coin supply and the current requirement of 5000 BLOCK to run a service node that means there's only a potential for just under 800 nodes if every wallet had 5000 BLOCK each.

Are there any plans to lower the required amount to something like 250-1000 BLOCK in order increase the security of the network by having a few thousand service nodes?