Pocket Network (POKT) is a decentralized protocol designed to serve as Web3's RPC base layer, providing a reliable and performant infrastructure for developers, applications, and users. It operates on the principles of decentralization, ensuring data accessibility, reliability, and cost-effectiveness through a global network of independent nodes.
Pocket Network (POKT) is a decentralized infrastructure API designed for Web3 applications. It provides a trustless protocol that enables developers to access blockchain data through a relay network of full nodes. Here's how it works:
Decentralized RPC Access: Pocket Network offers reliable, performant, and cost-effective RPC (Remote Procedure Call) access to various blockchain networks, including Ethereum, Polygon, Binance Smart Chain, and others.
Node Operators: Node operators run full nodes that act as relays to external blockchains. These nodes are incentivized through a proof-of-stake consensus mechanism, where they stake POKT tokens to participate in the network. The more nodes a user runs, the higher their chances of serving relays and earning rewards.
Staking and Rewards: Node operators stake at least 15,000 POKT tokens per node to participate. Rewards are dynamic and proportional to the number of relays and transaction fees processed. For each relay served, 0.01 POKT is minted, with 89% going to the serving node, 10% to the Pocket DAO, and 1% to the block producer.
Web3 Applications: Developers can use Pocket Network to build Web3 applications by accessing blockchain data through the relay network. This eliminates the need for centralized services and ensures a secure, decentralized infrastructure.
Gateway and APIs: Pocket Network provides a gateway to decentralized blockchain data, offering lightning-fast APIs, live tracking capabilities, and robust analytics. This streamlines the development process for Web3 applications.
In summary, Pocket Network is a decentralized infrastructure that enables developers to access blockchain data through a relay network of full nodes, incentivized by a proof-of-stake consensus mechanism. This infrastructure supports the development of Web3 applications, ensuring a secure and decentralized environment.
To store Pocket Network (POKT) tokens, you can use several wallets. The official POKT Wallet is recommended, which allows you to easily send, receive, and non-custodially stake your POKT tokens. Here are the steps to create a Pocket Wallet:
- Visit the Pocket Wallet website: Navigate to https://wallet.pokt.network using any browser.
- Create your wallet: Enter a passphrase (password) that meets the specified requirements (at least 8 characters, a mix of letters and numbers, including one uppercase letter and one special character). Click
Create
to proceed. - Save your Keyfile: Download the keyfile and securely back it up along with your passphrase. Press
Continue
to complete the wallet-creation process.
Additionally, you can use other wallets like Ledger and NodeWallet, which are approved for wrapping and unwrapping POKT tokens.
To buy Pocket Network (POKT) tokens, follow these steps:
Choose a Crypto Exchange: Select a reputable crypto exchange that supports POKT trading, such as Gate.io, Bybit, KuCoin, MEXC, or CoinEx. Compare fees, security features, and supported currencies before choosing an exchange.
Create an Account: Register a free account on the chosen exchange. Provide personal information, including your name and email address. Complete KYC (Know Your Customer) verification to increase withdrawal limits and unlock additional features.
Deposit Funds: Deposit fiat currency (e.g., USD, EUR) or another cryptocurrency (e.g., USDT, BTC, ETH) into your exchange account. Some exchanges support direct fiat purchases, while others require buying a stablecoin like USDT first.
Buy POKT: Use your deposited funds to buy POKT tokens. You can place a Market Order or a Limit Order. Market Orders execute quickly at the best available price, while Limit Orders specify a maximum price to buy at.
Store POKT: Store your POKT tokens in the exchange's wallet or transfer them to a personal crypto wallet (e.g., Trust Wallet) for long-term storage. Consider using a cold wallet for added security.
Monitor and Trade: Keep track of your POKT investment and trade it for other cryptocurrencies on the exchange if needed.
For more detailed information and specific exchange procedures, refer to the guides provided by CoinCarp, CoinGecko, and MEXC.