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  • February 6th2023

Blocto Wallet & Token – In Depth Review

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Aloha everyone, David Tatera here with CryptoTutorials.org. I have a fun video for you today. We're going to go over Blocto. If you're not familiar, Blocto is a new wallet, and a whole new little ecosystem that's coming out this year. It's really exciting. It is the first mobile wallet to work with Flow.

It's also meant to be kind of, cross network. So it's easy to onboard new people into the crypto sphere. Into NFT's and all of that. Anyway, I think it's a really important new technology that's coming out, and it is very exciting.

Blocto - Easy To Use Wallet

So this is Blocto. As you can see, this is their new wallet that they've developed. I have to say I've used a Metamask, I've used a Trust Wallet, used a few of them. This is by far the cleanest and simplest, interface that I've seen on any wallet, and there's a really good reason for that. We're going to get into it as we start talking about what this wallet is designed do. It isn't the same thing as those other traditional Wallets. It's designed to do something extra.

One of their big things that they're working on is to be an easy on boarder for new people to blockchain technology. Whether it be NFTs, Defy apps, whatever it happens to be. They want to make it easy for new people to get on boarded into the world of blockchain.

Blocto Wallet Image

A Wallet Designed For Many BlockChains

They have some great people on their blockchain team. As well as, the defy apps end of it, and the NFT end of it. They allow you to store all of your different kinds of crypto and they make it pretty easy.

One of the nice things with the Blocto Token is that it works across a variety of different chains to pay for gas fees. So, as they keep developing this out, ideally it should make it much, much easier.

When new people come on board to crypto, I don't know if you guys ran into that, but when I started using crypto, that was one of those confusing things in the world. Everything I needed to do, required a different token to do it with. It was driving me bonkers, but they've kind of solved that by creating their unified token. Tailor made for blockchain apps.

What is Flow Token?

FLOW is the native currency of the Dapper Labs-backed Flow blockchain. This is the platform where NBA Top Shots digital collectibles are housed. In Feb the NBA hit a record with over $342 million in Top Shots sales. 

Blocto Is The First Mobile Wallet To Work With Flow

This is really where this project Blocto gets me excited. I don't know if you're familiar with Flow or if you're feeling familiar with Solana. We'll talk about them here in just a moment, but this wallet and this ecosystem are designed to really work with that world. So things like NBA Top Shot and, Crypto Kitties and things like that. It's tailor made to work in that world, which is something that I think is really exciting and gonna grow well beyond just the people who want to invest in crypto.

NBA Top Shot

They've got an easy identity, simple to sign up for very easy to sign up for this new thing. Then you also get some points right away to help you kind of get around and navigate on their blockchain. You can earn more points by accomplishing different missions or referring people or a variety of different things. Great security. They've got a great team and have some great partners to start.

A Look At The Blocto Wallet

So that's kind of the quick rundown of everything that's going on there. I'm going to dive into each one more. We're going to start with some screenshots of the wallet and we'll talk about that. Then I'm going to go back and talk about the token, how it's being handled, the governance, all of it. Then finally, we're going to wrap it up with a little bit more about what's being developed on the platform, the investors, and kind of what we see coming up in the next six to 12 months.

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Okay, so this is the home screen and you can see that this is going to be a lot different from the home screen in most wallets. It's much brighter. It's got very straightforward graphics, and the kind of articles and information that you can get to help you become acquainted with Blocto and this particular wallet.

Earn Tokens For Completing Tasks

One of the cool things that I liked right away, with each and every one of these different articles that they have here, there's a quiz at the end of them. Now, normally I'm not one to particularly take these quizzes, but they actually give you a small amount of the currency that you use for the platform for moving around the defy apps, all of that for completing the quiz at the end. Which I thought was really brilliant and also really engaging. It made me want to take all the quizzes. I wanted to earn all the coins. And because of that, I became a lot more familiar with the platform very quickly. So I thought that was a brilliant move that they have.

I'm gonna jump over here and you'll see my wallet. I'm going to tap on that and it's loading. And as you can see, I don't have a whole lot in my wallet right now. I've got my Blocto points. 3000 of those came just for joining the platform. I've got an additional 50 for completing a few tasks above that.

Earn Flow By Staking Blocto

You'll also see that I have a small amount of Flow token, which is another thing I think is really cool and a good reason to go ahead and grab this wallet early. Your Blocto points will earn you Flow right now. It stakes a small amount of Flow for staking your Blocto points on here. You can't buy flow token right now in the U S.

If you're not familiar with it, Flow is the native ecosystem for NBA Top Shots, Moto GP, and a lot of the big NFT projects coming out. So kind of a cool thing to be able to get a little bit. This is actually one of my favorite things about this wallet too, is that this is the only wallet and only mobile wallet that works with flow. So to be able to keep your crypto kitties and things like that on there, it's going to be really, really useful.

If you go to discover, that's where you're going to go into your Dapp browser. I recently browsed some stuff about flow staking. They're going to go ahead and suggest some things, Crypto Kitties, social gaming, things like that. But if you wanted to go to UniSwap or PancakeSwap or any of those types of things. I think it's much cleaner and simple for someone who's never used.

Crypto In Hawaii

You may notice this as you read through our site, often I am unable to test crypto sites, simply because I live in Hawaii. Currently we have the most restrictive laws in all the 50 states, but hopefully that will be changing soon.

Blocto Swap Within The Wallet

Back to the wallet, we've got up here a little purchase button at the top. Now that's another great feature because you can purchase more Blocto points. If you want to use those for different activities, you can purchase different cryptos and they offer a pretty good selection of different cryptos that you can buy through there. I have not been able to do this.

Unfortunately, I live in Hawaii, so we have all kinds of strange regulations and you're not able to buy it. But my understanding is you actually get to pay the gas fees with that Blockto token, which is really, really cool, but you can see Solana and Tether and Tron. Some of those that are a little bit more focused on the Defi world, that's really the direction that they're going mostly.

This is back at the wallet screen. The last thing we have over here is our settings screen. That gives you quick overview of everything going on in here. Now let's jump back over and talk a little bit about the token itself.

Blocto Tokenomics - Where Are They Going?

So in addition to the wallet, Blocto is going to be releasing a token. The Blocto token, later on this year. Right now some has been going out to private sale, and people involved in the project and things such as that. I think some of it is going to Miners as they're beginning to mine this token, but that's about it. They haven't had any public sale or anything like that yet. The plan is to have all of them out in four years, Q2 of 2025, that's when all of the tokens should be released into circulation.

You can see there's a portion down here for the miners, here's a portion for founders and the private sale portion is not a huge one. It grows a little bit down the road, but you can see it's not a huge portion. That's one of the things I actually really like about it. The total token supply is here. It looks like private sale is going to go a total of 16% of the token. So that's not a lot, which it's really where you get into the biggest risk of people doing pump and dumps on these projects. Somebody who's bought in a bunch of it privately and just sees the price go up, says, yes, I'm taking my money. You know, most of the founders and the shareholders and the miners, these people are usually tied in for some amount of time, so they're not able to do that to you.

Blocto Tokenomics

That makes it an interesting opportunity from an investment perspective. As I said, 14% to the founders, 16% is going out in private sales right now. It says that they have about $8 million that they've raised on it. So not a huge amount that they brought in, but enough. Obviously it's running and doing well. Public sale, this is the one that you and I would actually be able to access. You can see it's a tiny amount. Only 2% is going to really go to the public sale, down from 8%. They're not releasing a whole lot to the general public. It's going to be a pretty quietly. Then a large portion of it is set aside for mining, which happens with almost all tokens.

Blocto Vault To Burn Tokens

One last project that's wonderful for the value of the tokens is this thing called the Blocto vault. Basically they're going to make a revenue sharing pool from any product Block Swap, or anything on the ecosystem that is made directly by Blocto. A portion of the money coming in from those gets set aside into the vault and then along the way people have the option to burn tokens and swap for the vault, which helps increase the token price of everyone's tokens. So they're definitely looking out for the value of their tokens, as well as building out the value of the ecosystem.

As far as the rest of the ecosystem goes, Blocto is the only mobile wallet that currently supports Flow. This is a pretty big deal, because Flow is what NBA Top Shots, if you're not familiar with this, it is the NBA's NFT program. These are video moments that you can purchase. They've raised about $200 million selling these and they're just scratching the surface. NBATop Shots, MotoGP they have another one like that. And a number of other projects are coming up like that.

So it's really cool to me that that is one of those things unique to Flow as it currently stands. Blocto supports Ethereum, Tron, Flow and Solana. Which is a great combination of four. ETH obviously being the biggest one out there right now in the defy space and then Flow, we've talked about and Solano, which is another great one, I've really heard nothing but positive things about this project. I know it's big in the Defi space, Defi apps and Defi sites. So I'm excited to see somebody come on board for that.

So that is it today for Blocto. As I said, I am very excited for this to come out. I know that it's going to be coming out sometime this fall, the token is. the wallet is already out and I'm starting to use it a little more and more. I tend to do a lot of Binance stuff in my wallet, one of the things I did read is that Binance is a network that they're going to be adding to their wallet, coming up soon. So that's great to hear too. Please, let me know what you guys think. Leave me a note in the comments and let me know what you think of this project.

If you want me to do more research on different tokens like this and share these with you, I'm happy to. Also Checkout my Ethereum 2.0 Explained post to know about it.


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