The BLOX Organization launches BLX2, a Smart Contract Protocol for Distributed Tech

February 22, 2022

BLX2 permissionless implementation creates an open and fair digital universe for crypto and blockchain investors and enthusiasts all over the world.

Bitcoin sparked a financial services revolution, rallying a fervent community excited about cryptocurrency's rise, potential, and the opportunities it has in store for investors and businesses. Today, a growing number of insurgent projects and protocols using blockchain, collectively known as decentralized finance of DeFi, is a booming market emerging with the possibility to forever change finance as we know it.

Decentralized finance offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain. A smart contract is essentially a self-executing and immutable agreement settled on a blockchain. BLX, a decentralized cryptocurrency run by Decentralized Autonomous Organization (DAO) BLOX Group in 2020 with over 700,000 global transactions to date, plays in this space.

Launched last February 20, 2022, BLX2 is a smart contract implementation on the BLX Blockchain (Bloxchain) representing a digital asset for the purpose of creating value. BLX2 uses the proof-of-stake (PoS) mechanism to generate and operate BLX2 assets. BLX can currently be minted and used on two blockchains – Bloxchain and Cloudchain.

This recent deployment creates an entire digital alternative to banking and corporate institutions without all the associated costs, and holds the potential to make way for open, free, and fair financial markets that are accessible to anyone with an internet connection. BLX2 allows users to create sub-assets or sub-tokens on its blockchain at a fraction of a cost compared to ETH and other smart contract services. As for business, BLX2 can automate and optimize business processes, eliminate fraud, increase transparency, and foster access to investments that otherwise seemed inaccessible before.

Furthermore, the increasing adoption of various applications across industries such as supply chain, banking, government, insurance, and real estate, as well as the rising popularity of blockchain technology is driving the growth of and demand for the smart contracts market. The DeFi industry’s market capitalization has ballooned 30 times in one year alone to US$73 billion, with total value of deposits surging 100 times to nearly US$100billion, while global Smart Contracts market size is projected to reach US$345.4 million by 2026.

“We believe the traction we have reached since going live a little over a year ago, with crypto investors from all over the world minting BLX, as well as the interest coming from crypto experts and analysts and FinTech companies around the world, is a testament to the huge potential of BLX as a viable investment for the long-term. We’ve built this technology from the ground up independently and we strongly believe we’re helping accelerate the future of finance,” says Managing Director of The BLOX Organization.