Blocknet coin: A proof of stake coin rewarding users and node service provider for securing the network and running blocknet DEX exchange

By QuintoTrader | Crypto Street | 11 Oct 2019


Blocknet coin is a native cryptocurrency of the block DEX platform  created on the blocknet blockchain network platform whose transaction takes place from one peer to another without involvement by the government thus is being considered to be a decentralized asset. Blocknet coin was mainly created to enable different assets of different blockchain to be able to be exchanged from one asset to another without a third party involvement. Developers of different blockchain can also exchange the coin of their Dapp on the blocknet DEX platform to the coin of their preference without being charged anything provided that it meet the set requirement. Blocknet coin was also created to enable different nodes to use the coin to provide their service such as validating any transaction taking place as well as becoming price makers and takers on the DEX exchange thus in return, for any trading fees charged upon processing trading transactions on the DEX exchange they receive reward. Blocknet coin was also created to enable different stakers to lock their coins for a given period of time so that they can be used to validate any transaction taking place on the blocknet blockchain thus in return they also receive reward based on the amount of coins staked.

Blocknet coin transaction 

Blocknet coin transaction takes place on the Blocknet blockchain explorer based on block height and timestamp.  Here is a view of Blocknet coin transaction;  

    blocknet transaction.png

To view how the transaction takes place on the blocknet blockhain, you can follow the link below;  

Date Launched

 Blocknet coin project was started in 2014 but was later launched in  2018  with the main objective of allowing different assets from different blockchain to be able to interact with each other without any middlemen.

Founder Of blocknet coin

Blocknet coin was created by Arlyn Culwick and Dan Metcalf   who are both blockchain technologist with the main objective of becoming a native coin for its blocknet blockchain platform thus allowing different assets from different blockchain to be able to communicate with each other.

Process of creating blocknet coin

  Unlike cryptocurrencies like bitcoin and Ethereum which are released through the mining process using power supply and internet using the proof-of-work consensus, for blocknet coin, that is not the case.  Instead, blocknet coin was created to become a proof of stake coin.During its launch, some amount of around 6 million coins were issued at bittrex exchange for Initial exchange offering. With this amount, different perticipants took part in purchasing it so that they can start taking part in minting the new coins through staking. In the staking process, there is ordinary staker and node service provider. As an ordinary staker, you can stake any amount so that your coins they take part in securing the network and validating transactions taking place on the blocknet network thus in return you be eligible to receive the 30% of the 1440 coins being minted on a daily basis. As a staker, the more your staking the more reward you will receive. On the other hand, as a node service provider, you will be required to have atleast 5000 coins in your blocknet wallet account and a 24 hour running internet. As a node service provider, you will be required to validate transactions taking place on the network thus in return you take part in the sharing of the fees generated from the transaction as the as fees income from blocknet DEX for validating buy and sell orders created over the exchange. You will also be entitled to share 70% of the new coins minted through staking. The more coins you have the more reward you will receive. Here is how blocknet coin reward minting process looks like;  

blocknet staking.png      

If you want to become a staker or a node service provider so that you can receive reward from new coin minted and from the fees income generated, you can follow the link from below;  

Maximum circulation of Blocknet token 

Unlike other cryptocurrencies such as bitcoin and Ethereum which have a maximum amount that should be circulating in its blockchain, for blocknet coin, there is no maximum amount that should be capped in its blockchain network. During its launch some 6.19 million coins were released to be exchanged to those traders who wanted to take part in its Initial Exchange offering at bittrex. Because there is no maximum limit of the capitalization of the coin, every year, 525,600 coins will be minted through staking which will be sharing between node service providers and stakers. Node providers will receive 70% of the reward while stakers will receive 30%. Here is how this reward distribution looks like;  

blocknet supply.png    


Blocknet coin Price

Currently, 1 Blocknet coin is worth more than $1 and its price is expected to increase over the next period of time. Blocknet coin is being abbreviated as  BLOCK.  

Converting my blocknet coin  to other cryptocurrencies

To convert your blocknet coin to other cryptocurrencies such as bitcoin and Ethereum, you need to have a cryptocurrency exchange account. If you don't own one then you can follow the link to open a cryptocurrency exchange account for easy conversion of your blocknet coin to Bitcoin or Ethereum. Here is a list of exchanges where you can easily exchange your blocknet coin to your favorite cryptocurrencies;  

Storing my blocknet coin

To store your blocknet  coin, you need a blocknet coin wallet . You can either store online or offline. To store your blocknet coin online, you can either use wallet exchange where it is tradeable   or can download blocknet wallet   

Transferring my  blocknet coin to other Users

If you want to transfer your blocknet coin to another user, the two of you must have trust in each other. The trust should be the blocknet coin address provided for by the receiver while the sender must have the blocknet coin balance in their account to send to the receiver. For the sender, a blank space to insert the receiver address and another blank space to insert the amount to send to the receiver is indicated. Here is how it looks like;

  blocknet sender.png  

    blocknet receiver.png        

  Knowing more About blocknet  token

If you feel that you need to learn more about blocknet coin, then you can follow them on their site. Here is the link redirecting you to blocknet coin platform website  

You can as well read their white paper to learn more about their idea from below  

You can also join as a community member in any of their social media platform from below to follow the discussion made by other community members;








Now that you know, I think that it is time for you to start earning some blocknet coin by simply staking them or by becoming a service provider where by for the fees charged to validate transaction and to exchange asset of one blockhain to another, you will receive reward . If you think that i should also own some blocknet coin for helping you know about it then here is our blocknet address: BUWYKaCPxCfNzCkjHRpu1k5eKoxRQqXoGh

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Trader, Blockchain Technologist and Contentpreneur. Also founder and CEO @ Quinto Trader

Crypto   Street
Crypto Street

Crypto Street provides knowledge related to cryptocurrencies, tokens and blockchain technology. The knowledge consists of different cryptocurrencies with passive income, crypto mining, crypto staking and many more.

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