Stand No: 692

The Blocknet is a second layer interoperability protocol that enables blockchains to interact and communicate with other blockchains. This allows for the development of multi-blockchain architectures that weren’t previously possible in order to meet real-world needs such as bridging supply chain blockchains or healthcare and insurance blockchains, building complex peer-to-peer trades, running Ethereum or NEO smart contracts from Bitcoin, creating a blockchain microservice that other chains can consume, all while remaining 100% trustless and decentralized. By enabling services and functionality on any blockchain to be used on other blockchains, the Blocknet enables blockchain technology to achieve its full potential. It will transform dApps from basic, slow-to-develop, limited applications into the mature apps that users are accustomed to. It enables all the features of traditional apps: fast, simple development, excellent user experience, the leveraging of any contract on any blockchain, and a microservices architecture. Most importantly, the Blocknet is truly decentralized. Not only is there no central point of failure, but it is not necessary to trust that those who consume or deliver services will behave honestly. Finally, the Blocknet’s infrastructure does not centralize around any one blockchain, and it does not seek rent or lock its users into using its chain. This provides a truly open, extensible framework for the “internet of blockchains.”