Powerloom is a decentralized on-chain data-sharing protocol. The aim is to completely decentralize data sources from different bockchains and decentralized applications. Public mint of NFT SBT to become Snapshotter begins now and you get 5% with the code COINPRI!
What is Powerloom, this new data blockchain protocol, all about?
Decentralized data sourcing and top-down information sharing
Unlike other blockchain data projects such as Graph or Covalent, Powerloom implements a decentralized network of participants in order to transmit the data that is issued from smart-contracts (state transmissions and event emissions). Powerloom’s strength lies in its approach to the distributed network as a source of information, data formatting and transmission. In theory, this reduces attack vectors for third parties, and ultimately guarantees greater independence and reliability of the information provided. Interesting, isn’t it?
In concrete terms, Powerloom meets the needs of builders, projects and developers, by providing the data required for a decentralized application. An example implementation with Uniswap v2 would look like this: https://uniswapv2.powerloom.io/
How will the Powerloom ecosystem grow to offer an increasingly comprehensive service covering all the blockchains in use?
Usefulness of the $POWER token and role of the various players
The token that irrigates the Powerloom network is called $POWER. This new energetic POWER token encourages service providers to maintain and transmit data on the protocol. In addition to users, 4 main players are actively contributing to the development of the Powerloom network:
1) Snapshotters
- Role: The snapshotters capture information from smart-contracts and store them
- Incentive: Tokens received based on performance
- Requirement: 10,000 NFT Soulbound (not transferable) available for public mint on February 9, 2024
2) Validator
- Role: The validators secure network transactions and mining blocks
- Incentive: Tokens for each block. Initially tokens will come from the protocol’s allocated treasury. Eventually, they could claim a portion of the fee generated via curators.
- Requirement: 250 K tokens owned (self delegation) or 500 K tokens delegated to the validator node
3) Curator
- Role: The curators are mainly developers who deploy new APIs for the ecosystem. The data comes from the Powerloom network.
- Incentive: On a case-by-case basis by the DAO, the token allocation will be contingent on the volume of API calls and nature of applications developed by curators
- Requirement: Curators will not be required to have a minimum number of tokens early on in the network
4) Signaller
- Role: The signallers are data analysts who bring value to the ecosystem
- Incentive: On a case-by-case basis according to the quality of their contribution to the network
- Requirement: Signallers do not have a minimum token requirement to post a request
Incidentally, will there be an airdrops from Powerloom or future projects using the Powerloom network for their data? Maybe for early contributors, for example those who have purchased NFT Snapshotter, we do not know at this point… (Non Financial Advice) The team mentioned during an AMA tokens should be deserved through active contribution though.
I’m interested in the Powerloom project and want to dig deeper
Particularly on the mint of Powerloom Snaphotters
For the public phase, rewards will be distributed following a KYC (probably on Coinlist). Please make sure you are eligible for all future rewards.
To buy an NFT, you need Ether on the Polygon PoS network, i.e. WETH. You can use a bridge such as Orbiter Finance to move your funds. If you send ETH to Polygon PoS, you will automatically receive the WETH you need to purchase.
The price of an NFT varies between 0.125 ETH and 0.225 ETH, for which you get a 5% discount with the following code to share with the community: coinpri
In fact, the price increases according to the amount of supply remaining, in 5 stages from T1 (which has been used up in premint by those eligible) to T5. Note that the T2 supply was sold out in less than 2 hours after the start of the public mint.
Raised $3M+ over 3 years ago
The project has raised over 3 million between late 2020 and early 2021 from leading blockchain projects such as Consensys or Protocol Labs, or from angel investors, for example, the founders of AAVE and Polygon Labs.
Further information and useful links
- Linktree (Website, Documentation, Github): https://linktr.ee/powerloom
- Mint your NFT SBT with the promo code “Coinpri” for 5 % discount for the community: https://mint.powerloom.network/r/coinpri
- Blog: https://blog.powerloom.io/
- Technical overview of the protocol: https://powerloom.io/protocol-overview
- How to deploy your Snapshotter
Conclusion
Of course, again and again, DYOR (Do Your Own Research) before buying anything. Besides, a reminder doesn’t hurt. This article does not constitute investment advice or an invitation to invest. It is for information purposes only. You alone are responsible for your trading and investment decisions.
In short, the Powerloom project is positioned on a value proposition between The Graph and Covalent, but in a decentralized way. While EVM blockchains will be available initially, the Powerloom network aims to cover all blockchains useful to the ecosystem through contributions from developers, who will be rewarded for this.
The on-chain data narrative hasn’t yet knocked on our doors in this early bullrun, so we can expect some nice surprises on projects that make it their core business. There aren’t many competitors, which makes Powerloom interesting, despite the risk of a project that’s still early before the big launch.
From a technical point of view, Powerloom partly uses the stack tech from Polygon CDK and Polygon Labs relays the project through its networks. One wonders whether Powerloom won’t become a cornerstone of unified liquidity data once Polygon’s AggLayer v2 is released in a few months’ time, thus eliminating the need for bridging. What’s more, their international positioning, both in North America and especially in India, represents a very strong opportunity in the mid and long term. What do you think?
Passionate entrepreneur versed both in Business and Tech. Zero Knowledge protocols enthusiast and active contributor to the Polygon ecosystem. Background as an accountant, auditor, developer and community builder.
