Blocto is designed as a cross-chain smart contract wallet service. The main aim of Blocto is to facilitate mass blockchain adoption and make blockchain more accessible and easy to use, indeed Blocto credits itself with “the most user-friendly blockchain experience”.

Its users can access blockchain applications as well as crypto and NFT assets regardless of which blockchain they are built on. Developers can make use of the identity and payment services that Blocto offers in a frictionless manner with its smooth onboarding process.

BLT functions as Blocto’s utility and governance token. The token serves as the foundation of the Blocto ecosystem and the link between the wallet, Blocto products, and its users. The total BLT supply is 500,000,000.

What are Blocto’s key features and how does it work?

Blocto has two target audiences: general and potential blockchain users, and blockchain developers. For blockchain users, Blocto aims to build an easy entrance point to access cryptocurrencies, dApps, and NFTs. It does so by providing a smart contract wallet service that is compatible with multiple blockchains. The wallet allows users to pay network fees from support blockchains with their Blocto points, as well as purchase crypto with fiat.

Blocto’s smart wallet is designed to improve the overall user experience when compared to other crypto wallets. The wallet also allows users to manage their crypto funds and NFTs from different blockchains, interact with multiple blockchains without the need to hold the relevant native token. It also offers a customizable user experience with seedless account management.

Developers can benefit from Blocto’s multichain support. This includes Ethereum, Tron, Solana, and Flow support. As such, developers can leverage the platform's wide-spreading integration and capitalize on the number of potential users.

What is noteworthy about Blocto?

Blocto also offers a selection of other products. This includes:

Blocto Swap - a decentralized exchange built on the Flow blockchain.
Teleport - enables cross-chain transfers between Flow and Ethereum.
Blocto Balancer - a cross chain AMM. Users are able to deposit their crypto assets and earn fees from traders who trade against their portfolios.
Blocto Auction House - cross-chain compatible NFT marketplace.
Blocto Vault - a decentralized revenue-sharing pool. Revenue earnt through other Blocto products will in part be returned to BLT holders via Blocto Vault.

What can BLT be used for?

BLT is the utility token of Blocto, its holders are entitled to benefits when using the Blocto products and services as mentioned above. It can also be used to pay for network fees. BLT can also be staked, serving as a type of stabilizer of the ecosystem. Developers must stake BLT in order to qualify for mining, and users can stake BLT to receive maximum mining yield.

How can BLT be mined?

Mining forms a crucial part of the Blocto network, indeed 40% of BLT supply is planned to be distributed through BLT mining.

The Blocto ecosystem facilitates developer mining, developers are rewarded with mining rewards for integrating their projects with Blocto. However, developers must state at least 10,000 BLT in order to take part in developer mining. This is in part to incentivize more Blocto collaboration with dApp builders but also serves to remove the potential common conflict of interest between developers and service providers.

Users can also earn mining rewards. They must meet certain conditions, for example storing the equivalent of 1000 USD in their Blocto wallet will earn a user 1 BLT. There is a reward cap per month for users in order to deter malicious behavior, however, staking BLT can increase monthly reward caps by up to 3 times.