Introduction

I recently discovered a project that picked-up my curiosity about where that technology has a lot of potentials. Decentralization is an important element in the crypto sphere and we must remove decentralization as much as possible.

Unfortunately, many projects have an element of centralization in place which causes a point of failure.

A good example is a central trading exchange that can cause the following risks:

The need to send and provide your personal information for the KYC/AML requirements.

The possibility that personal information can be sell.

Risk of hack or insider corruption.

Delay in the procession when you send and receive your crypto.

My Blocknet vlog

I made this vlog before to write this article and invite you to watch it. You can also follow me on my crypto channel crypto and coffee.

The advantage of Blocknet

Blocknet allows you to trade without the need to have the KYC or send your personal information on a trusted source. You can swap crypto with over 100 supported crypto with this project.

The trade occurs at the level of the protocol and the swap of crypto is between inter blockchain. Blocknet has developed this solution since 2014 and works hard to improve the project continuously.

You need to be aware!

I mention it as an advantage but you need to be aware that is not easy to implement and I have not yet been able to execute a trade. The minimum requirement that you need to have in place are the following:

Two wallets supported by Blocknet.

The need to synchronize the blockchain locally.

Install and configure the DEX.

It is time-consuming and intense on bandwidth and CPU consumption.

At least when you have it ready and fully synchronize, you can make a trade at the speed of light! The best part, it will be without any delay or the need to ask a third party to make it for you.

Where I am?

So far, at the time of writing this article, I am waiting for the blockchain of DOGE to be up to date. My CPU is working hard, with a lot of noise and heat, since 7 AM.

The best part, I have fun and have the motivation to know more about this project. I learn a lot and will understand more about the communication between blockchain without the need for a central entity.

Interoperability is something we need in the crypto space. Basically it is the process able to communicate between blockchains easily and exchange information without a hurdle.

Have an open mind

I now that Blocknet is not a solution ready for the mainstream yet, because it takes a lot of time to implement. The majority of people just want to create an account and trade without too much thinking.

I am a crypto enthusiast and want to become very knowledgeable in that area. So it is natural for me to try and I am willing to experiment with new things for the pleasure of learning and sharing my experience with the most people possible.

If decentralization is an important aspect for you, Blocknet is a solution you need to try and experiment with.

My actual Blocknet set up

The test I will try to do is between the wallets of DOGE and the native one of Blocknet. I hope I will be able to make an atomic swap shortly; this will be covered in an article next week.

In resume, this test will be made between the following elements:

Blocknet DEX component.

The DOGE desktop wallet.

Blocknet desktop wallet.

Last word

Decentralization is an important factor in the crypto world. Blocknet offers a solution to trade from wallet to wallet without any intermediary.

It is time-consuming to implement but worth it in the long run.

Chesatochi.com – For the love of crypto and coffee

PS: I am not a financial adviser and this is only my own opinion. Always do your own research before to embrace any type of investment in the crypto space