Blocknet Partnership with PIVX
Blocknet partnership with PIVX was announced recently. Just as the internet-connected computers, the Blocknet Protocol is critical for blockchains to communicate and realize their full potential.
Blocknet Overview
Blocknet is a blockchain interoperability protocol that enables communication, interaction, and exchange between different public and private blockchains, as well as connecting to external off-chain APIs and services via oracles. This exponentially increases the development capabilities and enables a new generation of mature blockchains and services.
Moreover, Blocknet is an open-sourced, self-funded, and self-governed project with contributors around the world building an open and collaborative ecosystem.
The Blocknet is the infrastructure for the coming “inter-blockchain era,” an emerging technology epoch characterized primarily by the superseding of the current API ecosystem with a decentralized and intrinsically monetized “token ecosystem.” This will occur when its enabling technologies (specifically, smart contracts and “dapps”) mature to the point
of possessing practical inter-blockchain interoperability. At the time of writing, Blocknet is the technological leader in the provision of inter-chain infrastructure for use by dapps and smart contracts.
Blocknet Project Background
Started in 2014, Blocknet is a decentralized, community-governed, self-funded, open-sourced project that serves as a connector between different blockchains, markets, and communities.
The project was founded on the principles of openness, transparency, and maintaining a high level of decentralization. These principles apply to both its community and protocol, which aims to bring blockchains and communities together.
Furthermore, Blocknet is unique in that there is no company or foundation behind the project. Instead, Blocknet is self-governed by its stakeholders, meaning that stakers, token-holders, Service Node operators, and others with a stake in the blockchain have the ability to make decisions together. This self-governance is maintained through a Superblock mechanism, as well as open communication in its Discord.
Blocknet Vision
Moreover, the future Blocknet sees for blockchain is a highly collaborative microservice ecosystem. Blocknet envisions an ecosystem of single-purpose microservice blockchains that perform one task really well and are secure, reliable, and efficient. These microservice blockchains can then consume by dApps and other blockchains to build more complex, yet modular, services.
This type of architecture is made possible with the Blocknet Protocol. Just as the internet enabled computers to communicate, the Blocknet Protocol enables an internet of blockchains, which is critical for the ecosystem to realize its full potential.
PIVX: Protected Instant Verified Transaction
Protected Instant Verified Transaction (PIVX) was announced on bitcointalk.org on November 25th,2015. For historical purposes, PIVX originally launches under the name Darknet (DNET). Officially rebrands to PIVX on January 1st, 2017. Additionally, on January 30th, 2016 it is announce that PIVX (DNET) officially release at 04:10:07 UTC on January 30th, 2016 the first block of the PIVX network was created.
The PIVX network currently operates on a PoS consensus algorithm. The original concept relied heavily on the notion of “coin age,” or how long a UTXO (Unspent Transaction Output) has not been spend on the blockchain.
In this way, it differs from PoW by not focusing on and rewarding miners, but rather rewarding anyone willing to participate in the running of the network (holding their coins on a node). The protocol further refines in PoS version two for BlackCoin by Pavel Vasin with several potential security fixes.
Furthermore, Vasin’s fixes included the potential of a malicious node to abuse coin age to perform a double spend. The potential for honest nodes to abuse the system by staking only periodically and negating coin age from consensus. Moreover, the robustness and innovation of PIVX’s PoS model further enhance in an update of the protocol at the end of 2016 with the novel implementation of Zerocoin Proof of Stake (zPoS) in 2018.
Since then the project has undergone further improvements and security updates, for example, the new Time Protocol. In addition, PIVX has pioneered beyond the original concepts of PoS with its continual development providing superior security and the novelty of a corresponding Masternode layer and financial data protection features.
THE PIVX FEATURES
- Shielded Protection — world’s first zk-SNARKs-based financial data protection protocol on a Proof of Stake blockchain
- Advanced Proof of Stake — receive rewards for securing the PIVX network just by holding coins in your wallet.
- Cold Staking — receive staking rewards while your funds are securely lock in offline cold storage.
- Masternodes — get more rewards for hosting and providing layer two services to the PIVX network.
- Decentralized Governance — submit and vote on project proposals, budgets, and expenses.
- Sustainable Economics — the long-term balance between inflation and deflation; engineered to be scalable.
PARTNERSHIP IMPORTANCE
PIVX and Blocknet will be working together to explore ways to collaborate on the development of BlockDX, the world’s most decentralized exchange.
ABOUT PIVX
PIVX is an open-source and decentralized peer-to-peer currency. Featuring advanced user data protection features, and community governance mechanisms. A Proof of Stake consensus algorithm, and multi-purpose Masternodes.
ABOUT Blocknet
Blocknet is a blockchain interoperability protocol that enables communication, interaction, and exchange between different public and private blockchains, as well as connects to external off-chain APIs and services via oracles
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