Introduction
Oh my god, my brain has worked hard to figure out how to use the Blocknet DEX. First of all, it took me a few days to fully synchronize the two blockchains of DOGE and Blocknet.
This process can be challenging, especially if you have a slow connection or you have a limited data plan. The best part of the equation, you learn so much while doing it.
It is not a quick solution that you can implement in a fraction of a second.
What is wonderful about Blocknet?
One of the most common tasks or operations, when you want to trade, is to send your personal information or do the KYC. It is a long and boring process just to have the privilege to trade.
Imagine if you could to swap tokens without a central entity or need to send your personal information.
The answer to this wish is Blocknet! I guarantee you that it is working very well because I made a successful trade via the Blocknet DEX.
What I like the most is the ability to swap assets from two wallets on your desktop. Behind the scene, it is a complex operation but easy when you know how to use the DEX.
The successful trade I did
It was a really good moment when the transaction was completed. My stress went away after meeting many challenges to make it a reality.
The components of my transaction:
The Blocknet desktop wallet.
Block cryptocurrency.
Wallet desktop of DOGE.
Cryptocurrency DOGE.
The most important piece of the puzzle, the Blocknet DEX.
Basically, I make an atomic swap between DOGE and Block via the DEX in one operation. The most exciting part is the tokens are deposited directly in the desktop wallet.
The potential of this technology
You need to try it yourself to see the full potential of this technology. You must see it in action with your own eyes to understand the mechanism behind the hood.
Instead of reading about thousands of possibilities, sometimes it is better to try one solution to understand it. – Chestochi.com
It is a solution that represents the philosophy of crypto at 100%. The spirit of decentralization without any elements of centralization on this DEX.
We need more solutions of this nature in the crypto sphere. In the meantime, you know Blocknet is there to be used.
Learning curve
To be honest, Blocknet is not a user-friendly solution and you can expect a few hours to set-up your environment. You might also encounter problems along the way even if you consider yourself an expert in the field of cryptocurrency.
At least you will improve your skill in the field of desktop wallets and gain experience with a DEX. I believe it is a transferable skill that you can use with other things in the crypto realm.
Always challenge yourself to learn a valuable skill. – Chesatochi.com
Challenges I encountered
Oh my god, it's been a long time since I had had so many issues getting something to work. The blockchain synchronization is a long and tedious process that consumes a lot of bandwidth and CPU.
The second step was to learn to set up the proper price and put a good address on the DEX. I needed to ask for help on their Telegram channel because sometimes you need to know your limit.
The community was very helpful!
A good community will determine if you will stick with a project. – Chesatochi.com
What am I going to test from Blocknet?
Now that I made my first atomic swap and loved the challenge, I plan to install the most popular crypto that is traded there. The aim is to have the freedom to trade freely and have fun doing it.
I plan to continue to learn more about this project and maybe to invest a little on their native cryptocurrency. Another aspect that interests me is the feature of staking, I love passive income.
Last word
Blocknet is the perfect DEX but not the most user-friendly at this stage. A good opportunity to discover how to synchronize a blockchain and learn about desktop wallets.
The most important aspect is that you can trade without a central entity and KYC.
If you want to learn more about it, you can visit the Blocknet website.
Chesatochi.com – For the love of crypto and coffee
PS: I am not a financial adviser, and this is only my own opinion. Always do your own research before to embrace any type of investment in the crypto space