CommerceBlock is a public blockchain infrastructure company that aims to completely decentralize finance. Find out what that means today in our CommerceBlock review.
What Is CommerceBlock?
CommerceBlock, found online at CommerceBlock.com, is building a technology platform that aims to bring a number of valuable features to public blockchains, including “trust minimized trade”, decentralized smart contract execution, on-chain derivatives, and asset-backed tokens.
Headlines for the company so far have described it as an effort to “decentralize finance” and “enable the trading of everything over the blockchain. Meanwhile, the CommerceBlock whitepaper describes its platform as “an open network for building decentralised commerce.”
Today, traditional infrastructure companies typically build roads and other tools for the exchange of goods and services. As a “public blockchain infrastructure company”, CommerceBlock wants to build similar tools for blockchain platforms with the goal of catering to enterprise customers.
CommerceBlock has scheduled a crowdsale for November 2017, during which it will release CBT tokens to investors.
With that in mind, let’s take a closer look at how CommerceBlock works.
How Does CommerceBlock Work?
CommerceBlock is a public blockchain infrastructure company building a platform where anyone can build and use financial products that are historically reserved for commercial banking customers.
Bitcoin’s blockchain gave the world permissionless financial innovation. CommerceBlock’s product offerings, meanwhile, allow anyone to build and use services that construct contracts, manage trade flows, engage in multiparty dispute management, issue assets, and hedge currency risk.
Using the CommerceBlock platform, developers and end users can manage all stages of business interactions while fulfilling their contractual obligations.
The core infrastructure of CommerceBlock has already been implemented. CommerceBlock released its first open source implementation in the form of a pay-to-contract and homomorphic address protocol. The protocol was built to manage business logic, customer funds, and trade details on the client side, which means CommerceBlock never has access to customer funds or private information.
That first implementation is designed as an extension of BIP-0032 (which was for hierarchical deterministic wallets). The protocol is designed to mimic real-world payment interactions between merchants and customers, which means only the merchant have cryptographic proof of who is being paid – and for what.
This is one of several blockchain technologies proposed by CommerceBlock. However, this proposal has already been sent for approval.
Any member of the public can access CommerceBlock’s tools on the official website.
In addition to the proposal above, CommerceBlock plans to offer a number of additional products, including:
Cryptocurrency Agnostic APIs, SDKs, And Web Portals:
The CommerceBlock web portal will provide both prepaid and subscription models for users who wish to access tools for building smart contracts and issuing/distributing assets. API users will pay per API call, and SDKs will be available as a free download.
Trade Flow Templates:
CommerceBlock will provide pre-packaged, paid-access trade flow templates to clients. The templates will abstract away the intricacies and pitfalls of trade management.
CommerceBlock does bespoke implementations of its toolset for enterprise users. Enterprise users can use the company’s APIs and SDKs. CommerceBlock’s pricing will vary on a case-by-case basis, and they’ll consider revenue shares or partnerships on a per-case basis.
CommerceBlock integrates third-party standards in identity, storage, and security, making it easy for developers to integrate Ledger wallets into their product offerings. CommerceBlock is also committed to open source development. All CommerceBlock code is open source and available for peer review.
The company’s official website mentions all of the following features, including the areas of specialization for the team:
- Token management and distribution
- Off-chain smart contracts
- BIP proposals
- Zero knowledge proofs
- Ocean Network
CommerceBlock plans to issue tokens for its platform. CommerceBlock tokens, or CBTs, are a network token that will be tracked on a public blockchain (initially, it will be an Ethereum ERC20 token, but will eventually migrate to “a sufficiently viable sidechain” or other public blockchain).
The primary purpose of the token is to pay for services in the CommerceBlock ecosystem – including all of the products we mentioned above.
CommerceBlock’s whitepaper also envisions a future where clients who use CommerceBlock’s infrastructure can accept payments in CBT, creating an ecosystem of applications and tokens.
There’s a total supply of 1 billion (1,000,000,000) CBT tokens. 40% are available during a token generating event (TGE), available to purchase with BTC or ETH. The remaining total supply will be given to partners (30%) and the company (30%).
The CBT token sale is scheduled for November. By early Q2 2018, they aim to have a working private beta for their first enterprise integration.
Who’s Behind CommerceBlock?
CommerceBlock is led by Nicholas Gregory (CEO) and Omar Shibli (CTO). The founding team has deep experience in cryptocurrency, and has been involved with bitcoin since 2012. They have engineering backgrounds and complementary experience in investing and traditional banking as well as tech startups.
CommerceBlock aims to create infrastructure for public blockchains. That “infrastructure” includes smart contract creation platforms, blockchain agnostic APIs and SDKs, and other tools that can be used by enterprise customers.
CommerceBlock has scheduled a crowdsale for November 2017, during which they’ll release CBT tokens. CBT tokens can be used to access products and services on the CommerceBlock platform. The first product is expected to launch in private beta in Q2 2018.
To learn more about CommerceBlock, visit online today at CommerceBlock.com.