5 Best Web3 Infrastructure Service Providers
When it comes to selecting between Web3 infrastructure service providers, developers now have more alternatives.
Pocket Network price is $0.028233, down -5.62% in the last 24 hours, and the live market cap is $44,239,626. It has circulating supply volume of 1,637,686,746 POKT coins and a max. supply volume of 1,637,686,746 alongside $509,662 24h trading volume.
About Pocket Network
Pocket is a blockchain data platform built to maximize the efficiency of Web3 applications by solving the decentralization, reliability, and cost-efficiency issues that come with connecting to decentralized infrastructure. The Pocket Network is a decentralized API designed to help Web3 applications communicate with blockchain networks through an exhaustive network of nodes.
POKT is the native utility token required for network participation.
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Read on to learn everything you need to know about the Pocket network and the POKT token.
Pocket Network is a decentralized, multichain node infrastructure for applications that uses cost-efficient economics to coordinate and distribute data, enabling seamless interactions between blockchain protocols and applications. It's a decentralized API (Application Programming Interface) built to help Web3 applications communicate with blockchain networks through an exhaustive network of nodes. The network aims to give developers the freedom to put blockchain-enabled applications into the "pocket" of every mainstream consumer by integrating blockchains into websites, mobile apps, IoT, etc.
Pocket offers developers an open-source, decentralized platform to collect data and transfer it to their decentralized apps (DApps) as an alternative to centralized API protocols. Nodes ensure the network's security, storing data and communicating with each other through thousands of servers worldwide.
Pocket was launched in July 2020. As of February 2022, the protocol supports over 30 blockchains, including Ethereum, Polygon, Solana, Avalanche, Gnosis Chain, Harmony, Fuse, Binance Smart Chain, Algorand, IoTeX, and OKExChain.
Pocket's native cryptocurrency, POKT, fuels the ecosystem. POKT is used for running validator nodes on the network via staking POKT tokens, receiving network throughput via staking, and paying fees for processing transactions and storing data.
The CEO and founder of the Pocket Network is Michael O'Rourke, a former iOS and Solidity developer. O'Rourke is also the founder of Tampa Bay Blockchain Developers Meetup. In 2017, O'Rourke, along with the current Chief Technology Officer Luis Ramon Correa de Leon and former software developer Pabel de Jesus Nunez Landestoy, started writing smart contracts for the Pocket Network.
Michael O'Rourke became interested in the financial system after the 2007-2008 financial crisis. His discovery of Bitcoin in 2013 made him believe that the technology and the concept of programmable money were world-changing. After the launch of Ethereum, O'Rourke saw the need to create a new cost-efficient infrastructure for blockchain that would decentralize actions on Ethereum, providing an alternative to the main API platform called Infura.
Before starting Pocket, Michael O'Rourke founded a blockchain company called Nonce+1 Labs. He has broad experience as a mobile developer and also worked as a loan analyst at Suncoast Credit Union.
The CTO of the company, Luis Ramon Correa de Leon, has over 10 years of experience as a software developer.
On July 28, 2020, Pocket Network was launched as a separate, application-specific blockchain. In January 2022, the company closed its strategic private sale led by VCs Republic Capital, RockTree Capital, Arrington Capital, and others, raising $10 million. The initial supply of Pocket was 650 million tokens.
New tokens are produced on the network at a mint rate of 0.01 POKT per validated API call, which is called "relay" in Pocket. Pocket uses the Proof of Stake consensus mechanism that offers scalability and data consistency for applications. To become a network validator and produce new blocks, users must stake tokens. Nodes receive rewards in transaction fees for their contribution to the Pocket network. When users make transactions, 99% of the amount is burned, and the other 1% goes to block producers as a reward. Along with burning tokens, the system also mints new ones to make the network work, and when relays are completed, a new POKT is produced as a block reward.
There are multiple ways to connect to Pocket Network as an application ranging from quick and simple to fully customizable: Pocket Portal provides decentralized endpoints in a matter of a few clicks, and PocketJS allows developers to integrate the way they want.
Pocket network's POKT tokens don't have a fixed max supply. As of March 2, 2022, their total supply is 886,847,333, their circulating supply is 722,025,811, and the token's market cap stands at above $553 million. The POKT current price is around 75% down from the all-time high of $3.10 reached on January 16, 2022.
Pocket Network acts as a middleware between blockchain applications and node layers. The ecosystem consists of three elements:
The Application layer is where crypto projects build solutions. Pocket provides access to blockchain networks and allows developers to deploy smart contracts both on testnets and mainnets, ensuring a high level of scalability. Apps need to stake POKT for sending the requests, and they send Relays (API requests) to a public database node. Apps can manage, change and monitor the project's connection to blockchain data via the Pocket Portal service.
The Nodes layer ensures the security and decentralization of the protocol. Users stake their POKT tokens, set up, run a node, and get rewards in POKT through this layer. Nodes receive API requests, submit them to the public databases they are meant for and send responses back to apps. The communication between apps and nodes is regulated via a session generation algorithm, which randomly selects a group of five nodes for an application. The nodes respond to API requests having a small snippet of what the project is doing. In addition, the network continuously replaces the nodes to ensure the app's privacy.
Pocket Network's community contributes to the development and governance of the protocol through a Decentralized Autonomous Organization (DAO). Community members can earn a vote in the Pocket DAO and participate in the ecosystem's governance. Pocket is designed to assign governance powers to the most engaged, knowledgeable, and experienced community members. Users earn votes by playing a series of gamified quests.
In addition to its native utility token POKT, Pocket Network uses the wrapped POKT (wPOKT) token to allow more integration with the Ethereum ecosystem. wPOKT is 1:1 backed by POKT and can be used in different Ethereum-based decentralized exchanges and apps. Users get wPOKT through the POKT-wPOKT Ethereum bridge, which provides both staking and liquidity pools.
wPOKT has three main goals: to increase Ethereum developer usage in Pocket Network, attract Ethereum supporters to the project, and form a sustainable infrastructure market. Staking wPOKT as a "Data Farmer," users earn farming rewards, support API requests, and get liquidity they can use in DeFi projects.
POKT is available on Huobi Global, Mexc, Gate.io, Bkex, OkCoin, Xt, and Hotbit cryptocurrency exchanges. Each crypto exchange has its registration requirements, fee policy, and level of security, so make sure to study them to select the one that meets your investment needs.
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