Pocket Network is a decentralized network that empowers blockchain connectivity for developers. By creating a secure, resilient, and distributed array of nodes, it allows consistent access to blockchain data, fostering an uninterrupted Web3 experience. This guide explores what is Pocket Network, its components, and the potential benefits for the individuals and organizations that rely on blockchain infrastructure.
Key Takeaways
- Pocket Network is a decentralized platform that connects over 40 blockchains, providing reliable and cost-effective access to blockchain data, ensuring high uptime, low latency, and is fundamental to the functioning of Web3 services.
- The POKT token is the native cryptocurrency of Pocket Network, instrumental in node operations and governance within the ecosystem, and its market significance is reflected by a circulating supply of 2.01B POKT and a market cap of approximately $97.10M.
- Individuals interested in the Pocket Network can buy POKT tokens on various exchanges, become node operators to support network capacity and scale, and enjoy the benefits of earning rewards for servicing RPC requests.
What is Pocket Network?
Picture Pocket Network is:
- a foundation for decentralized applications
- offering trustworthy and economical access to blockchain data across over 40 blockchains
- a base layer protocol for decentralized RPC infrastructure
- playing a crucial role in enabling high uptime and low latency for Web3 services.
Gateways within the Pocket Network are optimized to cater to various use cases, acting as dedicated access points to blockchain data. Curious about how this decentralized network functions? We’ll delve into its key components: the Decentralized Blockchain Data Platform, Service Blockchain Data Requests, and Network Throughput and Scalability.
Decentralized Blockchain Data Platform
The decentralized framework, a global distribution of thousands of autonomous pocket network nodes, forms the backbone of the Pocket Network. This distributed nature ensures network integrity and low entry barriers for node operators, maintaining the essence of decentralization.
The network’s infrastructure, akin to ‘pipes and valves,’ regulates the blockchain data flow. Gateways, on the other hand, act as ‘taps’ that end users operate for data access. In simpler terms, decentralized RPC gateways within Pocket Network function much like individualized businesses on Uber’s platform.
Service Blockchain Data Requests
The Pocket Network services RPC requests through a network of diverse node operators via relays. This decentralized infrastructure is designed for efficiency, charging only a nominal pocket network’s price of $0.85 per million relays, which is the pocket network price.
These service nodes provide visible insights into servicer relays and validator rewards in POKT, contributing to data consistency and preventing censorship within its ecosystem. To send requests, a relay is constructed with a relay proof and submitted to Pocket Network in a POST request, facilitating the data relay process,.
Network Throughput and Scalability
The Pocket Network is not just about servicing data demands; it’s about doing it efficiently at scale. The network showcases its ability to distribute data and handle a significant number of data relays, as well as reliably serve applications. With stats indicating tens of thousands of serviced relays, it’s clear that the network’s throughput is high.
The robustness of the network’s throughput and scalability is partly due to the 24 node runners servicing applications for limited sessions of 4 blocks. This strategic design, combined with the running of non-validating nodes, strengthens decentralization and performance. Additionally, the network is engineered to support various user experiences across multiple blockchains, ensuring the efficient distribution of data to a wide range of Web3 applications.
The POKT Token: Pocket Network's Native Currency
As we probe further into the Pocket Network, the significance of its native currency, the POKT token, becomes apparent. This token serves multiple use cases within the Pocket Network ecosystem, optimizing the performance of gateways, developing value-added features, and meeting the unique needs of different use cases and user groups.
An interesting aspect of the POKT token is its role in decentralized governance. POKT token holders are empowered with the ability to participate in decision-making processes within the Pocket Network, giving:
- Node operators
- Stakers
- Builders
- The community
fair representation.
Proof of Stake and Staking Nodes
Validator Nodes are integral to preserving the Pocket Network’s integrity. They confirm authentic transactions and penalize deceitful Service Nodes. To run a node, an initial stake of 15,000 POKT is required. However, staking more increases the probability of being chosen as a block producer, thereby earning additional rewards,.
In Pocket Network, a node’s stake acts as a guarantee of honest operation. Any malicious behavior can result in penalties, including the slashing of the stake. Once staked, new nodes can start functioning and earning rewards immediately, but they must adhere to a 21-day unstaking period to promote network stability,.
Transaction Fees and Incentives
In the Pocket Network, node operators are incentivized to maintain performance and uptime. By servicing RPC requests, they earn POKT token rewards that are dynamic and proportional to the number of relays and transaction fees in a given block. Node operators earn 89% of the .01 POKT minted for each relay served. The remaining portion is distributed to the Pocket DAO and the block producer. To receive their payments, node operators must adhere to a ‘claim and proof’ cycle, submitting the ‘root’ of the MSI Tree for a claim transaction and subsequently verifying it through a randomly selected index and Merkle proof.
Circulating Supply and Market Cap
As of now, the circulating supply of POKT tokens is 2.01B, and the current market cap, as referenced by Bybit, is approximately $97.10M. The figures offer a glimpse into POKT’s market significance and potential value for investors and traders, as well as an insight into the pokt price.
How to Buy Pocket Network (POKT) Tokens
For those interested in joining the Pocket Network ecosystem as token holders, an important question arises: How do I buy POKT tokens? You can find available platforms for purchasing Pocket Network (POKT) and the acceptable currencies using resources like Bybit's website. Once you’ve selected an exchange, create an account there and follow the specific guidelines provided by the platform to purchase POKT tokens.
However, purchasing isn’t the only consideration. If you need to buy POKT using another cryptocurrency, you must first set up a crypto wallet compatible with Pocket Network, obtain the base cryptocurrency, then proceed to buy POKT on your chosen platform.
Choosing an Exchange
Choosing an exchange to buy POKT tokens is a critical step. You should base your selection on the following factors:
- Security
- Reliability
- Liquidity
- Ease of use
- Availability of guides or community support
Consider these factors when choosing an exchange for purchasing POKT tokens.
Converting Local Currency to POKT
Upon selecting an exchange, you typically need to locate a trading pair that matches POKT with your local currency, then execute the purchase through this pair to convert your local currency to POKT. Using a fiat currency such as the U.S. Dollar is often simpler for purchasing POKT compared to using another cryptocurrency.
Storing POKT Tokens
After purchasing POKT tokens, it’s essential to store them in a crypto wallet specifically designed for the Pocket Network. This ensures safekeeping and smooth transactions within the network.
POKT tokens should not be sent to wallets like MetaMask that do not directly support the Pocket Network blockchain, as this can pose security risks. While the integration of Ledger hardware wallet with the Pocket Network is underway, such hardware wallets are often seen as more secure storage options than software wallets or centralized exchanges,.
Setting Up and Running a Pocket Network Node
If you’re keen on a more active role within the Pocket Network, you might consider establishing and operating a Pocket Network node. The procedure entails:
- Server setup
- Software installation
- Pocket configuration
- Proxy configuration
- Activation
But what exactly does it mean to run a node? And what are the requirements? Let’s delve into these questions in the following subsections.
Node Types: Validator and Service Nodes
The Pocket Network primarily utilizes two types of nodes: Service Nodes and Validator Nodes. Service Nodes connect users to the blockchain and relay appropriate data. Validator Nodes, on the other hand, verify the legitimacy of the work performed by Service Nodes,.
Non-validating nodes, although not directly involved in transaction validation, play a critical role by:
- Relaying transactions and blocks
- Enhancing both network efficiency and security
- Making every node valuable to the overall functioning of the Pocket Network.
Requirements for Running a Node
To run a Pocket Network node, you need a server with internet connectivity, a domain name, and the capability to add DNS records for the domain. The setup process consists of several parts, including server setup, software installation, Pocket configuration, proxy configuration, and going live.
After the initial software setup, the node must complete the following steps for proper functioning:
- Download a snapshot of the Pocket blockchain for synchronization.
- Ensure proper functioning with systemctl commands, log reviews, and troubleshooting.
- Register and test SSL certificates.
- Set up Nginx for routing incoming requests.
Benefits of Running a Node
Operating a Pocket Network node offers several benefits, including:
- Bolstering the network and contributing to its overall strength
- Increasing the chances of being selected for sessions, which allows for serving more relays
- Maximizing reward potential
Node operators aim to replicate as many nodes as possible to enhance their prospects and reap these benefits.
By partaking in the Pocket Network as a node provider, individuals can:
- Monetize their existing infrastructure
- Support the network’s capacity and scalability
- Earn rewards on Pocket Network by effectively servicing RPC requests
- Maintain optimal uptime and high performance
This allows individuals to both earn income and contribute to the success of the network.
The Pocket Portal: User-Friendly Access to Pocket Network
The Pocket Portal provides developers with a unified access point to leverage Pocket’s decentralized infrastructure service across various blockchains. Developers can take advantage of various flexible service options provided by the Pocket Portal, including a Pay As You Go plan, for improved performance and user experience,.
Gateway operators connected to Pocket Network can enhance their services with value-added features through the Pocket Portal. This benefits overall performance and usability, making the Pocket Portal a vital part of the Pocket Network ecosystem.
Accessing Decentralized Endpoints
The Pocket Portal enables users to:
- Access decentralized RPC endpoints for their dApps
- Mint unlimited RPC endpoints across multiple chains to service their applications
- Create up to two applications within their account
The Pocket Portal also offers an Always Free tier, providing 250,000 relays per day for testing purposes to developers. By using Pocket Portal, dApps can maintain connectivity to blockchains even if centralized RPC providers face issues or attacks,.
Enhanced Security and Privacy
The Pocket Portal goes beyond mere functionality; it also emphasizes user security. The portal utilizes NodeWallet, which employs Argon2 and AES-256 GCM encryption technologies to provide robust security for user data.
The transition to Firefox accounts offers Pocket users additional security through features such as two-factor authentication and account recovery keys. By using Firefox accounts for Pocket, users are protected under Mozilla’s privacy policy that prioritizes user privacy and minimal data collection.
Integrating Pocket Network into Applications
Pocket Network provides a variety of resources to aid developers in incorporating blockchain functionalities into their applications. The Pocket Core SDK offers a flexible interface for developers to incorporate Pocket Network into their apps in various programming languages. Discover the benefits of using pocket network today in your development process.
Developers using MetaMask can customize their wallet to use a Pocket endpoint, ensuring decentralized Web3 access. This allows developers to:
- Interact with multiple blockchain networks
- Simplify building cross-chain applications
- Enable decentralized RPC business models akin to how apps operate on centralized platforms like Uber.
Summary
In this comprehensive guide, we’ve explored the Pocket Network, its decentralized infrastructure, the role of its native cryptocurrency POKT, and how you can participate in this exciting ecosystem. Whether you’re a developer, an investor, or a crypto enthusiast, the Pocket Network offers numerous opportunities to contribute to and benefit from the Web3 revolution.
Frequently Asked Questions
What is a POKT?
POKT, or Pocket Network, is a decentralized protocol designed to provide reliable and cost-effective infrastructure for Web3's RPC base layer. It aims to revolutionize data accessibility and is powered by the POKT token.
Is Pocket Network a good investment?
Yes, historical data suggests that investing in Pocket Network has been profitable, with a 192.93% price increase over the last year.
How much is pocket Network today?
Pocket Network is currently priced at around $0.04826758 USD, with a 24-hour trading volume of $-- USD. The price has increased around -2.72% in the last 24 hours.
How does pocket Network work?
Pocket Network works as a decentralized marketplace connecting users to independent node providers, unlike centralized services like Infura or Alchemy. It matches developers with infrastructure providers and node runners through a two-way marketplace.
How can I buy POKT tokens?
To buy POKT tokens, you can research available platforms on resources like Bybit's website, select a suitable exchange, create an account, and follow the specific guidelines provided by the platform.
-2.72%
