Bitcoin Global News (BGN)
June 06, 2018 -- ADVFN Crypto NewsWire -- The Blocknet protocol has finally released its “blockchain router.” This device is a fundamental component for the inter-blockchain system that the organization is developing to foster the future of decentralized internet services.
Dapps, smart contracts, and protocols will increasingly utilize services on other blockchains. This will reduce the time taken to re-create a service that another blockchain is already providing. The Blocknet supports this development by enabling the technologies on any blockchain to become available via decentralized APIs, creating a paradigm shift from monolithic architecture to microservice architecture.
The device is an inter-blockchain SPV client (a light wallet), which enables verification of blockchain records from any blockchain without requiring users to download the blockchain in question, in theory. This provides the ability for lightweight dapps to harness contracts and protocols from other blockchains. A seamless connection of blockchain lays the foundation for the decentralization of the API ecosystem.
Verify records on any blockchain
Blockchains tend to be large. For example downloading all of Bitcoin’s blockchain is well over 100GB in size. Only a small population of users have the capacity to download and maintain a blockchain on their PC’s, let alone on mobile devices. This is one of the major barriers to widespread adoption.
In the original Bitcoin whitepaper, Satoshi Nakomoto describes “simplified payment verification,” or “SPV,” by which a dapp may understand the record on a blockchain using only the transaction of interest, a merkle branch, and the block headers. This download would only be about 1/500th of the size of a blockchain. The result is wallets that can be mobile-friendly, fast to set up, and vastly reduce the burden upon users of maintaining an entire blockchain.
An SPV wallet on its own does not enable the inter-chain verification of blockchain records. The operation needs an inter-chain peer-to-peer network for nodes on different blockchains to communicate, and a community of users running nodes on very many blockchains in order to achieve workable liveness.
In combination with the new XRouter, the Blocknet provides both: XBridge is an inter-chain network overlay that holds the Service Nodes required to support SPV proofs for an arbitrary number of blockchains.
By: BGN Editorial Staff