It is my understanding that many years ago someone or more likely a group of people started inventing the internet. First it started out with a simple idea that researchers all over the world should have access to other people’s research. Many felt this sharing of knowledge would help humanity solve scientific puzzles faster, by combining everyone’s ideas and scientific experiments successes and failures. This system of posting every scientists research data, and making it accessible to everyone in the world was the precursor of the modern internet.
Ironically the true beauty of the modern internet came from collaboration and equality of access. In the early days of the internet you needed to know how to write some database code and other types of computer code to tell your computer what type of research you wanted to find, then tell it how to find it and how to download it to your computer. Plus there were articles posted on virtual bulletin boards, which sometimes required special credentials to access. But scientists and coders collaborated and soon the code for all these repetitive functions was shared, and then a way of imbedding the code into the precursors of modern web browsers started. After which all those restricted access bulletin boards were opened up to everyone. Pretty soon you didn’t need to know how to write code, you just needed to know what code you needed, and later you just needed to create a string of code connecting these protocols. Later all this became part of the internet protocols and the modern internet developed to its current state where anyone with minimal computer knowledge can nit only find and share information easily, but also sell goods and services to anyone, anywhere in the world.
There were issues along the way, in reaching the wide open world of commerce we see today on the internet, but we have figured out how to sell something priced in Yen, to someone whose wallet contains Dollars. Now a man in Germany can spend German Marks on a gambling game in Hong Kong where the winnings are in Yuan. The customer in Germany never sees Chinese Yuan, and the Merchant in Hong Kong never see’s German Marks. We have collaborated so commerce is easy and software solves the problems.
Now flash forward to 2020 and all the cryptocurrency blockchains are just like all the scientific research bulletin boards. And over 3000 token projects are like the over 3000 languages spoken in the world. Right now all cryptocurrency projects have unique data repositories, unique cryptocurrency and unique blockchains. People who want to interact across blockchains, called cross chain to purchase goods, rent services or trade on exchanges face a daunting task requiring unique and individual computer codes, nit unlike the early days of the internet. It’s very complex as we have non-fungible tokens like ERC20’s and so called wrapped tokens. What we need is shared code that executes common functions, free to all, and we need an access point to all these different blockchains, so we can buy goods and services, and finally we need a way to exchange different tokens in a trust less manner.
We need in the cryptocurrency world, what we needed in the internet world 50 years ago, but the current solutions like decentralized exchanges haven’t developed trustless solutions and scams and hacks create real risk of losing large portions of your cryptocurrency investments. While many projects talk about atomic swaps, a form of peer to peer trading, where your cryptocurrency stays in your wallet until you trade it directly to someone else without using a middleman or intermediator. But most of the project development teams are talking about something they will build or are building. Plus atomic swaps alone don’t provide a complete solution. I think just like in the early days of the modern internet we need protocols to connect blockchains, so investors with cryptocurrency on one blockchain can buy and sell goods, including cryptocurrencies with their preferred crypto-currency token. Plus investors want to use exchanges and data feeds on prices which originate on different chains. There are proprietary or trademarked solutions which require you to use one blockchain, and all benefits and much of the profits flow to that blockchain and it’s token holders. But something operating in the space in between blockchains, which provides equal access to all chains to this inter-blockchain connectivity route, so inter-blockchain commerce can thrive would be an ideal solution, and it does exists. In fact it exists on a project with already built and functioning atomic swaps. In fact the atomic swaps feature has already completed integration with over 100 block including Bitcoin, Litecoin, Dash and Bitcoin Cash too name a few. So we have a way to exchange our different cryptocurrencies and we have a way to connect the different blockchains, so we can buy their goods and services without going on those blockchains. Let’s talk about these two existing projects now.
They are working products doing all the things discussed above. We have the cryptocurrency version of the internet to connect blockchains called An Interchain, the product name is X-Router. X-Router isn’t a blockchain, it’s a network consisting of a series of access points which connect over one hundred block chain protocols as of today, which allows you to connect your wallet to those blockchains and buy goods like their token or to purchase services like banking, trading, or price feeds to name a few. But this interchain only works if we can easily trade one cryptocurrency for another. Just like businesses on the internet sell products priced in Dollars to someone paying in Euros, we need a point of sale way to pay for something priced in Bitcoin with Litecoin. And we do have such an application, and it’s called X-Bridge. Both these products are made by Blocknet.io.
Blocknet has two real protocols, integrated on over 100 blockchain protocol wallets, but the wallet software and atomic swap integration for Ethereum isn’t finished. But when it is finished I expect this system to become very widely know. Because the internet wasn’t widely known before it was monetized, and decentralized finance on Ethereum is the true driving force behind discovery of cryptocurrency right now. So I suggest you navigate to their website and familiarize yourself with a potentially revolutionary product set, which has been quietly adopted by the largest and oldest cryptocurrency token foundation Bitcoin, as well as several other well known cryptocurrencies like Litecoin, Bitcoin Cash, Dash and many, many other tokens.
Blocknet, project providing the equivalent of the internet for blockchains