BLOCKNET

Blocknet - BLOCK

INTRODUCTION

The Blocknet – an “internet of blockchains” – is a decentralised application platform built upon a revolution in cryptographic technology; a true peer-to-peer protocol between nodes on different blockchains.
In advance of the Blocknet’s ITO (initial token offering) and in response to an engaging conversation with the public on the Blocknet’s Bitcointalk thread, this document supplies information significant to buyers of Blocknet tokens. Its purpose is to answer a number of questions and to ensure that would-be investors are well informed of the current status of the project, its direction, and its capacity.
The Blocknet is steered by representatives of participating cryptocurrencies, whose communities play an important role in their direction. Rather than serving as closed statement or “final answer,” this document is intended to facilitate further discussion, so that the Blocknet team and its communities can continue to shape the Blocknet’s future together.

THE FUNCTION AND PURPOSE OF THE BLOCKNET

The Blocknet’s core technology is the XBridge protocol, which will establish a hybrid mesh/DHT network between nodes of different cryptocurrencies, harnessing the resources of their wallet services and communities. For the first time, altcoins with niche communities will be able to access an exponentially larger potential user base comprised of the communities of every participating cryptocurrency. Also for the first time, cutting-edge technologies will be served not only to the particular community using a coin, but to any and all users of any participating coin, providing a marketplace of a scale significant enough for services to generate viable income for nodes.
To bring coins’ services to market, an application platform and decentralised marketplace will be developed and, like all Blocknet technology, served from Blocknet-enabled nodes.
The remuneration opportunities the Blocknet offers, and its hugely increased marketplace of users, serves as an incentive for developers to build new blockchain/resource based applications while using the underlying blockchain ledger for fees and payments. The ultimate effect envisioned is a full circle eco-system that can engage numerous vertical B2B and B2C markets worldwide.

PRICE AND QUANTITY

Ten million Blocknet tokens (“BLOCK”) will be created and no more will ever be made available.
The price per token will be 0.00025 BTC.
Tokens purchased using a participating coin will be sold at a 10% discount.
Tokens’ pricing against participating coins will be determined according to a recent average price of the coin in question against BTC. The exact algorithm used will not be disclosed to prevent exploitation by market participants.

AVAILABILITY

Blocknet tokens will be sold on Bittrex, Bter, Poloniex, and CoinGateway.
Tokens will be available for purchase using any participating coin, or BTC.
Only CoinGateway will offer pairings for altcoins, with the exception of NHZ, which will be paired with BLOCK on Poloniex. The other exchanges will offer BTC:BLOCK pairings.
No more than 20% of the available tokens (2,000,000) will be purchasable using altcoins. The remaining 80% will be purchasable using BTC on Bittrex, Bter, and Poloniex.
Token supply per coin will initially be allocated based on market cap, and adjusted manually if demand necessitates it.
Coingateway will display the number of remaining tokens available on its website. The number of tokens available on other exchanges will be visible on their order books as a sell wall.
If an amount of less than 850 BTC (~$300,000) is raised, funds will be returned to investors.
Any unsold tokens will be publicly destroyed using proof-of-burn.

DURATION

The Blocknet’s ITO will begin on 05:00 EST, Oct 29th, and end at 23:59:00 EST on November 5th.
Pairings between participating coins and Blocknet tokens (“BLOCK”) will only exist for the duration of the ITO.
BLOCK:BTC pairings will persist after the ITO. BLOCK may be traded against Bitcoin from the start of the ITO onwards.

TIMELINE