Pocket Network Lianchuang Imagines Web3: A World Built on Middleware

On April 2, Michael O'Rourke, co-founder and CEO of Pocket Network, visited Rhythm AMA and introduced the original intention of creating Pocket Network, the project's future plans and current development. At the same time, he briefly expressed his views on the development of the Web3 field. Michael O'Rourke believes that the world is built on middleware, and the Web 3 world will be more decentralized. Finally, Michael O'Rourke revealed in the community Q&A session that in the future, Pocket Network's autonomous organization will decide whether to launch the trading platform.

The following is the record and arrangement of this AMA by Rhythm BlockBeats:

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Host: Can Michael O'Rourke introduce himself to our audience? What drew you to decide to get involved in the Web3 space?

Michael O'Rourke: No problem , I worked at a small bank that made loans and saw and understood the challenges of the financial system from an American perspective. I was initially drawn to this space when I bought Bitcoin in 2013. Since then, I have learned about the technology and started writing smart contracts for Ethereum in 2016 as an iOS engineer

Moderator: How did you come up with the idea of creating Pocket Network? What is the core principle behind the product?

Michael O'Rourke:In 2016, we deployed these smart contracts on Ethereum and used a very popular service called Infura. This service enables developers to deploy smart contracts very easily and is the service that allows us to make transactions, view our balances and history associated with our wallets.

As development and crypto markets continue to grow in 2017, we see the importance of Infura to Ethereum and the Fang's dependence on Infura. At the time, more than 80 percent of requests were handled through Infura. We realized that you can't have a decentralized blockchain with a large number of central points on it, so we started thinking about how to solve this problem.

Therefore, we designed PocketNetwork, a blockchain that incentivizes full nodes to provide data to applications.

There is a huge bottleneck in the crypto world today, we have DApps on the decentralized blockchain, but Only a few companies can provide the operational infrastructure for these applications. For DApps or Defi to be truly decentralized, the entire stack, from infrastructure to user interface, needs to be decentralized.

Decentralized API services are critical to the development of Web 3 as it promotes scalability and stability , which allows developers to focus on building and releasing good products without distractions. This also reduces the risk for developers as they can develop without large-scale platform risk.

Moderator: We have seen the development of many smart contracts , the automated API is a very important infrastructure, so in order to encourage everyone to use and join Pocket Network, how do you set up your full node incentives?

Michael O'Rourke:Essentially speaking, the Pocket Network protocol is actually a two-sided market, which satisfies the developer's desire for a decentralized foundation The needs of facilities, and the needs of providers with decentralized infrastructure.

Full node operators serve data requests, each request can be POKT mining. You can think of it as a proof of blockchain usefulness ( Proof of *Useful* ). In Pocket, validators are not like PoW mining, where the miner spends money on electricity to create the hash, but instead spends money on providing data to the application. And this data has been verified by the network. The more requests that go through the network, the more incentive to run a node.

For each relay node being served and verified, for every 0.01 POKT created, 89% of it flows to serve these 1% goes to nodes participating as block producers and 10% goes to Pocket DAO. In Pocket, the more nodes you run, the more POKT you earn.

Moderator: So for developers, how can Pocket Network attract them to build here? After all, there are other API services in the market. What is your most attractive feature that attracts people to participate in Pocket Network operations?

  ;Michael O'Rourke:The current Web3 infrastructure has three major problems:

1) Centralization

2) Expensive

3) The user leaked the data to a third party

and other Compared to centralized providers, Pocket Network solves all these major problems.

First of all, we have more than 3000 nodes in today's network located all over the world serving data. Compared with the status quo of the industry, it is a 100-fold improvement. We expect that there will eventually be hundreds of thousands and millions of nodes in the Pocket Network network, creating the world's richest cloud infrastructure.

And we utilize an innovative Token economics model that allows developers to stake POKT for daily RPC requests. This means that developers can remove risks and change sunk costs at any time. This tokenomics model is also compatible with many projects that are rapidly experimenting with new chains/protocols that just need a working infrastructure protocol.

Finally, users of some Dapps leak large amounts of third-party metadata to these entities. Pocket removes this completely and provides a higher level of privacy for Web3 users.

Moderator: Why did Pocket Network decide to cooperate with API3? What does this mean to you?

Michael O'Rourke:The cooperation with API3 is very important for us Exciting because language oracle protocols are the opposite of what we're building. Oracle verifies external chain data for use by smart contracts. Whereas Pocket accepts on-chain data and verifies it for the end user.

We have dynamic pricing in our agreement and will eventually use API3 data services. API3Airnodes will use POKT to serve the blockchains they support. The two agreements fit very well.

Moderator: The middleware market may be the most frequently discussed topic recently. What do you think is the reason why the hype has shifted from the application to the middle

Michael O'Rourke: I think the crypto market is starting to understand the importance of infrastructure and the role it plays in our daily lives. The world is built on middleware.

As the Gas fee on Ethereum remains high, it is difficult for many people to afford this fee. Naturally, people start Moving to scaling and solutions like L2, or migrating to other chains entirely (we’ve seen Binance Smart Chain and Polkadot increase their market cap largely because of this). I think infrastructure is a natural extension of this line of thought, and we're well positioned as a protocol that addresses these needs.

We've also gotten media attention recently, with Deribit Insights highlighting Pocket Networks in their middleware paper, which of course It won't hurt.

Host: So what are your plans for the future? What is the next milestone that Pocket Network has set for itself? What is your blueprint for the next few months?

< span style="font-weight: bold;">Michael O'Rourke: We just hit 1 billion relay nodes recently, which is a big milestone for us. Next, we will launch wPOKT later in the second quarter, which will allow users to pledge wPOKT on Ethereum, and then operate to earn income. We’ve also been working with some exciting projects like Centaur Finance yesterday, which will also be wPOKT’s first launch partner.

As we continue to build partnerships, engage with the community through hackathons and other events, and launch wPOKT, we It is hoped that by the end of 2021, there will be 100 billion relay nodes.

Moderator: Thank you very much Michael O』Rourke for your answer, it seems that some users still want to ask Michael O』Rourke questions.

Community user question: When will the trading platform be launched?

Michael O'Rourke: No definite date can be given, but the Pocket Autonomous Organization has passed a motion and we can strive to list the exchange.

Community user question: There are crowdfunding activities and over-the-counter trading groups on Telegram, will there be another round of crowdfunding in the future?

Michael O'Rourke:Yes , there is an off-site group established by community members on Telegram. The crowdfunding has ended, and there will be no more crowdfunding in the future. We will offer wPOKT through market making on Uniswap.

Community user question: Is there an airdrop plan?

Michael O'Rourke:No This plan.

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