Category Archives for Blockchain

Why We Built BlocPal On Top of Bitcoin Architecture

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Since its inception in 2017, BlocPal has been built with one key goal in mind: introducing the benefit of cryptocurrency and blockchain technology to contemporary society. To achieve this, our team chose to build the BlocPal platform over Bitcoin’s architecture. While there are a number of other exciting blockchain variants in use, with more being worked on every day, we decided to go with Bitcoin for a few reasons:

  • It has an excellent reputation. Bitcoin is the most popular, and arguably the most loved, blockchain in use.
  • It’s easy to use. Not only is Bitcoin one of the simplest blockchains to understand, due to its popularity and longevity, Bitcoin is also a platform most developers are familiar and comfortable with.
  • It’s reliable. Bitcoin has been operating since 2009, making it the most tested blockchain around, as well as the most stable and most used.
  • Bitcoin has a strong following. Along with the supporters Bitcoin has gathered over the years, the platform also has large miner support and is currently one of the most favored blockchains to mine.
  • Balance of security vs. features. Increased functionality provided by new blockchains also comes at the cost of introducing more risk in security. BlocPal carefully selected key features to upgrade on top of Bitcoin, including the ability to digitally sign any asset into the payload, know-your-customer (KYC), proof-of-work/proof-of-stake hybrid and the X16R hashing algorithm.

Building a Better Platform with BlocPal and Bitcoin

One of the key features that makes BlocPal stand apart from other platforms is its accessibility. It’s designed to suit the needs of everyone who spends digital money — both fiat money and cryptocurrencies — while being simple enough for beginners to use.

Ultimately, Bitcoin is aligned the closest with our vision for BlocPal. It’s easy to use and is a household name, even outside of the blockchain community. Our team of talented engineers have extensive experience working with the Bitcoin source code, making it easier for them to seamlessly implement BlocPal’s innovative features, offering the highest standard of security and customer support.

More on BlocPal

Along with Bitcoin, BlocPal has been designed to support Bitcoin Cash, Bitcoin SV, Ethereum, and Litecoin, with more cryptocurrencies on the way. Using the X16R hashing algorithm, BlocPal supports both POW and POS, and offers ongoing rewards to miners using its platform. As such, this makes BlocPal an easy and attractive choice for Bitcoin miners who want to participate in the next generation of blockchain technology.

Users can take advantage of BlocPal’s innovative multi-currency solution, which enables them to hold, convert, and spend a growing list of cryptocurrencies, as well as fiat. Currently, BlocPal supports USD, CAD, and EUR, but global currencies will continue to be added as the platform grows.

But BlocPal doesn’t just enable users to store money, it enables them to facilitate instant and guaranteed transactions for everyday use as well. Businesses supporting BlocPal can integrate its payment gateway into their point-of-sale system for in-store transactions, or use BlocPal’s online store APIs or ecommerce software plugins now available for WooCommerce and Magento, with more plugins on the way.

Learn more about BlocPal by visiting its official website today. There, you can download the BlocPal wallet for iOS and Android, as well as join the official BlocPal Telegram Group to stay up to date with news and events in real time.

How to Set Up Your BlocPal Wallet

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BlocPal is an innovative digital wallet which makes it easy for businesses and individuals to manage their digital assets. Through developments in critical partnerships like Bittrex, and other crypto exchanges in the works, BlocPal supports an expanding list of cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. Additionally, BlocPal supports a growing number of fiat like the Canadian and US Dollars.

Setting up your BlocPal Wallet is as easy as 1-2-3.

Creating a wallet is very simple. When you’re in the WALLETS tab you will see an option to +Create a Wallet. A new window will appear prompting for the Wallet Name.

Enter a secret passphrase. This is very important! Ideally you want to have a phrase known only to you and not easily hacked. For your safety it is not recommended to take a screenshot because your photos are often accessible by third-party apps. Write it down and put it in a safe place.

Once you have established and secured your passphrase a notification will appear that you have successfully created your wallet.

On BlocPal, you can create as many wallets as you’d like. Create one for personal use and one for business to keep track of your transactions. BlocPal is available for iOS and Android devices.

Video Instructions

How BlocPal Resolves Blockchain’s Chronic Scalability Problem

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Since its inception, cryptocurrency has been praised for its ability to quickly and securely send money to anyone, anywhere in the world. What’s more, with the push for mainstream adoption, there’s been a growing need for blockchain payment processing platforms that allow users to buy and sell real-world items using cryptocurrency.

Historically, there’s been a level of uncertainty associated with blockchain-based payments. After all, it was just one year ago when Bitcoin had an average confirmation time of 78 minutes. There’s no denying that blockchain technology has a scalability problem, but the Vancouver-based startup, BlocPal, intends on changing that by revisiting the way transactions are processed.

By the end of 2019, BlocPal fully expects its platform to be capable of processing more than 1,000 real-time transactions per second, and they plan on achieving this thanks to a new and innovative feature: dynamic block sizes.

Scalability no longer a problem

With BlocPal, block sizes are uncapped and grow based on the transaction volume of previous blocks. This means that a block can grow from 1MB to 2MB, from 2MB to 4MB, and so on. As blocks grow in size, more data is allowed to be stored within each block. This translates to more transactions being added to the distributed ledger at one single time. In other words, BlocPal’s scalability means that more users are able to be accommodated as demand increases.

But BlocPal doesn’t just grow with volume, it also shrinks gradually as transactions decrease. By doing so, the blockchain is protected against unnecessary bloat, ensuring that transaction times are always at their fastest.

How BlocPal works

With BlocPal, blocks are formed on average every 2.5 minutes. Not unlike Bitcoin, each 1MB block is able to support an average of 2,020 transactions for BlocPal’s BPX tokens. When performing multi-currency transactions on the BlocPal blockchain, there is an additional payload involved in the transaction so therefore a 1MB block on the BlocPal blockchain can support on average a total of 1,010 multi-currency transactions. However, an exciting attribute of BlocPal’s solution is the ability to group transactions so they are executed in bulk batches. As a result, BlocPal’s architecture is able to compile multiple simultaneous multi-currency transactions from BlocPal wallets into a single bulk transaction recorded on the block, increasing scalability and making it easier to process multiple payments at once.

While a single 1MB block may process on average 1,010 multi-currency payload transactions, when these multi-currency transactions are grouped, that number multiples. For example, when 10 wallet transactions are grouped on a 1MB block, a total of 10,100 transactions within a 2.5-minute period (10 X 1,010 = 10,100) may be achieved.

Combined with the benefits of variable block sizes, the possibilities increase enormously.

If the block size increases to 4MB, the number of transactions processed within 2.5 minutes doubles to 20,200. Moreover, if the size of a block grows to 32MB, BlocPal will be processing roughly 320,000 multi-currency transactions every 2.5 minutes. That’s more than 2,000 multi-currency transactions per second, which is already higher than the average amount of transactions VisaNet has reported at 1700 transactions per second! With the ability to grow beyond 32MB blocks, the BlocPal blockchain has truly been set to scale for the future.

How has BlocPal performed thus far?

The BlocPal team has successfully facilitated approximately $30 billion in transactions over gaming platforms. Moreover, BlocPal recently integrated this back-office payment solution for gaming transactions and has fully customized it, providing users with complementary services to the BlocPal blockchain, including:

  • KYC/AML compliance
  • Wallet authentication
  • Integrations to multiple crypto and fiat currency exchange services
  • Integrations to global fiat payment networks

BlocPal offers the next generation in online payment solutions, providing users with a smarter, quicker, and more secure way to manage their digital assets.

Always growing, BlocPal currently supports USD and CAD, as well as Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, and Litecoin — with more currencies on the way. Visit the official website today to learn more about BlocPal and how you can use it to send and receive cryptocurrency safer and more effectively.