Staking Hub: POKT Network
POKT is a decentralized infrastructure platform that provides trustless access to the full API for any blockchain client, through a global, distributed network of node operators. On July 15th, POKT Network CEO Michael O’Rourke, CTO Luis de Leon, Growth Lead Alberto Jauregui, and Governance Lead Jack Laing joined us to answer all of our POKT Network questions.
- POKT plans to remove the current barriers of connecting to blockchains via their decentralized network of node operators.
- Applications can connect to multiple blockchains via POKT.
- Developers must stake POKT to connect to blockchains.
- Minimum stake for node operators is 15k POKT.
- Governance will exist off-chain.
- 100% slashing penalty for a fraudulent relay batch.
- Supporting Ethereum mainnet at launch with other networks planned for the future.
As mentioned before, POKT is a decentralized infrastructure platform that provides trustless access to the full API for any blockchain client, through a global, distributed network of node operators. There are three layers to the POKT Network:
Applications – submits Relays, or API requests meant to be routed to any public database node.
Nodes – service these Relays, by submitting them to the public databases they are meant for, and sending the response (if any) back to the Application
Network Layer – comprised of all the rules, protocols and finality storage that serve as the backbone of the interactions between Applications and Nodes, including (but not limited to), configuration, record tracking, governance and economic policy.
POKT is the network token on the POKT Network. POKT is used by applications to pay for relays and API requests, and nodes are rewarded in POKT for performing these requests.
Barriers of Web 3
POKT CEO Michael O’Rourke stated that there are currently 4 main barriers to connecting to Web 3 protocols:
Cost – Blockchain nodes are databases not optimized for web scale. It can become extremely costly to run even a single node in the cloud due to the size of certain chains. It can get even more expensive when your application needs to scale to multiple nodes.
Complexity – Managing your own blockchain infrastructure for your application is not easy, and it is much more difficult than traditional Web 2 solutions.
Fragmentation – We are at the beginning of an explosion of new Tendermint based chains, parachains, and sharded blockchains, which will make it increasingly more difficult for single service providers like wallets, data providers, and exchanges to justify supporting these new chains since they would have to rely on running their own node for each new chain.
Redundancy – Whenever you need a redundant infrastructure set, not only does an application need to provision the infrastructure, but actually sync these nodes before they can be used which increases in complexity the more different blockchains your application needs.
POKT plans on being a decentralized solution for these problems by offering the same latency and reliability as centralized services. Because POKT is decentralized, the POKT team states that there will be some advantages of using POKT like increased redundancy and data integrity when compared to using centralized services.
Developers using POKT
The POKT team stated that developers who plan to use POKT will have access to a dashboard and gateway that will provide a familiar experience to any developer who has used an API key from a traditional service provider.
In order to use POKT, a developer must stake POKT which will give them a guaranteed amount of relays per session for the life of the stake. At launch, one staked POKT token will allow for 1.67 relays per session, which is an hour on the POKT network. Applications using POKT can connect to as many blockchains as they want as long as they are supported by the POKT network.
Every node on POKT has the same chance of doing work regardless of the amount of POKT staked.
That said, nodes with a larger amount of POKT staked have a greater chance of being elected as the block producer. Block producers earn 1% of all POKT produced in the block they produce.
The minimum staking requirement for participating as a node on the POKT network is 15,000 POKT.
At launch, nodes will earn 0.01 POKT per successful relay.
There will be a 100% slashing penalty for fraudulent relay batches (nodes that submit claims stating that they provided more relays than they actually did) on the POKT Network.
Governance on POKT will exist off-chain, and will initially exist on Aragon with plans to transition to Arachain in the future.
Treasury, monetary policy, and protocol upgrades will ultimately be decided by the POKT DAO. The DAO will initially have a set of 11 voters consisting of node runners, applications, and investors with plans to increase this number in the future.
“We have a strong belief that pure coin-voting is not the right way to govern a protocol sustainably over the long run. We have designed a permissive system, where any Pocket participant (app, node, community member) can have a DAO vote as long as they stake in the DAO treasury.”Jack Laing, Governance Lead at POKT Network
At mainnet launch, which is scheduled for July 28th, the POKT Network will be supporting both Ethereum and POKT mainnets.
That said, POKT is hardcoded to support a majority of blockchains like Filecoin, Flow, and Tezos. The POKT team is currently working on integrations for Algorand, Matic, and Solana.
Bringing blockchains “online” on POKT is decided by the POKT DAO.
“To bring a blockchain “online”, meaning it can start generating block rewards for nodes, the DAO will signal support by at least 5% of voters configuring their app/node for the blockchain.”Alberto Jauregui, Growth Lead at POKT Network
Special thanks to Michael, Luis, Alberto, and Jack for spending an hour with Staking Hub to answer all of our questions!
Thanks to our Staking Hub community for all of your wonderful questions.
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