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Blocknet | $BLOCK | A Protocol for Interoperability and Atomic Swaps - YouTube
Channel: CryptoCandor
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hey guys welcome back so today I want to
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talk about a coin that I saw her buying
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quite a while ago I first heard about
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the Bloch note when I was tipped off by
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somebody my slack to check it out I did
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a little research and the project seemed
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really solid so it was very impressed
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you know over the last few months I've
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just been buying all of the dips
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basically and I'm really excited because
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I think through this quietly dormant
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coin is gonna explode like a Vulcan you
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know soon fair warning this video is
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going to be a little bit longer than I
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probably should make it or that I want
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it to be but there's a lot of
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information I think is very important
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and I think it's imperative to include
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bear with me here so the project is
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block or block net it started in October
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2014 the goal is to create
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interoperability and create
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cross-trained atomic swaps and data
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transfers say that ten times fast so in
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layman's terms it's the internet of
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block chains basically the block net is
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the delivery of potentially any kind of
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digital service from a node on any
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blockchain to another think about that
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for a second that's a big deal so if I
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was gonna simply bullet-point the block
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net it's a protocol for allowing
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different crypto blockchain to
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communicate and execute their
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decentralize applications on a local
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platform and did you centralized
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exchange allowing for essentially any
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crypto - crypto combination trade being
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able to do those two things together
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creates Hoek an ecosystem for blockchain
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micro services so let's talk about the
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protocol portion of the block map this
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allows the capability to build apps
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utilizing different crypto services on
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whichever blockchain the developer
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chooses currently you have platforms
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aiming to do everything and all the
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things and as a developer you need to
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look for a platform in a build on that
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will provide the features that you need
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the block that will change that it's
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gonna allow you to build on whatever
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blockchain that you want and then
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pulling in features off project and
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utilizing these in a micro-service
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manner on to the next point the
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decentralized exchange this is going to
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give people almost limitless options to
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trade crypto - crypto without needing to
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utilize the dominant pairs on a major
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exchanges traditionally we need to go
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from fiat to either Bitcoin like corn or
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aetherium right and we move from Polo
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tip it tricks and we use that to pick up
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or buy whatever other coins that we want
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but on a decentralized exchange you're
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gonna be able to place an order on the
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books for any variation of crypto
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currencies that are supported on the
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decks and that's gonna be filled by
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someone who's looking to buy what you're
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selling I'm gonna add a list of the
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currently support all coins in the
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description I think that concept is
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really important to grasp to truly
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understand the convenience that the
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block net could give let me show some
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graphics so the first example is going
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to show going from fiat to Bitcoin so
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litecoin aetherium and then from there
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going out to whatever other alts whereas
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with the decentralize exchange you can
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go from Fiat to whatever else you want
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and just to clarify it doesn't have to
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be a block to altcoin transaction it can
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be any altcoin to any altcoin that's a
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pretty big deal
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so now on to some bigger pros the black
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man is a decentralized governance
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meaning that no central entity or one
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individual owns the project or runs the
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project entirely
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there's no prevailing company there's no
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centralized foundation that can be shut
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down there's an upcoming partnership
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with BitFenix which is the second
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largest crypto exchange that's out there
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right now I'm sure most of you have
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heard of it or you trade on it and
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they're in development with them to work
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on Ethan x-block Nets gonna be used for
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trustless cross-chain trees another
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really interesting thing is that it's a
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self-funded project that means that the
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project is a self funding mechanism
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already built in instead of having X
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number of percentage of staking rewards
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go to a developmental fund like most
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projects they opted for something a
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little bit more decentralized which
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makes sense every forty three thousand
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two hundred blocks there's a super block
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and this allows possibility to generate
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up to four thousand three hundred and
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twenty more block proposals are
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submitted to the network and the nodes
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can vote on them this happens two ways
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one there's a physical proposal written
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on the forums and then two the service
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nodes vote on that the proposals will
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say what the person needs or wants and
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if the proposal is passed the funds get
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transferred to that individual the
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proposal doesn't get passed nothing gets
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paid out only funds getting paid out are
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the ones that are generated you need 10%
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in the notes to vote and you need a
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majority for the proposal to pass and
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then the voting ends in the super block
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ends it's a very different decentralized
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Democratic take on payment so the block
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that is a proof estate project you
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receive staking rewards for holding
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block on a network like most proof of
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state coins and I love the excel sheets
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at the description where you can do the
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calculations based on what you're
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holding what your payout will be it's
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very convenient and can get a little
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obsessive so the time of writing this
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the average ROI for staking has it been
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approximately twelve percent for the
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last seven days but recently it's gotten
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as high as fourteen point five percent
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that's a high reward for staking let me
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add that that's a yearly reward however
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if you run a node you're gonna get
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twenty one percent yearly currently
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running a node is one point nine one
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times more profitable than just holding
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five thousand block I should add that
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five thousand block is what's enough to
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run a node so it makes sense if you have
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that much to run a node and not just
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stake it normally you're probably asking
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at this point what's the point of the
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block coin if the block net seems to be
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the big deal the block coin is used as a
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medium for paying trade fees
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these go to service notes to match the
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trades and for the service of being able
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to do the atomic swaps there's an
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exchange fee on top of the network for
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you the assets that you're trading it's
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point 2 percent for a taker fee and
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point zero five percent for a maker fee
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and then a hundred percent of those fees
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go to service notes now on to the cons
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the exchange is usable now obviously
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because you're gonna see the list of
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coins that are supported but it's not
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very convenient currently to perform a
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trade you have to do an action through
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command-line the good news is the
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upcoming UI release is gonna remove that
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need to do so also the liquidity on the
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decks is very low but ideally the part
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number the ethernet should bring in more
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traffic since these individual
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transactions need to happen on their own
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block chains and the block net is just
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the middleman these transactions are
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subject to fees on their given chains as
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a project they've been much more focused
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on tech than they have been on outreach
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they are in the process of building up a
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team for that because they are aware
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that it is a weakness although I
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personally see it's more neutral issue
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because some may see prioritizing tech
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over image as a strength
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so right now block is only let's not
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Victrix in Nova Nova's volume is
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practically non-existent and compared to
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other coins in blocks market cap bit ryx
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doesn't have that much volume either the
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theory is probably that most people see
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block is in long-term investment so
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they're not really willing to sell
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another con I noticed that their website
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is a little bit of a deterrent and focus
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a lot on text you don't really get to
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know the team and you don't see faces
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when you go on there like you do with
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normal projects there's a lot of
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marketing buzzwords that you see on
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other pages and because of that it may
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be perceived as a little dry another
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thing to be aware of is that they
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currently don't have a white paper but
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they are in the process of making it so
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I will admit when I started investing in
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this coin to be quite honest I didn't
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understand the depth and the reach of
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what this project was trying to
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accomplish and in making this video I
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learned a lot more about what this is
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and why it's important I don't think
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that there's much out there right now
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that is taking on such a daunting task
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like the block that is and I think that
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when they are successful because I think
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that they're going to be that it's gonna
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be a huge deal the price right now
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compared to the Bitcoin ratio is pretty
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low all things considered so if I were
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you I would take a look at their website
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take a look at all the resources that
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I'm gonna throw in the description and
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give it a chance some things to keep an
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eye on on going forward the partnership
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with BitFenix on the creation of Ethan X
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the upcoming UI reveal and their live
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demo should be next week if you go on
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their website you'll see a count down
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the actual UI release is expected for
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December and they're gonna soon be
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redoing their entire website to be
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focused on more of a public image I will
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say that I'm super grateful that I
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learned about this coin before the hype
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comes out I think that the UI release
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and I think that all
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other things that are upcoming are gonna
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be a big deal and I think that
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everybody's gonna know what this coin is
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soon enough so I want to thank you guys
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for watching yet again hopefully this
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was informative and it wasn't too long
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but like I said there's a lot of
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information it seemed really really
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important to me
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the usual if you haven't subscribed you
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should do it in the meantime I'm gonna
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be trying to come up with my next idea
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for a video feel free to jump on my
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telegram jet which are just recently
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made if you want to give me any
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recommendations ideas you just want to
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chap I'm in there pretty frequently hope
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you guys enjoyed the video and I'll talk
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to you soon
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