Most people have been hearing of the word ‘blockchain’ and don’t know what it means. In it’s simplest terms, a blockchain is a data structure that powers cryptocurrency as a whole, and holds its transactional records with decentralization, security and transparency.
Think of it as BLOCK & CHAIN
It’s a chain of records stored in the form of blocks which is controlled by no single authority. It is what fuels the crypto movement. As Mr. A is sending bitcoin to Mr. B, what makes it work is the blockchain.
It is what forms the foundation of any digital currency. Without the blockchain, it will be impossible to send any digital asset from one person to the other. It’s like the internet of Money.
Blockchain Technology can be applied across different sectors (e.g finance, entertainment, medicine, education etc.) with new industries adopting it in recent times.
You can learn more about blockchain and its various applications on the Blocto App, all you have to do is just download the app on your device to gain access to explore the blockchain world.
THE BLOCTO APP is an app created by the Blocto team to enable its users learn more about blockchain technology & its applications, cryptocurrencies and how to interact with the entire Blocto ecosystem (i.e Blocto Swap, Blocto Wallet etc.)
FEATURES OF BLOCTO APP
There are a lot of features on the Blocto App which makes up the Blocto ecosystem. They include:
Blocto Guide: This can be found on the homepage of the app, where reccommended articles are suggested to users to educate them about a particular topic depending on the user’s interest.
Blocto Quest: after successfully reading through a featured guide or article on the Blocto app, users have the opportunity to participate in a short quiz that rewards its winners with Blocto points on completion.
Blocto Points: each new user signup on the Blocto App is eligible to earn 3000 Blocto points upon registration. In addition to that, users can participate in quiz to earn more points or they can also choose to purchase Blocto Points on the app. The points earned can be used to enable some specific blockchain network tokens on Blocto Wallet (e.g Ethereum: ERC20 tokens, Binance Smart Chain: BEP20 tokens).
Blocto Dapps: is a dedicated section on the Blocto app where users can access Decentralized apps supported on Blocto app. There are many dapps platforms supported there, some include: Blocto Swap, Flow Staking, Uniswap, Compound, Rarible, 1inch Exchange, Kyber Swap, OpenSea and many more. Users can easily interact with any dapp platform of their choice with just one click.
Blocto Swap: is the first decentralized exchange (DEX) built on the flow blockchain, made by the Blocto team. Blocto Swap is the first market to trade between FLOW and FUSD, supporting more assets on the FLOW blockchain soon. TELEPORT is the unique feature of Blocto Swap. Teleport enables cross chain transfer between Ethereum and Flow. This feature paired with Blocto’s in-born simple cross-chain asset management.
Blocto Wallet: an in-house integrated crypto wallet that can be used to store various cryptocurrencies and collectibles. You can also purchase crypto and Blocto points directly on the app via Moonpay and Google Pay respecticvely. Kindly note that some tokens are disabled by default and require some certain amount of Blocto points to enable it.
BLOCTO TOKEN (BLT)
Blocto token (BLT) is the utility and governance token of Blocto, which serves as the foundation of its ecosystem and the interconnective link between the wallet, Blocto made products, and its users.
Usecases of BLT
BLT holders are granted some benefits/privileges when using Blocto-made products in its ecosystem.
Privileges and benefits using Blocto products:
Blocto users can pay BLT as their network fee in supported blockchains. With each new blockchain integration, this particular feature is imminent to the successful adoption of new dApps and blockchains. BLT echoes the goal of smooth and painless conversion as users can simply interact with all supported blockchains without its native tokens.
Staking:
BLT staking serves the incentive to foster positive growth in the ecosystem. It also solidifies BLT as the foundation layer of the Blocto ecosystem. In short, mining is the growth medium of its ecosystem, and staking is the stabilizer of the ecosystem. This minimizes the risk of malicious activities within the ecosystem and continues to distribute BLT to developers and users.
Staking reward takes up to 8% of the total BLT supply and both developers and users can stake BLT to receive benefits in mining. While developers are required to stake BLT to qualify in BLT mining, users may stake BLT to receive maximum mining yield. Staking reward will be higher during the early phase to incentivize BLT staking, then gradually decrease as more tokens are being staked and more mining reward is minted.
Mining:
BLT mining is an essential component of the BLT tokenomics and Blocto ecosystem. 40% of BLT supply will be distributed through BLT mining, meaning the majority of BLT is minted to its active users/developers. Since BLT is both a utility and governance token, the mining mechanism reinforces BLT holders position as part of the governing body of the Blocto ecosystem. BLT mining is the next step to incentivize potential users to be more active and to reward its current users for their actions and activities. In short, through mining, we activate and sustain the ecosystem and in turn convert our user and developer activities into token value supports.
Governance:
BLT serves as the governance token of the Blocto ecosystem. As stated in the
previous section, the majority of BLT is minted via mining and staking (48% of total supply). This ensures the BLT empowers the most active users/developers to shape the future direction of Blocto.
60% of BLT token supply will be distributed to the community gradually. The governance will be fully decentralized and fair in the Blocto ecosystem in the long term. BLT token holders will be able to decide which features to be implemented and which chains to be integrated.
Token Allocation:
The total supply of Blocto tokens is 500 million. The genesis token circulation is 40 million BLT (8% of the total supply). 200 million BLT (40% of the total supply) will be minted via mining rewards for Blocto users and developers. New BLOCTO tokens can be minted through governance voting corresponding to the launch of the products in the Blocto ecosystem.
The token allocation is shown below:
Mining & Staking — 240 million BLT (48%) Released monthly
* Please refer to the BLT token economy for more details
Ecosystem — 50 million BLT (10%)
Community Moderator & Advisors
Bounty programs
Operation & Marketing
Promotional events
Exchange listings
Fund further development of the project
Token sale — 100 million BLT (20%)
Investor and team reserve — 100 million BLT (20%)
Private Sale (12%)
Community build — 10 million BLT (2%)
Incentive program (Translation, dev tool…etc)
Airdrop for early supporters/users
Initial Exchange Offering (IEO) (8%)
Website: https://blocto.portto.io/en/
Whitepaper: https://drive.google.com/file/d/1Csw31F-YOntZ6QQliCLY-i-A7lCd4Log/view
Github: https://github.com/portto
Medium: https://medium.com/portto-tw
Facebook: https://www.facebook.com/blocto/
Twitter: https://twitter.com/BloctoApp
Discord: https://discord.gg/H34KZqF