BlockNet (BLOCK)

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## BlockNet (BLOCK)

### Type

Peer-to-peer protocol between nodes on different blockchains

## Basics

* Atomic swaps on a decentralized cross-blockchain platform.

"The Blocknet Protocol is a true peer-to-peer protocol between nodes on different blockchains. This enables the transfer of data and value between blockchains and opens the door to multi-chain architectures.
Many components come together to form a single decentralized protocol.
Use powerful APIs to integrate blockchains into any other blockchain or application." https://www.blocknet.co/

Using XRouter and XBridge plus the 0x Protocol.

"Block DX, the first dapp built on the Blocknet Protocol. Block DX is a truly decentralized exchange that enables trading freedom for connected blockchain communities. Listing on Block DX is free and does not require our permission or control."

"Blocknet supports its own maintenance and development through a treasury system that allocates an additional 10% of all new coins minted each month. Service Nodes, acting as treasurers, vote to fund community proposals that serve Blocknet’s vision. Community members are the core representatives of the ideas and proposals that Blocknet implements."

* Has Block DX, the first Blocknet Protocol. A decentralized exchange.
* The Blocknet is powered by a network of Service Nodes and Staking Nodes. Service Nodes are the computational power behind the Blocknet's capabilities and protect the order book. Staking Nodes protect the network via our Proof-of-Stake (POS) system.
* The Blocknet is governed by the community without a centralized entity. The Blocknet supports its own maintenance and development through a treasury system that allocates up to an additional 10% of all new coins minted each month. Service Nodes, acting as treasurers, vote to fund community proposals that serve the Blocknet’s vision.
* https://github.com/BlocknetDX/blocknet-docs/blob/master/blocknetFAQ.md#what-is-blocknet
* 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.

* 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.