Within the cryptocurrency space, there is a consistent stream of new cryptocurrency projects that aim to solve specific issues found within their predecessors, such as scaling, costs, and overall decentralization.
However, some projects take things further and aim to develop platforms through which they can migrate traditional industries onto the blockchain network.
One such project is BLOCKS, which aims to grow the utility of its digital asset as a means of becoming a unit of measure for the blockchain as a whole.
Today, we are going to go over just about everything that you need to know about BLOCKS, the BLOCKS token, and how you can deploy a BLOCKS explorer or simply get the BLOCKS token.
- BLOCKS DAO LLCis a platform that aims to migrate traditional industries onto the blockchain network.
- Due to the fact that it is a Decentralized Autonomous Organization (DAO), it is more inclusive and responsive to stakeholder input due to the fact that every member has a say.
- It is formulated to have a maximum level of transparency about organizational operations, where the DAO members can manage the organization.
- BLOCKS is the native utility token that powers the industry partnerships and governs the DAO. It is a multi-faceted utility token at the heart of the operation.
What is a BLOCKS token?
To truly be able to understand the utility surrounding the BLOCKS crypto token, you will need to be aware of how a DAO works. A DAO is a Decentralized Autonomous Organization, which is essentially a new type of corporate structure which is operated by a series of smart contracts or code.
They streamline and automate the operations behind the company as a means of ensuring the longevity of the project, as well as enabling a maximum level of efficiency.
The BLOCKS token is the native cryptocurrency token that is used across the BLOCKS DAO LLC.
The block cryptocurrency token serves multiple use-cases, such as:
- Governance – each holder of the token has a voice in the operations of the decentralized autonomous organization (DAO).
- Network Participation – the BLOCKS token is used as a unit of measure across the enterprise and industry partnerships.
- Platforms – holders receive benefits from the strategic partnerships conducted by the BLOCKS DAO LLC.
- Software Development Kits – the holders of the token get access to the community-developed SDKs.
It is essentially the token that powers a new type of LLC, in which there is no leading member of the organization that has the majority rule.
Throughout traditional LLCs, there are a select few members who can make the core decisions of the business. However, a DAO is modeled on the premise of decentralization, where the digital assets, in this case, the BLOCKS tokens, represent the membership and have rights that are defined by the operating agreement.
This is facilitated through a series of smart contracts, ones that operate without any human interaction. All members within the DAO have a say in the actions of the organization.
Pros and cons of BLOCKS
Pros of BLOCKS:
- There is no leading member of the organization has a majority rule
- Decentralized governance is pinned to the digital assets
- Automated operations are run through a series of smart contracts
- BLOCKS represents a departure from the traditional ways through which business operations are run, where it is fully inclusive and transparent.
Cons of BLOCKS:
- Votes within the DAO require time, even at times of crisis.
- Logistical and communication issues still subsist, but DAOs incredible communication on discord even though many DAOS often have severe communication issues
How to deploy BLOCKS explorer
A block explorer is essentially a tool that will enable you to search the blockchain. It fills the role of a search engine, and you can use it to browse the database of transactions in a similar way that you would use Google, for example, to find information on the internet.
Through the usage of a block explorer, you can find the necessary information in the blockchain, such as the wallet balance, transaction status, and anything else that you might be interested in.
If you want to set up a BLOCKS explorer, you will need to utilize a blockchain-as-a-service provider such as NOWNOdes. Here is everything that you need to do, step-by-step.
- Step 1: Get an API Key
Navigate to the official NOWNodes website, after which you will need to enter your email address. Then click on “GET FREE API KEY,” after which you will receive it within a few seconds.
- Step 2: Connect
You can navigate towards the official NOWNodes documentation, after which you can find the requests that you need.
All you have to do is paste your API key into the end of any query URL that you come across in the documentation, and you can easily make your request and enjoy the service offered by NOWNodes. The response will look similar to the image displayed here.
Frequently Asked Questions (FAQs)
How do I get a blocks token?
If you are curious about getting the BLOCKS token, we will take you on a step-by-step guide on how you can do so.
- Step 1: You will need to get a cryptocurrency wallet
Metamask is a recommended cryptocurrency wallet in this case due to the fact that it has full support for many of the most commonly used decentralized exchanges.
- Step 2: Buy WETH
You will need a cryptocurrency token in order to exchange it with the BLOCKS Token. This is due to the fact that the BLOCKS token is currently only available on decentralized exchanges (DEXs). By buying WETH, you can, later on, trade WETH for the BLOCKS token.
- Step 3: Select a supported Decentralized Exchange (DEX)
For the time being, the BLOCKS token is available on Uniswap and SushiSwap. You can select either one of these decentralized exchanges (DEXs) as a means of getting access to the cryptocurrency.
- Step 4: Connect your wallet and begin the trade
You will now need to connect to the DEX with your Metamask wallet once it has been filled with some WETH tokens. Then, you can find the BLOCKS/WETH trading pair and trade the token.