Blocknet is an infrastructure for the upcoming "Interchain Era," an emerging technological epoch where the current API ecosystem supersedes the fragmented and inherently monetized "token ecosystem." This transition occurs when supporting technologies, notably smart contracts and "distributed applications," mature to enable practical interchain interoperability. Blocknet leads in providing the interchain infrastructure used by distributed applications and smart contracts.

Introduction to the Project

Blocknet is the infrastructure of the token ecosystem. It provides true peer-to-peer interoperability between nodes on different blockchains, enabling any digital service type from one node on any blockchain to be provided to another. The functionality of any given blockchain service acts not as an "app coin" but as a "protocol service," meaning any distributed application on any blockchain can use it for open purposes, not just as the creators distributed application, effectively expanding the market reach and revenue sources for the service.

The role of smart contract tokens is not merely to monetize distributed applications but to become "protocol tokens," logically placing them lower in the tech stack with greater potential utility. Moreover, the code quality of services may benefit from a broad developer base across communities, leveraging their collective learning, preventing chain bloat and code duplication, saving labor time, and serving the entire blockchain consumer market, not just a set of users on its blockchain.

Distributed applications can simply orchestrate interchain services instead of writing complex code from scratch. Thus, the primary development task becomes API integration rather than the complex and highly specialized task of writing new "bulletproof" smart contracts.

Building distributed applications using a microservices architecture, where each blockchain can offer a single service and integrate with many others in a modular way, brings simpler component design, easier error fixing, and more straightforward upgrades.

The ability to effectively sidestep the (currently difficult) question of choosing a blockchain to build on – not only at project inception but later stages in its lifecycle, and when various microservices might better be implemented on different blockchains. Monetizing interchain and multichain services using their intrinsic token value.

Leveraging the novel crypto-economic business models enabled by blockchain technology. For instance, businesses can extract value from a "better than free" model directly through monetary policy (ICOs, transaction fees, deflationary economics, block rewards, and super block self-funding systems) as well as the monetization of APIs on the market.

Project Features

Interoperability:
Firstly, Blocknet is interchain infrastructure. Therefore, its most direct design goal should be interoperability with the vast majority of existing and future blockchain implementations. Additionally, it should interoperate with centralized entities to provide server-based traditional services within the token ecosystem.

Decentralization:
Fundamentally, decentralization means no entity has control over others in the system. For example, Bitcoin’s major achievement in the broad sense is the decentralization of money, where no entity controls it.

Security:
The decentralized and monetized nature of services requires high levels of security and operational certainty akin to those in aviation applications, because (a) it’s typically impossible to change or take down services running at the network’s edge, and (b) if funds can potentially be embezzled in a system without central oversight, it will quickly lose much of its value. For these reasons, Blocknet requires the highest levels of security and operational certainty.

Trustless Service Delivery:
In the context of blockchains, a frequent and gratifying outcome of decentralization is that parties don’t have to trust that counterparties act honestly in transactions. For instance, with Bitcoin, there’s no need to trust intermediaries to transfer funds or recipients to honestly report whether payment was received or its amount, since there are no intermediaries and counterparties can independently verify payment status with high confidence. In interchain service delivery, the same degree of “trustlessness” is required when paying for services between blockchains so that services can be delivered and paid for without requiring parties to act honestly, preserving this unique feature of blockchain payments in an interchain environment.

Simple Integration (No Coding Required):
To maximize interoperability and reduce friction, Blocknet integration and access to the token ecosystem do not require modifications to stock wallets or nodes. Note that using some third-party services delivered via Blocknet may require coding, but using Blocknet itself does not require coding.

Decentralized Integration:
To maximize security and establish an open, internet-like ecosystem, Blocknet integration and access to the token ecosystem do not require mediation by any central entity (even us). To deliver or use services through Blocknet, consumers should not be required to (a) use Blocknet’s blockchain, (b) use any specific service, or (c) use any service with centralizing effects (here “centralizing” refers to a spectrum of scenarios, from control by a central agent to side-chain-like centralization around its network, which we term “interchain centralization”).

Composability:
Blocknet should be built with composability and modularity in mind, mirroring the envisioned interchain microservices model. Specifically, a key principle of microservice design is maximizing composability while being mindful of services always used together to avoid building a "decentralized monolith." These services remain constant in the token ecosystem.

Monetization:
In the token ecosystem, the principle of composability is joined by a critical principle: services are monetizable by nature. If non-monetizable, we suggest bundling it into the API of a monetizable service, otherwise, people running service nodes may lack incentive as they cannot derive income from it.

Furthermore, the revenue source of services needs to be secured through some protocol or crypto-economic incentive that doesnt require trust, else its value is unlikely to be realized. Monetization is about whether your service consumers are willing to pay for it because they can’t forcibly use it for free. Blocknet should monetize its core services where feasible, offer other services for free, and provide ways for services delivered through Blocknet to be safely monetized.

Mobility and Small Footprint:
Scenarios from mobile apps to embedded IoT devices in insurance, health, supply chain, agriculture, automotive telematics, and security support the token ecosystem. We expect many use cases to emerge that require very small-footprint distributed applications, which cannot host even a single blockchain. Blocknet should provide access to the token ecosystem for these devices so they can leverage the inherent security of blockchains, which we believe is crucial for reducing the attack surface of IoT services.

Commentary

Blocknet is an open-source interchain interoperability protocol that enables communication, interaction, and exchange between different public and private blockchains, as well as accessing off-chain data, APIs, and services on-chain through oracles.

Related Links:

https://blocknet.co/
https://www.blocknet.co/wp-content/uploads/2018/05/Blocknet-Whitepaper-Mandarin.pdf
http://www.qukuaiwang.com.cn/szhb/3282.html###