Lisbon’s wellness scene is heating up.
7 years ago, the only “sauna” in town was basically an orgy den.
Now? Lisbon is quietly becoming of the world's most unique sauna havens as more people are moving to the city.
Here are some worth highlighting:
🧵
Introducing: POKT Network’s AI Litepaper
The paper explores the potential to deploy Large Language Models on the netwok in order to provide a robust and scalable AI inference.
Read it here 👇
https://t.co/HCLuII1ZHE
You can pay for minimum viable decentralization if the input you’re paying for is computation.
But if it is human input, paying incentivizes creates noise, not signal.
Until now.
We’re all about to THRIVE.
Soon™️
i'm excited to share i'm cohosting metacamper brunch with fellow instigator @YalorMewn and friends at ethdenver
metacamp is the home of a global tribe of regenerative thinkers, tinkers and doers
come for brunch, stay for the vibes
check out what we're cooking up in costa rica and how you can join
rsvp 👉 https://t.co/8Hd2VbrdcX
We used to call Pocket Network decentralized Infura, but now Infura is actually routing traffic through POKT wow
Huge strategic move for POKT to become an open RPC base layer because now they've established themselves as the backbone for RPCs across all blockchains (50+ integrated). They're already enriched as the winner and every partner like Infura or nodies serve to further scale their network effects
One of the only cases where a decentralized network is (80%) cheaper than centralized alternatives. Why? They've completely disrupted existing providers by creating an "Uber for Nodes". The massive taxi companies of crypto becoming obsolete
Not only the TCP/IP of crypto, but with upcoming Shannon upgrade also will be a general purpose relay/communication network for ALL public databases and services, including custom LLMs.
With AI advancing as fast as it is, AI to AI and AI to human device to AI communication requests will soon see massive traffic and POKT stands to be the best network to connect their endpoints given its decentralization and costs
RPC and RESTful requests already supported, with Websocket coming later this year
The market cap for decentralized computation, data availability, execution networks is in the hundreds of billions. And Competition is Fierce.
Mentioned $POKT last year at $100m mc, it's now $300m facing a future decabillion dollar opportunity, and with its current trajectory, there is no competition
$POKT – A keystone for DePIN narrative
I have been stumbling upon POKT 2 weeks ago and did some research on it. I will try to bundle what it does, why it’s so important and how I see it becoming a big part of the DePIN narrative. Messari recently came up with a DePIN research which is publicly available. For some reason, I’m surprised how it didn’t mention POKT. Anyway, this is why I’m going to cover it.
DePIN
DePIN means Decentralized Physical Infrastructure Networks. It’s a way to incentivize communities to build physical infrastructure networks like telecoms/maps/electrical vehicles/iot etc.
You can kind of compare it with DeFi and NFTs: a new term coined for these systems. The biggest ones is Filecoin for example. For the OG ones: 2017 used to have something called Skycoin which was oriented on hardware mining for decentralized internet. Long story short, it’s a narrative that people are talking about rn and it will likely be a big hype coming into the bullrun.
Ok nice, whats the deal with Pokt.
Decentralized apps need a special type of node called ‘’RPC node’’ to read data on blockchain and send txs. As nodes are the only way devices that can interact with blockchains, dapps must:
- Setup and run their own node
- Connect to nodes provided by 3rd parties like infura / alchemy
Most people lack the technical knowledge of hardware to run their own node. That’s why most use infura as their default choice when deploying a Dapp. Kind of like how AWS is owning most of the internet companies nowadays as people host their websites or servers on it. Very centralized. It’s kind of the elephant in the room most ppl in crypto are not talking about, just like how MEV was the same thing before people understood it.
While doing research, these were the problems that occur:
- Being dependent of Infura creates downtime because of outages
- Infura has a monopoly for the pricing (expensive prices)
- Censorship, infura apparently restricted access for users in Venezuela
Infura even made a honest statement about it: “If every single dapp in the world is pointed to Infura, and we decided to turn that off, then we could, and the dapps would stop working.”
We have all seen how everybody and their mums screamed about web3 so this whole thing doesn’t seem so web3 at all.
This is why POKT came into the game and decided to make RPCs decentralised again.
What does POKT do?
They seem to solve this problem by focusing on providing a decentralized market for nodes. Instead of having their own nodes, they connect users with a network of independent nodes (service nodes). This creates a lot of benefits that solve the problem described before:
- Using POKT is 10x cheaper than centralized nodes like infura
- Network is incredibly reliable: latency is good with almost 100% uptime
- No censorship: its decentralized
This whole thing kind of reminds me of how Rocketpool tried to release decentralised way of liquid staking: Lido is the biggest one but has a very big centralised concentration. Rocketpool release a network of independent nodes to make liquid staking more decentralized.
The same example can be used for infura/alchemy (Lido) vs POKT (rocketpool).
Infura is owned by consensys which also owns metamask. JP morgan chase is even a shareholder of consensys, which kind of all shows that reducing the consensys tentacles is a must in order to claim the ‘’web3’’ ethos. Fun fact:
‘’It has become a core piece of infrastructure for the entire DeFi space: so much so that when it had an outage in November 2020, major crypto exchanges including Binance and Bithumb were forced to halt Ethereum withdrawals. Major services like OpenSea outsource the running of their Ethereum node to the service.
Infura grew 250% from 100k to 350k developers over the course of 2021, and as of April, has hit 430,000 crypto/web3 developers and more than $1 trillion in annualized transaction volume.’’ (2022)
Anyway, this kind of shows how there is a need to have a more decentralised option for it. If its also more latent and cheaper, it’s a nobrainer that POKT should be able to gain a lot of the marketshare of infura.
It’s kind of hard to put a valuation on infura as its owned by consensys but based on some research, their biggest competitor (alchemy) is worth 10.2 Billion. Assuming these numbers, its fair to say that a sub 200m marketcap project with a better latency, costs and decentralized components should be valued way higher.
The problem is the liquidity right now. A lot of smart money have been buying up everything on OTC markets and there is still a big demand for it. There seems to be a sell supply side crisis which could squeeze this coin once people catch up on it. Onchain research shows that people are accumulating the wrapped version as that seems to have more liquidity than the real asset on CEXs.
I’m pretty confident that this coin will eventually go up in 2024 leading into the DePIN narrative. They seem to also focus on AI, see pic related. DePIN x AI is a good edge.
There is still tons of data that can be found about POKT which you can find yourself. Be careful ape’ing as it’s very illiquid if you decide so (wrapped Pokt seems to have best liquidity). NFA etc. blabla.
As I saw my thesis being leaked everywhere, I decided to post it myself.
Tldr: Decentralised Infura. I like it. Bought a bag.
By doing so you’ll be entered into the running for a daily item. Which I’ll post each morning 📸
*If you win an item, it’ll arrive in the mail with a nice handwritten card and some @Meta_Cartel Stickers 🌶️
May the gods of fortune shine upon you 🤞🏽 and happy holidays 🎄/ fin
Back home today from a week long retreat with friends in Costa Rica. 🌞🌴🌊
TLDR;
MetaCamp is a space for people who wish to make a positive impact on the world through technology, spiritual healing, and permaculture.
I opened myself to various groups of people that brought forward their gifts in these areas to improve mind, body, and soul. There was plenty of blockchain and crypto talk too. But the holistic experiences were what resonated with me most.
The organizers set a light agenda at the start of each day. Leaving us to develop workshops as we saw fit. Or simply relax and reconnect with ourselves. Choose your own adventure.
I’m reinvigorated having recharged my spirit and made stronger connections with collaborators. I’ve set my intentions for the remainder of the year and am ready to maximize my impact.
Thanks @YalorMewn@fifthworldzach for organizing and bringing us all together. Already looking forward to next year and MetaCampus too. Will share more on that later.
Too many new friends to count, but y’all know who you are. Thank you for making a lasting impact on me. I will remember our group and 1:1 convos. I can’t wait to hug you all again soon.
S/O to @cabindotcity too for sponsoring our supper club on the final day.
As promised, benchmarks!
55.54 million JSON-RPC requests.
Total requests made to the @nodies_infra in the past week from @forgeDEX related services.
68 requests returned with errors: 99.99987% success rate
According to the Nodies dashboard, only 68 out of 55+ million requests returned with an error, which is a result so impressive that it should be taken with a grain of salt. In fact, the number is so low that I questioned its accuracy and had to check secondary data sources.
Our router API which is mostly used for these requests somewhat corroborated the data, showing that after the RPC change, our Lambda server errors (represented by the green line) practically dropped to near-zero levels. While it’s hard to quantify an exact number (it's probably not 68, that'd be near impossible haha), it’s safe to say that the number has gotten low enough to an almost irrelevant point (assuming that AWS can hold their end of the tail).
It almost feels unfair to be using our Nodies endpoint for free at this point; and while this won't be free forever, acquiring wPOKT ahead of time could be a worthwhile look into.
Benchmark Results
While @POKTnetwork has their own benchmarking methodologies and processes, we still wanted to test the Nodies DLB against our existing list of endpoint providers (https://t.co/BrB7xcSbIl)
tl;dr: Nodies easily won the this round of benchmarks, ranking in either 1st or 2nd place (trailing by milliseconds) in every category.
Quick Rundown
👉 For `eth_getBalance` with 5 addresses, 🏆 Nodies ranked highest with a success rate of 100.00%, execution time of ~2s, and an average time per request of 556.60ms. BlastAPI trailed closely behind.
👉 For `eth_call` with 5 contract addresses, 🏆 Nodies again took the trophy with a success rate of 100.00%, a total time of ~2s, and an average time per request of 431.40ms.
👉 For `eth_getLogs` with a look-back of 1000 blocks, 🏆 @lavanetxyz's Public Endpoint took the win with a success rate of 100.00%, a total time of ~1.4s, beating Nodies by only 96ms, who posted with an average time per request of 1946.00ms.
👉 For `multicall` contract interactions with 41 tokens, 🏆 @BlastAPI made a strong showing with a success rate of 100.00%, and a total time of 16s, and an average time per request of 3231.20ms, beating Nodies by only 88.60ms.
Key Takeaways
Who says decentralized networks are slow?
Nodies and LavaNet are live, accessible, and (for now) free proof that decentralized doesn't necessarily mean slow. The power for these decentralized networks lay in numbers. Hundreds (or thousands in POKTs case) of slower endpoints acting as a giant global network with a network of gateway load balancers orchestrating behind the scenes is better than the typical one or two servers of a centralized entity getting hammered by requests.
Never rely on one RPC endpoint, esp. for production level apps.
In this Tweet (https://t.co/16rv3hEq5E), I mentioned the need for the creation of an Evmos "endpoint to end all endpoints." Almost two years of frustrating RPC outages have really took its roll on our usability and mental-well being. Just as we can not rely on one centralized endpoint, we shouldn't rely on one decentralized network.
Here's the beauty of it: Nodies and @lavanetxyz have already build out some (apparently very) robust load managers and routers. We still plan on launching one publicly (a gateway of gateways?), but the scope of the project has gotten a lot smaller and easier to manage.
Internal testing has already begun on a PoC deployment, if you're interested in checking it out send me a PM.
Evmos is the lowest ranking chain on POKT in terms of profitability (for node providers)
According to data on https://t.co/EjMHeHn7ic, Evmos is the least profitable non-testnet node to run on the Pokt network. As they are providing a huge service to the Evmos network in general, we should look into the root cause and if possible, try to make the running of Evmos nodes more attractive. This only strengthens our infrastructure in the end. If @POKTdao has any insights or ideas, we're open ears.
Run your own benchmarks locally, straight from your browser:
https://t.co/oTkAkT0U1j
Full benchmark provided in screenshots -
@artizen@consoledao Creative Communities are the backbone of societal change + discussion. Not just change, but human culture finds its feet in these places, and they're what makes being human special. Support them - future you will be thankful.
“We’re thrilled to join forces with @o_rourke and the Grove team. Our shared dedication to decentralized infrastructure has been a driving force since we first connected in 2018. As long-time admirers of the @POKTnetwork team, we’re excited to combine our strengths. Together, we aim to innovate and make Web3 infrastructure more accessible and resilient.” -E.G. Galano, Co-Founder, @infura_io
Read more about DIN and Grove's role here:
https://t.co/ZqQo57UzLh
If you want values-aligned governance, give power to people with those values!
@Dermot_Oriordan and I wrote a blog explaining why Citizenship is a foundational primitive in governance and why Permissionless does not mean Unrestricted: https://t.co/EggG6b1oTH
We will deploy incentives in the wPOKT Uniswap pool at 10am ET on Thursday 12th. You can stake in advance and rewards will accrue from the moment incentives start.
To participate as an LP, visit this link:
https://t.co/pPapVxsbFN
Here's a brief 'how to' of the whole process. 🤓
Join the POKTOBERFEST twitter space. And bring friends. 🍿
Big names old and new will come together to talk about POKT Network, and chat about everything from DePIN, decentralized governance, and building in crypto more generally....
It will be a vibe.
https://t.co/PA6elOzgVD
Less than 24 hours until the POKTOBERFEST twitter space.
We're bringing together investors, supporters, builders, gateways, and foundation members. Tonnes of Web3 experience. To chat about POKT Network, crypto in general, and the future.
Lineup in thread. Looking strong. 💪