Summary:
Decentralized data startup PowerLoom is launching a node mint on Polygon’s proof-of-stake network. The protocol is designed to enable developers building DEX aggregators or Web3 applications to index and query blockchain data in a decentralized manner. Interested participants can access an initial pre-mint of 5,000 nodes, and if selected, they will receive a soul-bound token to operate PowerLoom Snapshotter Lite nodes. The node mint follows a recent incentivized testnet conducted by PowerLoom in partnership with Coinlist, allowing less technically experienced users to participate in the network. PowerLoom aims to become a completely decentralized data network that can obtain data from any chain.
Key Points:
1. PowerLoom is launching a node mint on Polygon’s proof-of-stake network, targeting developers building DEX aggregators or Web3 applications.
– This allows developers to index and query blockchain data in a decentralized manner, ensuring reliable data for their applications.
– The node mint offers an opportunity for interested participants to access PowerLoom Snapshotter Lite nodes.
2. Participants in the node mint will receive soul-bound tokens that enable them to operate the nodes.
– Soul-bound tokens are unique tokens that can only be owned or transferred by a specific user address, serving as a credential.
– This token distribution method differs from freely transferable and tradeable NFTs.
3. The pre-minting of nodes will end on February 4, and winners will be announced on February 6.
– A total of 10,000 independently run Snapshotter Lite node spots will be available.
– Additional node spots will be given to PowerLoom community members, ecosystem partners, and contributors.
4. PowerLoom recently conducted an incentivized testnet in partnership with Coinlist.
– This testnet aimed to enable less technically experienced users to participate in the network.
– The node mint is a continuation of PowerLoom’s efforts to make its data network more accessible and decentralized.
5. PowerLoom’s goal is to become a fully decentralized data network that can obtain data from any chain.
– While currently focused on EVM (Ethereum Virtual Machine), PowerLoom plans to support data from other chains, such as Celestia data markets.
– This flexibility in obtaining data enhances PowerLoom’s potential as a comprehensive data solution.
6. Residents in the US and sanctioned countries will not be able to participate in the node mint.
– This limitation is likely due to regulatory considerations and compliance requirements.
Importance to the Reader:
This announcement from PowerLoom highlights the growing demand for reliable and decentralized data solutions in the blockchain industry. By launching a node mint on Polygon’s proof-of-stake network, PowerLoom aims to provide developers with the tools they need to build DEX aggregators and Web3 applications that require trustworthy data. The node mint also demonstrates PowerLoom’s commitment to inclusivity by enabling less technically experienced users to participate in their network. Additionally, PowerLoom’s goal of becoming a completely decentralized data network reflects the broader trend of decentralization in the crypto space.