What Is Pocket Network (POKT) How It Works & Where To Buy It?

Pocket Network is a leading decentralized API that claims to optimize Web3 applications. The decentralized platform achieves this by improving decentralization, costs, and general sustainability.

POKT is the utility token of the Pocket Network and is used to secure the network through staking.

POKT is currently the 199th largest cryptocurrency by market capitalization.

 

How Pocket Network (POKT) Works

Pocket network’s unique and uniform API allows for seamless integration with any of the supported blockchains. Developers benefit from this because they no longer need to do individual integrations.

Pocket Network brings an incredibly valuable and necessary blockchain product to the market, and the infrastructure providers can assist blockchain networks in just a few clicks.

Intercommunication between applications and network layers is simplified through the Pocket Network. Communication is handled through nodes, which are tasked with facilitating API requests – the requests are between apps and public databases. The responses are then required to be securely returned to the particular application.

The technical functionality of applications and nodes:

• A session-generated algorithm ensures optimal and secure communication between apps and nodes
• Each application has 5 nodes assigned to it – these nodes are assigned pseudorandomly
• Nodes are tasked with processing various API requests
• Nodes receive rewards in POKT tokens for their network contributions (rewards are proportionate to the number of requests serviced)

The system that ensures network integrity and decentralization is achieved by the creation of backups for nodes that don’t return a result or fail to perform optimally. Every node receives a fair opportunity to participate in the following session.

The Pocket Portal

Applications need to stake POKT tokens or utilize a service that stakes on their behalf, such as the Pocket Portal, to take advantage of the huge redundancy of the Pocket Network’s node pool.

Each application’s throughput capacity is determined by the amount of its stake. Similar to that, validators that want to offer infrastructure services must stake POKT. The payout for each verified relay and the number of relays permitted per POKT vary with time.

Each node’s stake is used as a guarantee to ensure they participate honestly. Additionally, validators that are constantly performing inefficiently are penalized and are subject to a portion loss of their stake.

The blockchain platform is maintained by the Pocket DAO, which is directly run by Pocket users and controlled by POKT stakers. These network participants play a crucial role in the decision-making of the protocol and ensure that all systems run seamlessly.

Individuals who have staked POKT are granted excluding voting rights that they can exercise when proposals arise. Node operators, like on most decentralized networks, are tasked with ensuring the network runs smoothly and transparently. Full nodes compete to provide applications with the required service – this ensures a collective contribution to improve the functionality of the network.

Individuals seeking more information about the Pocket Network protocol can read the whitepaper for a detailed overview.

 

What Is Pocket Network (POKT) Used For?

Pocket Network solves various issues, and this is why the blockchain protocol has become incredibly popular recently. For example, Pocket Network allows individuals to save on fees, rather than paying exorbitant fees to data providers like AWS.

Additionally, the Pocket Network offers a very innovative value proponent that saves users’ data – applications can decrease their bandwidth fees drastically by simply staking POKT.

The pocket network uses a well-thought-out system to achieve optimization. The network users geographically distributed nodes to service particular applications; this essentially reduces latency drastically and improves the overall user experience.

Additionally, many arbitrage and swing try to capitalize on price fluctuations. Because cryptocurrencies are so volatile, these fluctuations (if timed correctly) can be incredibly profitable. However, there is a significant amount of risk involved in these types of trading.

 

Where To Buy Pocket Network (POKT) Token

POKT has recently gained a lot of attention in crypto media; this is largely due to the unique value proponents that the project offers.

POKT tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase POKT, you’ll need to deposit fiat money onto an exchange; sequentially, POKT tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

1. OKX
2. HTX
3. KuCoin
4. Binance

POKT token holders are incentivized to stake their POKT tokens because they receive rewards for their network contributions.

Many individuals opt to transfer tokens off centralized exchanges because then they have full control over their crypto assets and private keys.

None of the abovementioned information is investment advice.

 

About Pocket Network (POKT)

How long has Pocket Network (POKT) existed?

Pocket Network was initially launched on the 28th of July, 2020. The blockchain protocol has grown immensely in popularity and adoption since its listing on cryptocurrency exchanges.

The protocol was founded by Michael O’Rourke, who is a well-known figure in the crypto space. The protocol is also backed by some notable partners including Zee Prime Capital – the blockchain platform has become so sought after because it has had zero downtime.

What’s controversial about Pocket Network (POKT)?

Anyone thinking about investing in the crypto industry should always exercise caution because it is infamous for being controversial. It’s important to learn as much as you can about cryptocurrencies and blockchain before deciding to invest in any cryptocurrency projects. Additionally, no one should ever spend more than they can afford to lose.

Numerous scam projects attempt to take advantage of the obvious lack of regulation in the cryptocurrency industry by preying on regular investors.

Let’s take a look at the top controversy surrounding Pocket Network (POKT):

• Competition / Web 3 – Some individuals may see this as positive, while others might see it as negative. The Pocket Network is specifically catered to web 3 applications. It claims to be more efficient, affordable, and reliable than traditional providers such as Amazon Web Services.
• The Web 3 sector is growing at a rapid speed and Pocket Network has already established itself as one of the top projects & solutions providers in the space. The success of the protocol relies largely on the ability of the team to grow user adoption and continue offering the best solutions in the sector.

How many Pocket Network (POKT) Tokens are there?

At the time of writing, Pocket Network (POKT) has a circulating supply of 1,127,769,763

The total supply of Pocket Network (POKT) is 1,284,176,478

Pocket Network (POKT) has an unlimited supply

Can Pocket Network (POKT) be mined?

POKT tokens can’t be mined. The protocol uses a proof of stake consensus to secure the state machine – therefore, POKT tokens can’t be mined.

Many websites advertise that users can ”mine POKT”, but this is misleading information, and it should be noted that it’s not possible to mine POKT.

However, users can earn generous yields by staking POKT tokens and receiving rewards for their network contributions.

Some centralized exchanges allow users to earn yields from staking their POKT tokens.

What is the market cap of Pocket Network (POKT)?

The market cap of Pocket Network (POKT) is: the total amount of coins in circulation x the current market price of POKT.

Pocket Network (POKT) Market Cap = 1,127,769,763 POKT x $0.126 = $141 million (199th largest market cap)

POKT is currently one of the top 150 cryptocurrencies by market capitalization.

 

Biggest Competitors Of Pocket Network (POKT)

Pocket Network has already managed to provide support to multiple blockchain networks, including Fantom, Solana, and Binance.

Pocket Networks’s Biggest Competitors are:

• ANKR
• FLUX

 

What Are The Future Plans of Pocket Network (POKT)?

The Pocket Network team has announced it will be focusing on adding more utility to the POKT token and growing the number of partnerships the project has. At the current moment, the most direct priority is ensuring a reliable network that facilitates the needs of all applications and blockchain networks.

The current incentivization structure works in favor of the network contributors, and many believe it is a fair and generous mechanism.

 

Pros And Cons Of Pocket Network (POKT)

Pros:

• Streamlined Integration – One of the major solutions provided by the pocket Network is streamlined integration. The Pocket Network allows for collective integration rather than individual integrations for blockchain networks. This saves time and reduces costs, resulting in a collectively beneficial service for all participants.
• Rewards Mechanism – Pocket Network helps address a common issue that has plagued nodes in the crypto space – incentivization. In the Pocket Network, nodes are incentivized according to the accurate services they provide, and they’re penalized if they don’t perform optimally.

  This ensures that blockchain networks are upheld to an excellent standard, ensuring overall security and efficiency. This system also ensures that applications are always prioritized and can depend on the security and reliability of the network.

Cons:

• Unlimited Supply – One of the major drawbacks of the protocol, according to some individuals, is the fact that POKT doesn’t have a fixed supply. One of the main considerations by potential investors is the token supply – tokens with a fixed token supply are seen as more scarce.

  If there are a limited amount of tokens, it is indicative that there might be a demand for these tokens in the future. The Pocket Network’s POKT token doesn’t have a fixed supply, and the supply for POKT is unlimited.