Taiwanese wallet provider Blocto to issue BLT tokens, creating a cross-chain ecosystem with both utility and functionality.

According to official sources, Taiwanese cryptocurrency wallet provider Blocto will issue a token called Blocto Token (BLT). The token will serve as an incentive to accelerate various application media within Blocto, as well as a governance token for participating in ecosystem development decisions.

The Rise and Opportunity of Blocto

Blocto allows users to conduct Ethereum blockchain transactions without holding Ether, coupled with its ease of use and high security features, it has accumulated a certain level of reputation and user base in the market. After the popularity of the Flow blockchain, as the sole mobile wallet and SDK provider on the Flow blockchain and a node operator, Blocto has garnered significant market attention and users globally. However, Blocto does not stop there.

The biggest challenge the current market is about to face is the rise of major public chain projects such as Solana, Avalanche, Polkadot, all intending to challenge Ethereum's market dominance. However, the diversification of public chains will bring more troubles and complexities to users who are not familiar with blockchain technology, such as asset fragmentation, disparities in user experience, differences in miner fee payment mediums, and the landing of Ethereum Layer2 poses a complex challenge for users. These challenges are precisely the industry pain points that Blocto aims to address next.

From Wallet Operator to Cross-chain Ecosystem

Blocto aims to create not just a "wallet" but a cross-chain ecosystem with the best user experience. Through Blocto, users can easily interact with dApps on different blockchains and manage and transfer encrypted assets on different blockchains within the same wallet. Developers can also integrate Blocto's identity and payment services to create a more frictionless user experience.

In addition to the infrastructure of cross-chain and wallet services, Blocto will also venture into the realm of decentralized finance (DeFi) to create more diversified on-chain services. These services, such as BloctoSwap, a native asset/cross-chain asset trading platform based on the Flow blockchain, automated market maker protocol Blocto Balancer with customizable liquidity pools, and NFT cross-chain auction platform Blocto Auction House, will help simplify user operations, further reduce the learning curve for the mass adoption of cryptocurrencies, and enhance the user experience of dApps on different blockchains.

Although Blocto initially only supports four public chains: Ethereum, Tron, Solana, and Flow, there are not many service providers for Solana and Flow in the mobile wallet sector currently, which may help Blocto capture a larger market share in the cryptocurrency market.

BLT, Governance, and Application Integration

The upcoming token BLT to be issued by Blocto is one of the elements for building the above ecosystem. This means that BLT not only represents the governance rights of the Blocto ecosystem but also has many practical application scenarios.

In the Blocto wallet, users will no longer need to prepare additional native tokens (such as ETH, SOL, FLOW, etc.) to pay miner fees on different blockchains; they only need to prepare BLT to send transactions on all supported blockchains. In addition, if users participate in BLT token staking to maintain the healthy development of the ecosystem, they can enjoy higher ecosystem mining rewards. More importantly, in the Blocto ecosystem, the revenue generated by services such as BloctoSwap and Blocto Balancer will become the reserve assets of the BLT token, serving as a strong value shield for BLT.

In a period where various public chain projects are competing fiercely, Blocto, starting from the user's perspective, is building an infrastructure that combines usability and functionality. This mindset has enabled Blocto to break away from the framework of traditional wallet providers and has brought it the opportunity to ascend as a gateway tool for cryptocurrencies.