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Pocket Network (POKT): Unleashing the Power of DePIN

Pocket Network (POKT): Unleashing the Power of DePIN

Beginner
2024-01-17 | 5m

What is Pocket Network (POKT)?

Pocket Network is a DePIN (Decentralized Physical Infrastructure Network) protocol designed to serve as Web3's RPC base layer. It aims to revolutionize data accessibility, reliability, and cost-effectiveness. Pocket Network operates on the principles of decentralization, providing a reliable and performant base layer for developers, applications, and users alike.

How Pocket Network (POKT) Works

Pocket Network consists of five key components:

● Blockchains form the data layer, supporting over 50 chains with RPC compatibility.

● Users, the data consumers, represent the demand side of the protocol.

● Node Runners secure the network, ensuring 99.99% uptime across 40+ blockchain protocols, thanks to a global network of 20,000+ independent nodes.

● Gateways, the access points through which users tap into blockchain data, are currently operational through Nodies and Grove. Pocket Network has plans to introduce permissionless gateways in the future.

● Contributors, individuals with diverse skills, contribute to the network's growth, fostering a collaborative and dynamic ecosystem.

Accessing the decentralized RPC service offered by Pocket Network is made flexible to cater to different needs and preferences. Developers can choose from a web interface hosted by third parties, a self-hosted access point for those willing to do more work, or a free but rate-limited endpoint hosted by third parties which are more ideal for wallet users, hackathon developers, and those sampling Pocket Network’s service.

POKT Tokenomics

The economics of Pocket Network revolve around the POKT token, which serves as the lifeblood of the ecosystem. Node runners must stake POKT to operate a node, validators stake POKT to become part of the protocol-defined cap, and gateway operators pay a fee in POKT for routing traffic to the decentralized network. This fee, coupled with the burning of POKT based on weekly projections, establishes a flywheel effect, driving more gateways, relays, and node runners to join the network.

The supply and minting of POKT are carefully structured, with a fair launch distribution mechanism akin to Bitcoin's. The circulating supply is mainly distributed permissionlessly since the main net launch in July 2020, fostering a decentralized network of stakers and validators. Projections for the supply of POKT over time are based on variables such as relay numbers, POKT price, and Gateway Operator Fees.

POKT Goes Live on Bitget

The future prospects of Pocket Network are shaped by its commitment to providing unstoppable open data and empowering developers. With a mission to offer the most reliable, performant, and cost-effective data, Pocket Network envisions a world where the most crucial digital infrastructure is owned and governed by its users.

How to Trade POKT on Bitget

Step 1: Go to POKTUSDT spot trading page

Step 2: Enter the amount and the type of order, then click Buy/Sell.

For detailed instructions on how to spot trade in Bitget, please read The Uncensored Guide To Bitget Spot Trading.

Pocket Network is not just a DePIN protocol; it's a vision for the future of blockchain technology. By combining technical innovation, economic sustainability, and a commitment to decentralization, Pocket Network serves as a solid foundation for those looking to build on a resilient, censorship-resistant, and user-owned infrastructure. It is a formidable force driving us toward a future where the digital infrastructure is truly owned by the people.

Trade POKT on Bitget now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.