New Blocknet Governance is a first for Crypto and a boon for Blockchain Enterprise — Introducing Blocknet Comet The Capital Follow Feb 10 · 7 min read

Blocknet has achieved another Blockchain first! With the launch of Comet, Blocknet is the first to run the latest BTC code on a staking platform with on-chain self-governance.

On-chain governance allows for blockchain stability, accurate chain history and much lower bandwidth. It also eradicates the likelihood of staking exploits and chain forks. Concurrently the new BTC v18 codebase will make the network scalable and secure and allow support for enterprise customers. Blocknet’s goal is to build an open and collaborative blockchain ecosystem. This is accomplished by providing developers open access to the Blocknet Protocol. The protocol consists of 3 components: XBridge — a decentralized exchange protocol that allows users to conduct peer-to-peer trading of native assets directly from their own wallets. XRouter — a decentralized full node interoperability protocol that enables use of on-chain data from any public or private blockchain without requiring users to download the full blockchain. XCloud — a decentralized oracle network that enables on-chain use of off-chain data, APIs, and services. You can read more about the Blocknet Protocol further down. Blocknet Comet represents the biggest Blocknet update so far and there is much to unpack….

The Rationale

Blocknet is a blockchain interoperability protocol that enables communication, interaction, and exchange between different public and private blockchains, as well as on-chain access to off-chain data, APIs, and services via oracles. We are an open sourced, self-funded and self-governed project with approximately 450 Service Nodes spread around the globe. While a few other projects have already implemented the latest BTC code on a staking platform, none of them also have on-chain governance. Blocknet is the first to achieve this and is leading the charge in Blockchain 3.0 projects. In addition to the benefits already listed, the Comet update makes the Service Node system less fragile, and increases the amount of stakers. More stakers means a more secure network. The Comet BTC codebase also benefits XRouter, XCloud, and XBridge improving security, scalability, and network efficiencies and allows us to quickly and easily pull in future upstream updates. The current double tier reward system will be replaced by a single tier block reward system in which everyone can stake, even Service Nodes! An added bonus is that the new system allows BLOCK holders to vote without setting up a node. All you need is 5k worth of BLOCK inputs in unspent transaction outputs (utxos) in amounts greater than 100 BLOCK in order to vote. This opens project consensus to the wider community allowing a larger decentralized democracy, and all on a much more stable network. DNS support has also been integrated into this release in preparation for an Enterprise Nginx Reverse Proxy Server that is specifically designed to interface with XRouter. When paired with Enterprise hardware it enables the handling of millions of requests per second resulting in highly scalable services. This will be coming later in Q1.

Blocknet Project Coordinator Hanni further explains the rationale behind the update:

“The reasons for forking Bitcoin are: (1) Our team is already familiar with the BTC codebase; (2) Easier integration of our existing XBridge and XRouter code; (3) Much easier incorporation of upstream security updates and optimizations (on the old client we’re unable to efficiently incorporate upstream changes from PIVX/Dash); (4) Security and stability, Bitcoin has a much more resilient and tested codebase; (5) Scalability, we need an overhaul of our RPC and networking code to support mass adoption of XBridge and XRouter; (6) Bitcoin has a strong and active developer network. This change is needed due to currently spending 50% of development time maintaining the current PIVX codebase, which is not a feasible approach when we have the goal for mass adoption of XBridge and XRouter.

Additionally we will be implementing: (1) On-chain governance (proposal voting will be recorded directly on-chain); (2) Moving everyone to staking rewards with a single tier block reward. Service Nodes are not going away, but they will be exclusive to powering DX/XBridge and XRouter. Service Nodes will be able to stake, can earn additional fees through XBridge and XRouter, and will not experience anymore long wait periods to activate Service Nodes (aiming for at 2–3 network confirmations for snode inputs). You will also be able to signal multiple staking inputs to validate your node, no longer requiring a single 5k input).”

You can download Blocknet Comet v4.0 here and view the full update information with links to the Comet migration guide here.

The Blocknet Protocol: XRouter, XCloud and XBridge

If you are new to Blocknet, you may be wondering what XRouter, XBridge and XCloud are. The short version is that together they form the Blocknet Protocol which in turn lays the foundation for an “Internet of Blockchains”. The Blocknet Protocol enables any and all blockchains to communicate with one another, creating a true Internet of Blockchains. XRouter utilizes the TCP/IP network to connect paths between different blockchains just as the internet does with computers, and all without having to download a single blockchain. Essentially, blockchain routing is similar to general smart contract calls. This allows for interactions between any smart contract platform and any other blockchain, even those that do not have smart contract capabilities. The protocol also offers access to full node chain data without needing to download the blockchain as well as access to off-chain data via oracles. This allows for the development of multi-chain applications, creating exponentially more capabilities and possibilities for the blockchain ecosystem. This is all achieved without the need for hubs or middle chains. When paired with XCloud, XRouter allows for interaction with microservices, blockchains, API’s and other cloud technology that is hosted by Blocknet Service Nodes. A good way to think of XCloud is like a decentralized AWS, enabling developers to put both blockchain and non-blockchain microservices (such as those provided by oracles) on Blocknet’s “public cloud” decentralized network. There are currently hundreds of Service Nodes spread across the planet providing a stable decentralized network. XCloud can be used to monetize any service with crypto payments without having to re-code or change anything about those existing applications opening the door to the possibility of monetizable, fully decentralized applications. The Blocknet Protocol gives developers and enterprise customers access to an “Infura-like” API network, but without any centralization. XRouter is compatible with all blockchains and currently over 100 are served. The latest additions to the network are full EOS and ETH nodes.

How to make the transition to Blocknet Comet

The first thing to note is that this update is MANDATORY for everyone, regardless if you’re a holder, staker, service provider, or Service Node operator. Secondly, there are some very important key changes that users need to be aware of:

Blocknet’s default data directory has been renamed from BlocknetDX/ to Blocknet/ on Windows and MacOS and from .blocknetdx/ to .blocknet/ on Linux.

Blocknet’s wallet configuration file has been renamed from blocknetdx.conf to blocknet.conf.

When interacting with the wallet via CLI you will need to use blocknet-cli instead of blocknetdx-cli.

Support for the getinfo command has been dropped and replaced with getblockchaininfo.

Current Service Nodes will need to be set up again. You can view the instructions for this procedure here and the new guide for voting on proposals here.

Comet brings with it many other changes and new features including:

Staking for Service Nodes.

Dual wallet GUI.

New BTC codebase.

Added security and scalability.

On-chain governance.

The ability to vote without setting up a Service Node.

Much smaller bandwidth footprint.

A new single-tier reward system.

You can download Blocknet Comet v4.0 here and view the full update information with links to the Comet migration guide here. Please note this is a MANDATORY update for everyone, regardless if you’re a holder, staker, service provider, or Service Node operator. Everyone must update by February 20th 6pm UTC +0.

If you have any questions regarding the update, please join the #support channel in our Discord or Telegram

Looking Forward

With the Comet release under our belt, we have a solid foundation to develop on. Blocknet has many exciting milestones approaching as we move through the year including XRouter C++ and Golang lite libraries to interact with XRouter without requiring the installation of the Blocknet wallet, the Enterprise XRouter Proxy which will allow Service Nodes to handle millions of requests per second, XBridge Segwit address and staking input compatibility, partial orders for Block DX, an XRouter-powered lite multiwallet developed by CloudChains Inc that’s compatible with Block DX, and much much more. To learn more about Blocknet, check out our website, API, documentation, Discord, and whitepaper. You can also check out the full 2020 roadmap here.