Pocket DAO Passes Two Key Proposals on Node Incentives – Press release Bitcoin News

RELEASE IN PRESS Pocket Network is a Web3 infrastructure provider decentralized that serves blockchain data requests from developers and applications. It has implemented key protocol changes following community DAO votes to improve network efficiency and lower costs. As of late June, the Pocket DAO has passed two proposals with significant impacts on the incentive structure for nodes participating in Pocket Network’s protocol.

Pocket’s protocol is serving approximately 1 billion RPC requests every day, and is on course towards a goal of supporting 100 blockchains before year-end. The infrastructure costs for the protocol have also risen, as Pocket Network saw an explosive increase in active nodes (all the while it reached almost 50,000 in May).

Voters and commenters tackled this economic problem on two fronts, thanks to the Pocket DAO’s highest engagement levels. They implemented stake-weighted servicer reward rewards and increased validator node reward by five.

These two proposed were a perfect example of effective DAO governance. They included discussions about exact parameters, forecasting and economic modeling, amendments and lively debates on other options. There was also a discussion regarding the Constitution of DAO proposals. Over the course of several weeks, many perspectives were gathered and common ground found. This significant accomplishment further solidifies 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’ve had a couple of the most impactful proposals to be passed by the Pocket DAO in our short two-year history. It is a meaningful shift in how everyone needs to think about node running, and is part of the evolution into a more efficient network moving into V1 of Pocket Network.”

These key decisions will have a significant impact on network cost-efficiency. For further information, please see Pocket Network Forum discussion of PIP-22 & PUP-19.

About Pocket Network

Pocket Network is a Web3-based blockchain data ecosystem. It’s a platform for apps that makes it cost-efficient to share and coordinate data on a large scale. This allows seamless, secure interaction between and among blockchain applications. With Pocket, the use of blockchains can be simply integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain enabled applications into the “pocket” of every mainstream consumer. Visit pokt.network for more details.

 


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