Blocknet, a decentralized applications platform designed to facilitate cooperation and feature sharing amongst participating crypto currencies, has announced the first successful inter-chain transfers of data between nodes on separate block chains.
The announcement is an important first step towards the development of interoperability between block chains. The end goal of this technology is to build a protocol through which a user of one crypto currency can use their wallet and nodes on their coin’s network to initiate a transaction on another block chain. This would enable developers to build cool things like a trustless decentralized exchange for buying and selling coins, as well as allowing the users of one coin to take advantage of the features of every other participating currency. Blocknet calls this ‘the internet of block chains’, and it means that users can access a wide range of features natively, even from a mobile phone, without having to download large block chain files for every single coin they might want to use (something which is impossible on mobile).
With the explosion in the number of alt coins which we have seen over the last couple of years there are now many coins with innovative and useful features, but such a small niche that they struggle to gain adoption. A number of different projects including Blocknet, SuperNet and Atomic DAC are now competing to bridge this gap between niche features and larger networks of users through shared protocols.
Blocknet achieves this inter-chain functionality through XCurrency’s Xbridge technology and Xhub protocol. The alpha release of this technology is open source and already available for developers to build and contribute towards on Github.