Crypto is a term used to describe a decentralized digital currency such as Bitcoin. The most popular version of crypto is Bitcoin, and while the concept of crypto has existed long before Bitcoin, it was Bitcoin that really sparked the desire for crypto to be adopted as a mainstream currency. It’s the first decentralized currency, meaning that no one will control the rules. It’s also the first digital currency that has adopted the P2P format. It means the currency circulates directly between those who own it, rather than going through a centralized financial institution.
Currently, the easiest way to get access to the internet today is via a cable connection or a wireless router. However, in the near future, the world will see the emergence of a new infrastructure that will replace the traditional way: it will be known as the Pocket Network. It will be a mesh network that will allow users to get access to the internet all around the world, with the best coverage possible, while providing users with peer-to-peer technology and cryptocurrencies.
There are a lot of different ways you can use cryptocurrencies, but we’re going to focus on PKOIN. You can see why by asking yourself why you would want to use crypto in your everyday life. PKOIN is a platform that allows for P2P transactions between people and businesses, and it’s a great solution for dealing with everyday problems like paying bills, paying for goods, or even when buying your groceries.sponsored by Pocketnet is a brand new way to create a social networking platform based on the cryptocurrency Pocketcoin (PKOIN). It’s a mix of traditional social media and bitcoin platforms, with some new advanced features like the ability to auction your content through NFT-Scarce. Pocketcoin (PKOIN) is a proof-of-stake token that allows creators to earn cryptocurrencies for their content and protect it from arbitrary censorship through community moderation. The blockchain keeps track of reputation, and users with high reputation moderate the platform. PKOIN is intended for decentralized advertising, message amplification, buying unique fonts and themes on Pocketnet, and auctioning rare NFT tokens in future releases. Pocketnet is a network of peer-to-peer nodes that are completely decentralized and managed by users (hundreds of nodes are already in use worldwide).
Get your internet back with Pocketnet Exclusive live Crypto challenge
Pocketnet announces an exclusive live event for cryptocurrency enthusiasts. The event consists of four live sessions on June 10, 17, 24 and 29 and is titled Take Back the Internet with Pocketnet: An exclusive discussion on cryptography. Learn how the Pocketnet blockchain and Pocketcoin (PKOIN) will change the Internet forever. Speakers include key Pocketnet developers and surprise guests. Recordings of this exclusive and private event are not available to the general public. Register today to reserve your spot. Register HERE for the free crypto-currency contest.
Pocketnet publishes new white paper in English and Chinese
The Pocketnet Core team has released a new whitepaper with ambitious plans for future development, decentralized encrypted p2p chat, encrypted NFTs, and decentralized advertising based on smart contracts on social networks. Read it HERE in English and HERE in Mandarin Chinese.
Launch a video platform and an incentive programme for vloggers
Pocketnet announces a decentralized video platform that rewards content creators with Pocketcoin. The video platform will include live video streams with transparent Pocketcoin (PKOIN) crypto-currency donations. Pocketnet has also announced a special PKOIN incentive program for vloggers. For every 10,000 views with at least 250 five-star ratings, the author automatically receives a reward of 350 PKOIN. This is in addition to the usual rewards for high ratings on Pocketnet. So a former successful Youtuber can earn much more on Pocketnet. Creating a decentralized video hosting platform is an important matter for several reasons:
- Video is becoming the most important means of communication
- The large providers inevitably abuse their quasi-monopoly position by controlling most of the value added by subscribers.
- Making video available and distributing it over the Internet requires substantial and ongoing investment in infrastructure, most of which is currently held directly or indirectly by the same monopolies.
How does a Pocketnet video solve these problems? Pocketnet Video uses PeerTube’s open source technology, but improves it in a few important ways. Pocketnet’s blockchain provides a centralized, coordinated ledger; it controls which server hosts which video, who books who, and most importantly, how servers are compensated for their services. Here is the structure of the Pocketnet video network on blockchain:
- The Pocketnet video server is registered in the blockchain. The server has a public address and blocks a certain amount of Pocketcoin (PKOIN) to be considered a valid server. It also publishes its IP address.
- Each Pocketnet user has a valid login and password for each server (the login and password are deterministically derived from the Pocketnet private key via one-way functions).
- When a server is registered, its public key is used to deterministically assign the server to a cluster using a method called Rendezvous Hashing (also called Hashing with Highest Random Weight). All servers in the cluster fully support each other. This creates stability. If the number of servers in a cluster is less than 5, new servers are assigned to that cluster by the blockchain algorithm.
- Every week, each server confirms its participation in the network, confirms its IP address and publishes its current video reception capacity, i.e. the space still available. If the remaining space is not enough to stay in the cluster (more than 30% below the cluster median), this server is excluded. He can still earn coins for videos already uploaded, but will not be counted when new videos are uploaded to this cluster.
- Each video message belongs to a particular group based on the same rendezvous hashing algorithm (the video transaction ID is multiplied by the public key, and then the group with the hash value closest to it is selected).
- After watching a video on the Pocketnet platform, users are asked if they liked the quality of the video. High scores increase the reputation of each server and allow them to earn Pocketcoins (PKOIN) to spend on a Coinstake transaction, while low scores decrease the reputation. As a result, servers that provide poor connection quality or fail to store allocated videos are penalized and eventually eliminated.
- When a video is uploaded for the first time, a minimum PKOIN payment is required, in addition to the blockchain transaction fee. This amount covers the hosting of the videos for 6 months. For this price, all active servers with a high reputation vote for MB.
- After 6 months, videos that don’t reach the minimum popularity bar (that don’t generate enough PKOIN for the servers) should be removed. The author must pay the same minimum amount to PKOIN so that they are not removed. In this scenario, a message is displayed in the Pocketnet application. This allows them to store only the requested videos and compete with centralized platforms.
You can see here how Pocketnet solves problems A, B and C described above.
- The tragedy of the commons. This problem is solved because servers are now paid for their work and there is no longer a free public resource that others can abuse. The Pocketnet blockchain and Pocketcoin (PKOIN) solve this complex problem and unlock huge computational resources without requiring permission from Amazon AWS or any other similar system.
- Decentralised agreement. The Pocketnet blockchain serves as the consensus layer. It assigns each server to clusters, algorithmically controls the number of servers in the cluster, and assigns each video to specific clusters where it is stored redundantly.
- Quality. Servers have an incentive to deliver good quality, otherwise they ruin their reputation and lose the chance to earn PKOINs and, more importantly, to burn blocked PKOINs.
So you have a fully deterministic algorithm that assigns each new server to the cluster and assigns each new video to the cluster. In a cluster, all servers are synchronized, which ensures stability. The only known solution before Pocketnet only solved one of the three problems (i.e. #2) and it was suboptimal. You’re talking about a distributed hash table. DHT is used by torrent systems to locate a file on the system. Not only does DHT not solve problems 1 and 3, but DHT tables are notoriously slow and inefficient. You have to navigate through the DHT table to find the file, whereas with the combination of the Pocketnet blockchain and rendezvous hashing (also known as highest random weight hashing), the cluster is found immediately based on the state of the blockchain at the time the video was uploaded. Synopsis: Pocketnet and Pocketcoin (PKOIN) are growing rapidly after exiting the beta phase. The platform now has features that were previously reserved for the centralized platforms of large technology companies. Pocketcoin (PKOIN) contributes to the growth of the platform by allowing content creators and node operators to earn money to maintain and develop the decentralized platform. Via Pocketnet: Pocketnet is a decentralized, open-source, unincorporated project. It is inspired by bitcoin and can be called the bitcoin of social networks, with the only difference being that it uses the energy-efficient proof-of-stake algorithm. Pocketnet is based on a network of decentralized peer-to-peer nodes, giving users complete control over their data and content. Pocketnet rewards node administrators and all content creators. Active users can earn a reputation and then participate in an advanced content moderation system. Many active bloggers have turned away from the social media of large technology companies and turned their attention to Pocketnet. Pocketcoin (PKOIN) is a native token that enables the Proof-Of-Stake network, with an issue limit of 24,375,000. There was no pre-mining or ICO, as the Pocketnet team adheres to Bitcoin’s organic growth model. Download here the Pocketnet technical summary in English Download here the technical presentation of Pocketnet in Mandarin-Chinese. Access the Pocketnet GitHub here This is a sponsored article. Find out how to engage our audience here. Read the disclaimer below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Highlighted by bitcoin.com, Pocketnet & Pocketcoin (PKOIN) are two cryptocurrencies that are set to change the Internet forever with Crypto & P2P tech. These two projects are sponsored by PocketHole, the advertising platform for the P2P market powered by the PKOIN coin. PocketHole is a unique advertising and content distribution platform that provides users with a cryptographically secure way to exchange digital goods, including cryptocurrency.. Read more about pokt network token price and let us know what you think.
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