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.
At mainnet launch, which is scheduled for July 28th, the POKT Network will be supporting both Ethereum and POKT mainnets with plans to support more blockchains in the future.
Staking will be enabled when the Pocket mainnet launches on July 28, 2020, and while transfers will be disabled, we expect that they will be enabled on November 10, 2020.
POKT token, which will have an initial supply of 650 million and will be capped at 1.5 billion.
Rewards are exclusively newly-issued POKT tokens. The reward rate will be based upon usage, since new POKT issuance only occurs when the Pocket Network is used, and the rate may be changed via Pocket’s governance DAO.
If you are delegating your tokens to a staking provider, the staking provider will take custody and will be in control of your staked token.
Yes. Sending a fraudulent relay batch results in losing 100% of a node’s staked POKT. A Service Node that serves incorrect data or incorrect block validation loses 3000 POKT (20% of minimum stake of 15,000 POKT).
Additionally, a node can be temporarily jailed (and no longer earn rewards) for missing 10 consecutive blocks.
These parameters can be changed via Pocket’s governance DAO.
New issuance will be based upon usage, since new POKT issuance only occurs when the Pocket Network is used. Service Nodes receive 89% of new issuance, block producers receive 1%, and the Pocket DAO (community pool) will receive 10%.
At network maturity, any new inflation will be balanced out by Application stake being burned at the same rate.
The Aragon-based Pocket DAO will be used to govern the network.