To paraphrase Gil Scott-Heron, “the revolution will not be televised.” “The revolution will be live; it will be blockchained.” Xcurrency has broken new ground with the introduction of the internet of blockchains. This project is perhaps bound to unrecognizably alter crypto-currency as we presently know it. Cryptocurrency projects all share a common vision. The vision is one of a future free of centralized control. Today, cryptocurrencies function as isolated islands with separate blockchains, nodes and users. As a result, all of the projects currently ongoing are limited in terms of their transformational impact.
XCurrency proposes to harness the collective potential of all the projects currently ongoing through a powerful application known as the Blocknet.
How the Blocknet Works
The Blocknet is founded on the XBridge. The XBridge is a true P2P protocol extension that is built on the Xnode protocol. The Xnode is a decentralized P2P protocol in which users will be able to create their Xnodes and use them to serve content. Anyone who runs an Xnode will be remunerated for serving content.
The XBridge is a protocol that enables different blockchains to be able to connect to each other. In addition, it will be able to offer many more services including cold storage, instant transactions, chat, decentralized exchanges and plenty of fiat currency gateways.
To enable different chains “to speak” to each other, an API has been developed that will enable nodes to provide services and be part of the application platform. The XBridge protocol will be the foundation on which the API rests. XBridge is end-to-end encrypted, open source and trustless.
Governance of the Blocknet
The Blocknet will be guided and fostered by a foundation comprising members of participating cryptocurrency projects. Each currency is entitled to a seat on Blocknet Foundation’s board, bringing together individual cryptocurrencies together.
The Blocknet Foundation will pool the abilities of developers for participating cryptocurrencies and serve as an incubator. It will fund the creation of a development program and multiple Blockchain services. Joining the Blocknet will be free. However, membership will be on the basis of a ratification process.
Initial funding for the Blocknet Foundation will be done through an ITO (initial token offering) starting October 29th, 2014. Shares purchased with participating cryptocurrencies will cost 10% less. There will be no limit on the number of shares offered. After the ITO, no further shares will be created. Shares will be made available on traditional exchanges and the NHZ asset exchange.
Internet of Blockchains for the Internet of Things?
The Blocknet is the next most logical step in the evolution of the blockchain technology. The potential that may be unleashed through the Blocknet may enable even the Internet of things become more and more integral to our lives. By 2020, it is estimated that more than 30 billion devices will be connected to the Internet of things. The Internet of blockchains coming now would naturally fit in to become “the software” that runs the Internet of things in the brave decentralized world. The implications would be far-reaching even for governance as we know it today.
Just like prior revolutions, we live in exciting times for the cryptocurrency community. To borrow from English poet William Wordsworth bliss it is in this dawn to be alive. What do you think? Comment below!
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