Pocketnet is a fundamentally new way to build a social media platform powered by the cryptocurrency Pocketcoin (PKOIN). It is a mix of traditional social media platforms and Bitcoin with some cutting-edge new features, such as the ability to auction off your content through NFT-Scarce.
Pocketcoin (PKOIN) is a Proof-of-Stake token that allows authors to earn crypto for their content and protects them from arbitrary censorship through community moderation. Blockchain tracks reputation and high reputation users moderate the platform. PKOIN is for decentralized advertising, boosting posts, buying unique fonts and themes in Pocketnet, as well as auctioning off NFT-Scarce tokens in the upcoming releases. Pocketnet is a network of fully decentralized equal nodes ran by users (hundreds of nodes around the world are already in operation).
Take Back the Internet with Pocketnet: Exclusive Live Crypto Challenge
Pocketnet announces a limited space exclusive live event for cryptocurrency buffs. The event will consist of four live sessions on June 10, 17, 24., 29 and will be called Take Back the Internet with Pocketnet: Exclusive Crypto Challenge. Learn how Pocketnet & Pocketcoin (PKOIN) blockchain changes the internet forever. The speakers will be Pocketnet core developers and surprise guests. There will be no public full recordings available from this exclusive closed-door event. Register today to reserve your spot. Register for the Free Crypto Challenge HERE.
Pocketnet Releases New Whitepaper in English and Mandarin
Pocketnet Core team released a new whitepaper outlining ambitious plans for further development, decentralized p2p encrypted chat, encrypted NFTs and decentralized social network advertising based on smart contracts. Read it in English HERE and in Chinese Mandarin HERE.
Release of the Video Platform & Vlogger Incentive Program
Pocketnet announces release of the decentralized video platform with content creators’ rewards in Pocketcoin. The video platform is set to include live video streams with seamless donations in Pocketcoin (PKOIN) cryptocurrency. Pocketnet also announces a special PKOIN incentive program for vloggers. Every 10K views with a minimum of 250 five-star ratings will bring the author an automatic reward of 350 PKOIN. This in addition to the standard rewards for high ratings in Pocketnet. Thus, a successful former youtuber could earn significantly more on Pocketnet.
Creating a decentralized video hosting platform is a crucial question for several reasons:
- Video is becoming the main medium of communication
- Large providers inevitably abuse their quasi-monopoly positions by owning most of the value generated by the participants
- Hosting video and playing it on the web requires large, fixed cost in the infrastructure that is now mostly owned directly or indirectly by the same monopolistic players
How Pocketnet video solves these problems? Pocketnet video uses an open-source technology called PeerTube but advances it in some important ways. Pocketnet blockchain provides a centralized coordination ledger, it controls which server hosts which video, who backs up whom, and very importantly how servers are compensated for their services. Here is the structure of the Pocketnet video network on the blockchain:
- Pocketnet video server registers 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 to each of the servers (the login and password are deterministically derived through one-way functions from the Pocketnet private key).
- When a server registers, its public key is used to deterministically map a server into a cluster using a method called Rendezvous Hashing (also called Highest Random Weight Hashing). All servers within a cluster fully back each other up. This creates stability. If the number of servers in a cluster is below 5, new servers are assigned to that cluster by the blockchain algorithm.
- Each server confirms its participation in the network weekly, confirms its IP address and publishes its current capacity to accept video i.e., how much space is left. If the space left is not enough to remain 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 videos already uploaded but is not considered for new video uploads into that cluster.
- Each video post is assigned to a certain cluster based on the same Rendezvous Hashing algorithm (video transaction ID is multiplied by the public key, then the cluster with the closest hash is selected).
- After watching a video on the Pocketnet platform users will be asked if they liked the quality of the video. High marks will increase the reputation of each server and win them Pocketcoin (PKOIN) from the emission in the coinstake transaction, while low marks will reduce the reputation. Therefore, servers that provide low quality connection or do not actually store the video to which they were assigned, will get penalized and eventually excluded.
- When video is first loaded, there is a minimal PKOIN payment above and beyond the blockchain transaction fee. This covers the video hosting for 6 months. This fee per MB will be voted on by all valid servers with high reputation.
- After 6 months, videos that do not meet the minimum popularity bar (do not generate enough PKOIN for the servers) will need to be deleted. The author will need to pay the same minimal amount of PKOIN to keep them from deletion. There will be a notification in the Pocketnet app in such a scenario. This will allow them to keep only requested videos and compete with centralized platforms.
Here is how Pocketnet solves problems A, B & C above.
- Tragedy of the commons. This is solved because now servers are compensated for their efforts and there is no longer a free public resource that can be abused by others. So Pocketnet blockchain and Pocketcoin (PKOIN) solve this difficult problem, while opening vast computing resources without requiring permission from Amazon AWS or any such system.
- Decentralized agreement. Pocketnet blockchain serves as the consensus layer. It maps every server into a cluster, controls the number of servers in a cluster algorithmically, while mapping every video into a specific cluster where it will be stored redundantly.
- Quality. Servers are incentivized to provide good quality, otherwise they will destroy the reputation and lose ability to earn PKOIN and more importantly will burn the locked PKOIN.
Thus, you have a fully deterministic algorithm that maps any new server into a cluster and maps any new video into a cluster. Within a cluster all servers are synchronized, providing stability. The only known solution prior to Pocketnet only solved one problem out of three (specifically #2) and did it in a suboptimal way. You are talking about a Distributed Hash Table. DHT is used in torrent systems to locate a file within the system. Not only does DHT not solve problems #1 and #3, but DHT tables are notoriously slow and inefficient. One must bounce around the DHT table looking for the file, while in the combination of the Pocketnet blockchain and Rendezvous Hashing (also called Highest Random Weight Hashing), the cluster is found instantly based on the state of the blockchain at the time of the uploading of the video.
Summary: Pocketnet and Pocketcoin (PKOIN) are developing rapidly after coming out of beta. The platform now boasts features that were once thought to be an exclusive province of centralized Big Tech platforms. Pocketcoin (PKOIN) facilitates the growth of the platform by allowing content creators and node operators to earn for maintaining and growing the decentralized platform.
About Pocketnet:
Pocketnet is a decentralized, open-sourced, non-corporate project. It is modeled on Bitcoin and can be called the Bitcoin of social networks, with the major difference that it uses the energy efficient Proof-of-Stake algorithm. Pocketnet is supported by a network of equal decentralized nodes with users maintaining full control of their data and content.
Pocketnet rewards node operators, and all content contributors. Active users can gain reputation and may then participate in the sophisticated content moderation system.
Many active bloggers have abandoned Big Tech’s social networks and turned their attention to Pocketnet.
Pocketcoin (PKOIN) is the native token that facilitates the Proof-Of-Stake network, and emission is limited to 24,375,000. There was no premine or ICO, as the Pocketnet team is dedicated to the Bitcoin model of organic growth.
Download the Pocketnet whitepaper in English here
Download the Pocketnet whitepaper in Chinese Mandarin here
Access the Pocketnet GitHub here
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by Bitcoin.com PR via Bitcoin News
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