HappyBlock AMA #2 — Pocket Network: Web3 Infrastructure The Right Way

This is the second AMA since the launch of HappyBlock’s social platform that welcomed its first guest in Web3, Michael O’Rourke, CEO of Pocket Network On July 29. Michael O’Rourke, on behalf of Pocket Network, introduced and discussed the Pocket Network operation mechanism, project features, core team, Web3 and blockchain middleware in detail to HappyBlock social platform users across the world. Michael O’Rourke also talked about Pocket Network’s upcoming plans. Here are the highlights of the AMA.

Introduction

Pocket Network is a decentralized blockchain API built for Web3 applications that transfers data between any blockchains over a network of thousands of nodes. As Web3 middleware, Pocket Network provides a complete incentive for the full nodes of underlying Network and a decentralized data acquisition solution for Web3 applications. It provides a decentralized coordination layer for Web3 infrastructure and upper-layer applications

Pocket Network’s protocol can be seen as like a marketplace — node runners can deploy hardware and resources and earn POKT for providing those resources. Applications and developers can use the protocols for decentralized infrastructure for unmatched uptime and scalability at costs the fraction of centralized providers.

Pocket Portal serves as an easy dashboard that will make it easier for more applications and developers to utilize our unstoppable infrastructure. As Pocket Portal is an extension of our protocol, it supports all the same blockchains we currently support. This includes Ethereum (mainnet and archival), Fuse, and many others in beta like Binance Smart Chain, Polygon, xDAI, and AVAX.

Pocket Network team has about 25 people, 60% engineers, 10% marketing, 10% BD, 20% operations. The team is working remotely, with only 7 people working for Pocket in the United States, with the rest in Canada, Latin America, Europe and one person in Morocco.

Tokenomics

POKT is not only used to reward node runners for their services (servicing relays that apps request), but it’s also necessary for users to stake POKT in exchange for bandwidth. At the moment, 8000 staked POKT will give that user 1 million relays of bandwidth daily with no additional cost, as long as those POKT remain staked.

THis is exciting because it makes infrastructure costs into an asset. Projects used to just pay providers a monthly bill, but with POKT they can acquire POKT once, and use it forever. They can even choose to sell POKT later and recoup all their costs.

Wrapped POKT (wPOKT) is an ERC-20 token backed 1:1 by POKT on the Pocket blockchain. wPOKT standardizes POKT to the ERC20 format, enabling and leveraging the usage of smart contracts. After wPOKT is launched, token holders can participate in Pocket’s Data Farming Program and stake their tokens to increase the daily network relay throughput of the application.

75% of initial supply of POKT, or 4.875M wPOKT will be distributed via Balancer Liquidity Bootstrapping Pool(LBP) with 1M USDC. Initial weights: wPOKT : USDC = 96:4. Ending weights: wPOKT : USDC = 20:8. The LBP auction will last about 48 hours,and the initial price is 4.92 USDC/wPOKT. The most part of wPOKT is complete. A bridge between POKT mainnet and Ethereum chains is under development. Once that is built wPOKT will be launched shortly thereafter.

Nodes

Pocket network has grown over 5,400 nodes. These nodes are maintained by dozens of individual providers (meaning not owned by the Pocket team) and have serviced over a billion relays since the network launched. July 28th was 1 year anniversary of the mainnet launch.

Pocket is the most distributed network of nodes in the world. There are over 5,000 nodes participating in the network. They are across multiple clouds, with a diverse set up of nodes in homes and in data centers around the world. Users interested in seeing real time data can go to Pocket Explorer pokt.network and portal.pokt.network.

The Future of Web3 Middleware

Middleware is connecting Web3 because of the importance of interoperability. With Web3, everything is connected to everything else. There is little room for specialized applications that only work with one or two other projects. As Web3 continues to develop, we can envision a future where middleware projects focus a lot of resources on being easily integrated with other projects regardless of what network or chain they are on. That is why Pocket Network is platform-agnostic, so we can provide decentralized infrastructure for any project anywhere.

Objectives & Plans

The goal of Pocket Network is further growth and expansion onto new chains. It’s going to be a multi-chain future, where users and projects pick and choose which chains based on the situation. Pocket is supposed to be a part of these chains so that regardless of what chain you are on, you can enjoy decentralized and unstoppable service. In addition, Pocket also wants to become the default infrastructure provider for all blockchains in existence.

Pocket network has a massive vision. The blockchain industry will affect our lives just as much as the internet has. One thing that every single blockchain will need is redundant data at scale. Compared with other decentralized solutions,Pocket is significantly cheaper, redundant and private than our centralized competitors. By removing the middlemen and data leaks, the protocol provides the most redundant infrastructure in the world.

Pocket is doing about 10M relays a day. The team expects this space to be in the hundreds of trillions of requests a day over the next 5–10 years. Pocket expects to become the default infrastructure provider for all blockchains, meaning that as usage increases, the POKT token captures value. This is also what attracts Pocket’s investors and users, who can actively participate in it for a long time.

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