Blocto: Becoming the “Steam” Platform for Blockchain Applications

Contributor: Klaus (YBB Fellow)

Translator: Rain (YBB Fellow)

In 2008, the digital currency Bitcoin (or BTC for short) emerged, bringing the concept of token and the corresponding token carrier — the wallet. After thirteen years of development, the types of wallets have gradually diversified, from single-chain single-asset wallets to multi-chain multi-asset wallets, from hot wallets to cold wallets, and from centralised to decentralised wallets. Nowadays, Web3 wallets are often equipped with DApp interaction, NFT collection and other functions, in addition to (essential) asset management functions. Wallets have become indispensable infrastructure for the blockchain world, and the portal for users to enter the blockchain world.

The portal to the blockchain world is of great importance, so many developers are rushing to enter the track of wallets, which leads to homogenisation and polarisation of wallet projects: crypto native users are almost used to using MetaMask. In contrast new users either don’t have a fixed wallet or are easily deterred by unsound guidance.

Although the Metamask with millions of users can meet daily needs, users’ cross-chain experience is not that good, and it is not easy for non-Ethereum ecosystem projects to access MetaMask. According to macroeconomics, when the market tends to be incomplete competition with homogenisation, the benefits of innovation will be diluted. Any good innovation will be copied and thus converge again. The vicious competition among developers does not enhance the ease of choice and experience satisfaction for new users.

Wallet developers should think realistically about the real needs of users, such as the premise of securing security, while satisfying simple product logic, friendly UI/UX design, and scenario-based functions to make an excellent portal to its ecology, and finally to better serve the people empowered by the underlying public chains.

In this regard, Blocto will be a product worthy of our expectations.

Beyond Flow

Blocto (https://blocto.portto.io/) is an integrated cross-chain smart contract wallet that aims to be the blockchain portal for users, i.e. to provide the most concise, efficient and smooth interactive experience for all. New users can create wallets in Blocto simply by using their email address, and perform asset management, trading, using DApps, purchasing and selling NFTs. as easy as the daily use of Internet applications.

Blocto was earlier known as the first wallet on Flow. Blocto’s ambition goes far beyond that. Its founder Li Xuan once said

“Instead of calling Blocto a cryptocurrency wallet, it’s more like a DApp browser.”

Blocto, therefore, chose to use the Cadance language for development on Flow. Unlike Ether, Flow allows developers to pay fees on their behalf as “agents”. In addition, Flow has a variety of more flexible designs such as “one public key to multiple private keys”, which gives development teams more options for product architecture.

Blocto solves two significant challenges that discourage new users based on the flexibility of Cadence:

#1 Convenience of registration

The slogan “not your key, not your bitcoin” is widely circulated in the crypto community to inform people of the importance of private keys. However, it cannot be overlooked that the tediousness of creating, copying and keeping a private key does discourage many new users.

Blocto provides a corresponding solution by automatically generating and hosting a random string of private keys for all new users, thus enabling a smooth “one-click email login”. After registration, each user can generate a new private key set record and keep it by themself,and the old one will be invalidated immediately.

#2 The versatility of Gas cost

Most wallets that focus on cross-chain do not solve problems from the uses. When users interact with different blockchains, they still need to hold multiple assets simultaneously to pay Gas fees. Blocto, on the other hand, supports users to use BLT (blocto native token) to pay Gas fees for all the ecological transactions they access. Users only need to log in once and hold BLT to travel freely between different eco-applications.

Currently, Ether, Flow, Solana and Tron are all supported on Blocto. In the future, Blocto will also expand more eco-partners.

“To put it simply, we want to be the ‘Steam’ for blockchain applications (Blocto Community AMA).”

In addition, Blocto has also thoughtfully packaged the identity SDK and payment SDK for developers, making it easy for other DApps to employ Blcoto’s functions directly.

Beyond Wallet

In addition to continuously improving and building the original ecological wallet, Blocto will continue to develop four future products.

· Blocto Swap, a decentralised exchange currently launched: it is the first DEX built on Flow and has already reached $10 million in cumulative trading volume since its launch with brilliant achievements

(https://swap.blocto.app/#/swap)

  • Blocto Balancer (cross-chain automated market-making protocol)
  • Blocto Auction House (auction house)
  • Blocto Vault (decentralised revenue-sharing pool)

Blocto Vault supports BLT holders to destroy BLTs in exchange for equivalent assets in Blocto Vault to enable BLTs.

Token Economics

The Blocto token ($BLT) is a functional and governance one for Blocto. It is the foundation of the Blocto ecosystem and an essential link for the Blocto wallet, its products and its users. Users can easily interact with the chains supported by Blocto through BLT without using the native token of each chain.

  • Total Supply: 500 million
  • Initial Issue: 25 million
  • Mining: 25%
  • Staking payouts: 5%
  • Accelerator fund: 16%
  • Ecosystem: 16%
  • Public Sale: 2% (1% for community round and 1% for public round)
  • Private Sale: 16% (Linear vesting 1/18 each month starting from month 7th to month 24th)
  • Team & Shareholders: 6% (Linear vesting 1/18 each month starting from month 7th to month 24th)
  • Founders: 14% (Linear vesting 1/42 each month starting from month 7th to month 48th)
  • All BLTs will reach total circulation by the end of the fourth year after the start.

Core Team

Blocto was developed by the Taiwanese team “portto”, established in 2019, with an entire group of over 20 people.

Hsuan Lee

Co-founder & CEO

Hsuan is a former DEXON public chain technology VP and senior full-stack engineer with more than seven years of software engineering development experience and over five years of full-stack development experience; he worked for Yahoo, Agoda and other companies.

Edwin Yen

Co-founder &COO

Edwin is the former partner and CEO of DEXON Capital.

Funding and Financing

Blocto closed an $8 million private placement round in May of 2021 with participation from YBB Foundation and other investors, including SevenX Ventures, Alameda Research, Dapper Labs CEO Roham, Quantstamp CEO Richard Ma, SushiSwap CTO Joseph Delong, and Rally founder Kevin Chou. Other investors include SevenX Ventures, Alameda Research, Dapper Labs CEO Roham, Quantstamp CEO Richard Ma, SushiSwap CTO Joseph Delong, Rally founder Kevin Chou, and others.

Summary

The value of a wallet depends on the public chain behind it, and the people it empowers. It is very wise for Blocto to choose to prioritise integrating the Flow public chain, and the unique characteristics of the Flow blockchain make it particularly well suited for consumer-oriented DApps. Flow offers a better scalability mechanism than Ethereum without sacrificing decentralisation, which is a necessary improvement for mass-market adoption. In addition, more and more NFT projects on the Flow chain, such as VIV3.com and MotoGP Ignition, have integrated Blocto wallet services. Moreover, Blocto’s support for NFT collections on Flow will bring a significant incremental increase.

Blocto has currently been integrated with the Flow public chain and launched on the Flow test network, where Flow DApp developers can integrate Blocto wallet services with two simple lines of code through the FCL wallet protocol.

The project of Blocto is still in its early stages, and many features are still being developed and refined. It is worth looking forward to whether it can help users better explore the crypto world through its excellent UI/UX and realise its vision of becoming a Steam platform for Web3 applications.

Experience it now: https://Blocto.portto.io/zh/download

Read more:

1. Official website: https://blocto.portto.io/en/

2. White paper: https://token.Blocto.app/#token_sec

3. Developer documentation: https://docs.Blocto.app/

4. Blocto Official AMA Retro: https://medium.com/portto/blocto-official-ama-retro-157ceef834ef

5. Former VP of Technology at DEXON, working on a cryptocurrency wallet that is “as simple as a normal app” (https://www.blocktempo.com/ex-cobinhood-engineers-blockchain-startup-launching-new-dapp-wallet/)

6. Interview with Blocto co-founder Li Xuan|The first wallet using Flow blockchain: what technical innovations do you see? (https://www.abmedia.io/interview-with-blocto-what-is-the-value-of-flow)

About YBB

YBB is a web3 fund dedicating itself to identify Web3-defining projects with a vision to create a better online habitat for all internet residents. Founded by a group of blockchain believers who have been actively participated in this industry since 2013, YBB Foundation is always willing to help early-stage projects to evolve from 0 to 1.We value innovation, self-driven passion, and user-oriented products while recognizing the potential of cryptos and blockchain applications.

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A #web3 fund investing & curating innovators.