PocketNet is a fundamentally new way of creating social media platforms powered by cryptocurrency PocketCoin (PKOIN). It is a mix of traditional social media platforms and bitcoins with some cutting-edge new features, such as the ability to auction your content via NXT-Scars.
PocketCoin (PKOIN) is a proof-of-stake token that allows authors to earn crypto for their content and protect them from arbitrary censorship through community moderation. The blockchain tracks reputation and users with high reputation moderate the platform. PKOIN is up for auction of NFT-Scarce tokens in upcoming releases, along with decentralized advertising, post promotion, unique fonts and themes in PocketNet. PocketNet is a network of fully decentralized identical nodes that are run by users (hundreds of nodes are already in operation worldwide).
Take the internet back with PocketNet: Exclusive Live Crypto Challenge
Pocketnet announced Limited space exclusive live event For Cryptocurrency Hobbyists. The event will include four live sessions on June 10, 17, 24, 29 and will be called Take Back the Internet: Exclusive Crypto Challenge with PocketNet. Learn how Pocketnet and Pocketcoin (PKOIN) change the blockchain Internet forever. The speakers will be PocketNet core developers and surprise guests. No public full recordings will be available from this special close-door event. Register today to reserve your place. Register for Free Crypto Challenge Here.
PocketNet released new whitepaper in English and Mandarin
The PocketNet core team released a new whitepaper that outlines ambitious plans for further development, including decentralized P2P encrypted chat, encrypted NXT and decentralized social network advertising based on smart contracts. Read in English here And in sugar Mandarin here.
Video Platform and Vlogger Promotion Program Released
PocketNet announced the release of a decentralized video platform with content creators awards at Pocketcoin. The video platform PocketCoin (PKOIN) is set to include live video streams in cryptocurrency with seamless donations. PocketNet also announced a special PKOIN incentive program for vloggers. Each 10K view will give the writer an automatic reward of 350 PKOIN with a minimum 250 five-star rating. This is in addition to the standard awards for high ratings in PocketNet. Thus, a successful former YouTuber can earn significantly more on PocketNet.
Creating a decentralized video hosting platform is an important question for several reasons:
- Video is becoming the main medium of communication
- Large providers inevitably misuse their quasi-monopoly positions, owning most of the value generated by the participants
- Infrastructure requires a large, fixed cost to host the video and play it on the web, which is now mostly directly or indirectly owned by the same monopoly players.
How does PocketNet Video solve these problems? PocketNet Video uses an open-source technology called PeerTube but advances it in some important ways. The PocketNet blockchain provides a centralized coordinated ledger, controls which servers host which videos, which ones to back up, and most importantly how servers are compensated for their services. Here is the structure of the PocketNet video network on the blockchain:
- The PocketNet video server is registered on the blockchain. The server has a public address and locks some 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 of course obtained from the PocketNet private key via one-way functions).
- When a server is registered, its public key is used to deterministically map a server to a cluster using a method called randomisation hashing (also called highest random weight hashing). All the servers in a cluster back up each other completely. This creates stability. If the number of servers in a cluster is less than 5, the blockchain algorithm assigns new servers to that cluster.
- Each server weekly confirms its participation in the network, verifies its IP address and publishes its current ability to accept video, ie how much space is left. If the remaining space is not sufficient to reside in the cluster (it is more than 30% below the median in the cluster), then that server is excluded. It can continue to earn coins on any video already uploaded but is not considered for new video uploads in that cluster.
- Each video post is assigned to a certain cluster based on the same rendezvous hashing algorithm (the video transaction ID is multiplied by the public key, then the cluster with the closest hash is selected).
- After watching the video on the PocketNet platform, users will be asked if they like the quality of the video. Higher points will increase each server’s reputation and win them PocketCoin (PKOIN) by emitting in a Coinstake transaction, while lower points will reduce reputation. Therefore, servers that provide low-quality connections or do not actually store the video to which they were assigned will be penalized and eventually excluded.
- When the video is first loaded, there is a minimum PKOIN payment above and beyond the blockchain transaction fee. It covers video hosting for 6 months. This fee per MB will be voted on by all legitimate servers with high reputation.
- After 6 months, videos that do not meet the minimum popularity bar (do not generate enough PKOIN for the server) have to be removed. The author will be required to pay the same minimum amount of PKOIN so that they are not removed. In such a situation, there will be a notification in the PocketNet app. This will allow them to hold only requested videos and compete with centralized platforms.
Here’s how PocketNet solves the problems A, B and C above.
- tragedy of the commons. This has been resolved because now servers are compensated for their efforts and there is no free public resource that can be misused by others. So PocketNet blockchain and Pocketcoin (PKOIN) solve this difficult problem when opening huge computing resources without the need for permission from Amazon AWS or any such system.
- Decentralized Agreement. The PocketNet blockchain serves as the consensus layer. It maps each server to a cluster, algorithmically controlling the number of servers in the cluster, while mapping each video to a specific cluster where it will be unnecessarily stored.
- Quality. Servers are encouraged to provide good quality, otherwise they will destroy the reputation and lose the ability to earn PKOIN and more importantly, burn off the PKOIN.
Thus, you have a completely deterministic algorithm that maps any new server to the cluster and any new video to the cluster. All servers within a cluster are synchronized providing stability. The only known solution before PocketNet solved only one of the three problems (especially # 2) and did it in a suboptimal way. You are talking about a distributed hash table. DHT is used in torrent systems to locate files within a system. Not only does DHT solve problems # 1 and # 3, but DHT tables are extremely slow and inefficient. In search of the file the DHT should bounce around the table, while in combination with the PocketNet blockchain and the RandySavus hashing (also called the highest random weight hashing), the cluster is immediately found based on the state of the blockchain of the uploading video.
Summary: PocketNet and PocketCoin (PKOIN) are evolving rapidly after coming out of beta. The platform now has features that were once considered a special province of the centralized Big Tech platform. PocketCoin (PKOIN) facilitates platform development by allowing content creators and node operators to earn to maintain and develop decentralized platforms.
PocketNet is a decentralized, open-source, non-corporate project. It is based on bitcoin and can be called bitcoin of social networks, the main difference being that it uses an energy-efficient proof-of-stake algorithm. PocketNet is supported by a network of similarly decentralized nodes, in which users maintain complete control over their data and content.
PocketNet rewards node operators and all content contributors. Active users can gain reputation and then participate in sophisticated content moderation systems.
Many active bloggers have left the social networks of Big Tech and shifted their focus to PocketNet.
PocketCoin (PKOIN) is the original token that facilitates a proof-of-stake network, and emissions are limited to 24,375,000. There was no preamine or ICO, as the PocketNet team is dedicated to the bitcoin model of biological evolution.
Download pocketnet whitepaper in english Here
Download the PocketNet whitepaper in Chinese Mandarin Here
Access PocketNet GitHub Here
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