Proposal for Leodex and Blocknet.io integration, so native (not wrapped) Leo can be swapped or traded for native (not wrapped) Bitcoin.
So I pitched this proposal a few days ago on discord, but those pitches left me with more questions then answers. So I decided to present it on Leofinance today, and see if anyone who knows more about coding cryptocurrency applications has any ideas and answers. Please excuse the slightly clickbait title, and hear me out...please. I am proposing an integration which would allow LeoDex to act as the front end or user facing interface and Blocknet.io to be the backend where atomic swaps would be performed; the actual trading or exchange or swap of Bitcoin and Leo.
Blocknet.io
Who is Blocknet?
Blocknet.io currently offers a dAPP or application called Block DX, which allows you to perform cross-blockchain token trades without the need to transfer your crypto to another person’s wallet for the Tokenization or wrapping of your assets. Your crypto stays in your wallet, under the control of your keys. You stay in complete and total control of your cryptocurrency all times.
Blocknet.io uses atomic swaps instead of Tokenization or wrapping. Think Thorchain. Atomic swaps are when your cryptocurrency stays in your wallet, you navigate on the internet to a platform that allows atomic swaps and then link your wallet. You perform person to person trading and your cryptocurrency doesn’t leave your wallet until you authorize the trade. You trade directly from your wallet to the counter party with no intermediary or middleman. You never break the first law of cryptocurrency. Blocknet website states they have full wallet integrations for over 200 cryptocurrency tokens, including Bitcoin, Litecoin, Dash and Bitcoin Cash. See List of Cryptocurrency wallet integrations below.
Leodex Blocknet: What?
I have an idea about using Blocknet.io applications to serve as back end for LeoDex being the front end of an exchange featuring a Leo Bitcoin trading pair. This could me that financial bloggers could join Hive/Leo to earn Hive/Leo and trade it for Bitcoin.
Leodex Blocknet: Why?
I think that because Bitcoin is so big right now that Hive/Leo offering a way to Literally Blog for Bitcoin that it could be a very big marketing tool for Leofinance.
Additionally, we have seen from the WLEO venture what a trading pair with Bitcoin does to price with Leo going from 0.2 Hive to 2.0 Hive.
It makes me wonder: what would happen with a Bitcoin trading pair?
What would happen if Hive and Leofinance became the first blogging community to let people blog for Bitcoin?
We already have thousands of bloggers....
Hmmm...
Plus this LeoDex front end and Blocknet backend generates trading fees in the token Block, currently trading for 1.00 USD. So the other incentive to participate in this trading pool is to earn trading fees.
Leodex Blocknet: How?
I am not a developer, so I go by what read, and according to the Blocknet website:
Block net does Atomic Swaps using two applications which are not blockchain based and desktop wallet integrations using QT/I stlye wallets.
Blocknet says they have completed 200 plus blockchain integrations and list wallet versions compatible with their Atomic Swaps now.
Blocknet says the have fully integrated these Bitcoin wallet versions with their applications and can perform Atomic Wallet swaps with Bitcoin held in these wallets.
Wallet Requirements
These are wallet requirements requirements:
Steem had desktop wallets, Hive is a HardFork of Steem, which suggests desktop wallets maybe possible for Hive or an itineration of Hive-Engine or Leodex?
There are blockchain requirements:
Protocol Requirements:
Support for OP_CHECKLOCKTIMEVERIFY (CLTV)
A stock JSON RPC interface from Bitcoin Core.
Listing Fee
The Listing Fee is zero, as in free. There is ZERO cost, for everyone, forever. This removes a barrier for traders and developers who want to get their new coin listed.
Source
Blockchain provides integration Support
Summary
I have put this post together as an idea, there are questions as to is this possible or probable and how hard is it to do?
