What is Pocket Network?
The Pocket Network token, or POKT, is the utility token powering the Pocket Network. The latter is a Web3 infrastructure.
POKT has several use cases. However, it’s mainly used for staking. Staking is a requirement for nodes and developers who want to participate in the Pocket Network. Nodes can earn POKT by either servicing requests or validating blocks. The amount of POKT depends on the number of data relays and transaction fees of the block.
The initial supply of Pocket Network tokens stands at 650,000,000. They have been distributed as follows:
- 23.1% - Founders;
- 14.4% - Contractors;
- 11.6% - First Private Sale;
- 8.9% - Foundation Reserves;
- 8.9% - PNI Reserves;
- 8.9% - Token Sales;
- 7.7% - DAO;
- 6% - Advisors;
- 5.1% - Second Private Sale;
- 3.8% - Incentivized Test Net;
- 2.7% - Contractor Pool.
As with most cryptocurrencies, the POKT price tends to be highly volatile. Therefore, before making any purchase decisions, you should properly research the project.
You can start by having a look at the Pocket Network price history and the current POKT price on the graph above.
What are the Main Features of Pocket Network?
As discussed in the What is Pocket Network section, Pocket Network is a Web3 infrastructure of RPC nodes. To put it simply, it grants Web3 access points to dApps. RPC nodes are quite similar to function calls because an RPC essentially is an API used by developers to communicate with servers and run code remotely.
Blockchains that use the RPC standard can utilize the Pocket Network. Some of the supported blockchains include Ethereum, Avalanche, Polygon, Solana, and Algorand, among many others.
There are main 3 components within the Pocket Network:
- Applications that submit API requests to nodes;
- Nodes that service these requests and respond to the Applications;
- Network Layer, which is responsible for maintaining seamless communication between Applications and Nodes.
Pocket Network describes itself as a relay protocol, which doesn't ask its users to pay more than necessary.
The project has over 47,000 active nodes and more than 50 networks.
Who Developed Pocket Network?
The Pocket Network Crypto project was launched in mid-2020.
