Block Collider building bridges between blockchains
As useful as blockchain technology is, there are a few issues which much be addressed if it is ever to fulfill its potential. Block Collider addresses many of those cofounder Arjun Raj Jain said.
Block Collider is a mineable, multi-chain protocol linking blockchains together to provide blended, trustless cooperation between people. While Block Collider fosters interoperability and communication between “walled garden” blockchain networks like other projects, it is unique in that it does not utilize network validators. Launched in August, 2018, Block Collider’s community now numbers more than 55,000 miners across 110 countries.
Block Collider recently launched BORDERLESS, a decentralized, multi-chain, high performance marketplace which does not depend on validators or trusted nodes that create centralized risk and misaligned incentives, the company said. It will initially allow for cross-chain transfers between Bitcoin, Ethereum, NEO Lisk and Waves blockchains.
“The app is a front end app written to interact with the RPC interface of the miner,” Mr. Jain said. Standing for remote procedure cell, an RPC is a protocol programs use to request a service from a program located in another computer or network without having to understand that network’s details.
Nothing is set in a centralized wallet, Mr. Jain added. When transacting, wallets are uploaded and decrypted at that moment. All storage is localized and trading completed directly on a P2P basis. When one of those 55,000 miners wishes to place an order, they stake some of the NRG tokens they have mined as collateral. When that order is matched, the other participant also places NRG collateral to ensure no side reneges on the deal. The order is matched, both sides indicate where to send or receive payment and the deal is done.
If both sides do as promised, they each get their NRG back. If only one makes their commitment, they get both stakes for themselves.If neither side follows through they both lose it.
During its ICO, Block Collider also introduced tokens called Emblems, Mr. Jain said. Emblems can be used just like any regular token but are tracked by special flags which cannot be altered and remain on the blockchain. Miners can deploy them to earn more fees for every block mined, or they can lease them to other miners.
In the true spirit of decentralization, the community gets to vote on various aspects of the platform’s operation, Mr. Jain explained. That could be which matched pairs to include, for example.
With the number of cryptocurrency exchanges growing, and many struggling to attain and then retain sufficient volume, the blockchain interoperability offered by Block Collider provides a huge bridge for the industry, Mr. Jain said. Fringe ERC20 tokens suddenly become more attractive and the required smart contracts are simple to write.
Mr. Jain returned to the issue he said limits comparable efforts and that is their use of validation nodes. They provide a centralized attack vector, and a few nodes can control the entire network.
Yet decentralization also has its faults, including the network being vulnerable if another miner is hacked. Block Collider addresses this in a few ways, Mr.Jain explained. Every task is put into a proof of work mechanism, through which nodes are able to mine blocks. And because Block Collider operates on a multi-chain basis it is the only safe way to conduct a decentralized process.
“We hope others will pick that up because going down the path of validation nodes is dangerous,” Mr. Jain said.
Instead of needing to complete a set of tasks on one blockchain, why not build a bridge allowing tasks to jump across blockchains and leverage the efforts of a much larger collective crowd, Mr. Jain said. He envisions a future where Ethereum-based smart contracts can interact with events on other blockchains like Neo or Lisk.
“Using our technology is a complete win-win situation,” Mr. Jain said.