Pocket DAO Passes Two Key Node Incentive Proposals – Bitcoin News Press Release
PRESS RELEASE. Pocket Network, a decentralized Web3 infrastructure provider that handles blockchain data requests for apps and developers, is implementing key protocol changes after voters in its DAO community rallied to increase network efficiency and lower the costs. Since the end of June, the Pocket CAD adopted two proposals with significant impacts on the incentive structure for nodes participating in the Pocket Network protocol.
Pocket’s protocol serves approximately 1 billion RPC requests every day, and is on track to reach the goal of supporting 100 blockchains before the end of the year. At the same time, as Pocket Network has seen explosive growth in the number of active nodes on the network (up to almost 50,000 nodes in May this year), the infrastructure costs of the protocol have also increased.
Thanks to some of the highest levels of engagement of any past Pocket DAO proposal, voters and commentators have taken up this economic challenge on two separate fronts: in implement stake-weighted service node rewardsand by increase validation node rewards by a factor of five.
The evolution of these two proposals was a case study in effective DAO governance and included amendments to the original proposals, discussions of exact parameters, economic modeling and forecasting, lively debate on alternatives, and even discussion on the constitutionality of the DAO’s proposals. Over several weeks of active community debates and in-depth economic analysis, ideas were pooled from diverse perspectives and common ground was found. This significant achievement further reinforces the Pocket Network community’s intrinsic belief in the project and their sharing of the same strong, long-term values.
As Pocket Network CEO Michael O’Rourke notes, “This week we had some of the most impactful proposals for the Pocket DAO to adopt in our short two-year history. This is a significant change in the way everyone should think about node operation and is part of the move towards a more efficient network moving to Pocket Network V1.
To learn more about each of these key decisions and how they will bring optimized profitability to the network, see the full discussions of PIP-22 and PUP-19 in the Pocket Network Forum.
About Pocket Network
Pocket Network, a blockchain data ecosystem for Web3 applications, is a platform designed for applications that uses cost-effective economics to coordinate and distribute data at scale. It enables transparent and secure interactions between blockchains and between applications. With Pocket, the use of blockchains can be seamlessly integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain-enabled apps in the “pocket” of every mainstream consumer. audience. For more information, visit pokt.network.
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