Welcome to Altcoin of the Week, the column where I review and release an alt coin that I feel has some good potential for future gains. In the cryptocurrency space, we now have over 1’300 listed coins on Coinmarketcap, with more coming every single day; naturally, that means plenty of opportunity and money in picking the right horse. Please keep in mind that these are all speculative picks and none of these calls are anything close to “sure money”. At least, that’s what my lawyer tells me. This week we’re going to discuss decentralized exchanges with Blocknet.
Blocknet is a little known project that came out in 2015 with a relatively simple mission: connecting all of the biggest blockchains together, and forming an internet of blockchains – a Blocknet, for short. While this kind of idea is relatively easy to say, it’s proverbially hard to do. Just how do you connect all of these diverse blockchains that use different algorithms, consensus proofs, and architectures together? Blocknet has
Competitors? What competitors?
In truth, there is no real competition for Blocknet, and lots of competition at the same time. For example, Ark and Komodo certainly have a right to challenge with Ark discussing future crosstrading and Komodo’s BarterDEX which is currently not ready (I tried to search for roadmap information but could not find it). There’s also projects like 0x which are more strictly for ERC-20 tokens, and others like Kyber which aren’t coming online until later this year. That being said, most of these either are technologically diverse or simply won’t be ready by the time Blocknet comes out with their offering. That means that the first mover advantage will go for Blocknet. Take a look below at what the team is envisioning for their DEX design.
Market cap wise, Blocknet is certainly commanding a high price at 200 Million in market cap – if you were fortunate enough to get in during the last altcoin winter, you’re probably sitting happy on your appreciating BLOCKs with so much good news to come. That being said, you can definitely make some comparisons between Blocknet and other exchange/DEX coins, such as 0x (600 Million), and Kyber(348 Million). Bringing up the rear has been the less-than-successful AirSwap being valued at around half the price of Blocknet – but again, AST will be limited to only ERC-20 tokens.
It’s a great thing to be able to trade as many pairs as we’re going to see in Blocknet (more details on this below), and I expect Blocknet will be the herald of the DEX revolution in 2018.
Do you like DEX’s? Personally, it’s becoming my favorite method of trading cryptos, and Blocknet looks poised to be the most versatile exchange, featuring much more than just ERC-20 tokens as part of their exchange offering. There’s also no real competitor to their exchange, as they will be supporting over 100 tokens in the very short future with continuing rollout of new coins and trading pairs. They also have lots of other things in store for this year, such as an SPV client (mobile!), a full whitepaper, and a redesign of their wallet. Blocknet looks to be improving almost every aspect of their offering, and people will surely notice.
2018 is shaping up to be a massive year for Blocknet, and the price certainly reflects that. Now’s a good time to look at your own portfolio and take a gander if you’re taking an investment into any kind of DEX coins – BLOCK might just be your next sleeper pick.