The announcement of support by Algorand for Pocket Network is such big news that will make a life-changing impact in the world of developers.
In the past and present, developers have been mandated to rely on centralized infrastructures to connect to blockchains, running solely on single-source cloud providers which has resulted in hijacked prices, needs to manage multiple endpoints to access different blockchains, limited access, and centralization when networks should be decentralized. Algorand is providing native support for the pocket network’s next-generation decentralized infrastructure thereby enabling rapid cost reduction, a new level of scalability and security, and greater access to blockchain development.
WHAT IS A POCKET NETWORK?
Pocket Network is a decentralized infrastructure platform for the development of peer-to-peer applications. Pocket Network doesn’t rely on a single source for securing applications, rather, a decentralized relay network of full-node operators is used to make Dapps unstoppable.
FEATURES OF POCKET NETWORK:
- Incentivizes full nodes directly through POKT token thereby providing a sustainable growth model for full-node operators at any scale.
- Coordinates applications and full nodes, making it a magnitude cheaper, saving both time and money. Application developers no longer need to hire their own node runners or IT team to run their infrastructure.
- Low barriers to entry, and anyone can participate at any scale
- Highly redundant, impossible to take down, and an unstoppable infrastructure. No single source is relied on to secure your application. Pocket Network coordinates requests through a decentralized relay network of diverse full-node operators.
Algorand, the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products will be the first blockchain to natively point to Pocket’s API protocol, connecting developers to a decentralized relay network of node operators and infrastructure providers.
This will lower the barriers to blockchain application development such as:
- Difficulties with updating and eliminating errors
- Expansion without redeployment of network
- Difficulties in practice
- Huge amount of money and time etc.
Pocket Network integration with Algorand will give developers the tools to leverage two protocols, which when combined will definitely provide developers with unparalleled privacy and the stability needed for their decentralized applications.
It is believed that censorship resistance and a strong supply-side market for layer-2 solutions built on Algorand will be increased with more developers accessing Algorand through Pocket and also providing more Incentives for Algorand nodes to be running across the world.
Visit Algorand to see how Algorand has been removing technical barriers that for years undermined mainstream blockchain adoption.
Pocket token is provided as an incentive to use the Pocket testnet. Pocket tokens will be granted to application developers who start to relay data to Pocket’s network of nodes now. The pocket token will be used to further subsidize the already low infrastructure costs when the mainnet is launched come July 28, 2020.
POKT is used to create a permissionless, two-sided marketplace between node providers who run full nodes and developers that want to query data from a blockchain for an application or service.
Pocket’s architecture will develop a token bridge between Algorand and pocket. The token bridge will work through a system of minting and burning that is completely decentralized.
More accessibility will be provided to the POKT token through the Algorand and Pocket token bridge. Algorand developers will be able to use their ASA-POKT tokens in their applications. ASA-POKT will also be tradeable on Algorand-supported exchanges by everyone and also sendable to Algorand-supported wallets.
Bordless Capital, a modern financial institution investing capital and building financial products that accelerate access, bootstrap adoption, and creates value globally through the Algorand Bordless Economy has invested in Pocket. Borderless Capital is also committed to connecting the large number of Algorand relay and participation nodes that it runs to the Pocket Network.
Pocket says that “One day there will be thousands of open protocols governing our lives and we’ll have servers in our homes accessing Web 3.0 like WIFI routers.” Pocket hopes to achieve this by providing the foundation to empower developers to connect their applications to the next generation of the web.
The Algorand blockchain is a secure decentralized permissionless pure proof of stake open-source blockchain with the main purpose of developing concepts and reasonable ideas into usable products. It is backed by the algorand foundation; a group of people having past work experience in different parastatals with the vision of achieving a borderless economy through a permissionless blockchain.