Pocket Network is a decentralized infrastructure API built for Web3 apps. Being protocol-agnostic in design and providing integration with major blockchain networks, it brings an additional level of resilience and trust for dApp builders and data consumers.
Pocket Network functions as a relay network for API requests to major blockchains, supported by a crypto-economic model that keeps development expenses low while distributing value directly to full-node operators via their native cryptographic token POKT. Pocket Network relays are valuable to app developers because they provide a turn-key solution that eliminates the need for app developers to maintain blockchain nodes, which may be time-consuming. Apps obtain lifelong access to several of the world’s most popular blockchains for a one-time charge to the network.
Full node operators are rewarded for running the most popular blockchains, including Ethereum, Polygon, Binance Smart Chain, Avalanche, and others. In doing so, Pocket Network can provide a secure Web3 application gateway, and the disadvantages observed and found in centralized services are eliminated by distributing hosting duties. The Pocket Network serves as a trustless, real-time access point to the blockchain networks that applications query.
Pocket Node runners on Chainstack can earn revenue from their node infrastructure while contributing to Web3 decentralization. With the Chainstack setup, they do not have to keep in mind the compute and storage requirements or monitor their nodes since we do that for them. Each blockchain relay is carried out by five validator nodes that cross-check with each other’s responses to prevent errors and fraud. Validator nodes are servers that conduct relays to external blockchains and validate the relays done by other nodes, ensuring that the network is trustworthy and honest.
Node runners stake once per node to participate in Pocket Network and the protocol’s proof-of-stake consensus. Staking is locking up your tokens into the Pocket Network, agreeing to follow the network’s regulations. Once you have staked your POKT to the network, they become unspendable until you “unstake” them.
Stakes keep incentives aligned so participants are honest and perform reliably, at the risk of their stake becoming “slashed” (or penalized), or even lost entirely in the case of fraudulent activity. To stake your Pocket Network validator node, you are required to send at least 15,000 POKT tokens to your node’s public address.
Chainstack standardized Stake is 15,375 POKT per node.
Please note that staking more POKT than the minimum of 15,000 + 375 as a buffer does not increase your chances at earning POKT rewards. POKT rewards are a function of the number of validators on the network and the number of relays being processed, not the amount of POKT in your validator node.
Chainstack allows every node runner to keep 100% of their stake rewards. Daily rewards are received to the account on the node that was used to stake. Rewards are reported transparently, customers may also query the POKT blockchain using the POKT explorer or CL tools and search their validator node address(es).
“In exchange for servicing relays for applications, nodes are compensated in POKT. Unlike most traditional block rewards, Pocket Network’s reward is dynamic. POKT rewards are directly proportional to the number of relays and transaction fees in a given block. For every relay that is served on Pocket Network, .01 POKT is minted. Of that .01 POKT, the node who served the relay is rewarded 89% (.0089 POKT), the Pocket DAO receives 10% (.001 POKT), and the block producer receives the remaining 1% (.0001 POKT). All nodes in the network have an opportunity to produce a block, but their chances are proportional to their stake. The optimal economic strategy for node runners is to replicate as many nodes as possible with the amount of POKT held. By spreading their stake across multiple nodes, node runners maximize their chances of being chosen in as many sessions as possible, providing them with the most opportunity to serve relays and earn rewards within the network. This strategy provides redundancy if one of the nodes does not get selected for a session.” – Pocket Economics for Node Runners
Staking locks your POKT to your node and unstaking is the process of releasing the tokens from the network and making them spendable again. To protect the network’s integrity and stability, there is a 21-day unlocking period during which your stake will not receive rewards. Chainstack support team can unstake your nodes upon request, starting the 21-day unstaking countdown. After the unlocking time has ended, you can have the POKT tokens transferred immediately to your wallet of choice and use your unstaked POKT tokens to make transactions.
Pocket Network’s internal processes include jailing nodes that deviate from the network’s consensus, with suitable penalty for deliberate violations. Punishing bad actors reduces the number of harmful network assaults while also rewarding good conduct that helps to maintain the network’s integrity. Currently, if your node is lacking 4-5 blocks, it will be jailed. Chainstack’s staff is responsible for ensuring that this does not occur. To avoid any node from getting jailed, we monitor all our client nodes 24 hours a day, seven days a week.
Go to https://www.poktscan.com/explore?tab=rewards. Then drill down By Nodes, then Select all Chains, then Filter by address.
All sensitive materials are stored in Chainstack Vault—enterprise-grade encrypted storage provided by top cloud service providers. Multi-factor authentication, encryption in transit, and the principle of least privilege are applied to all systems.
Chainstack offers deployment of Pocket Network nodes on our Growth plan at $49/month. Check out full pricing information and the features of our different pricing plans.
Pricing of our nodes is currently $325/month per node. A minimum of 3 nodes must be deployed.
Cryptocurrency payment is accepted for users who choose to make a prepayment for at least 3 months or more.
Avalanche, Binance Smart Chain, Binance Smart Chain Archival, DFKchain Subnet, Ethereum, Ethereum Archival, Ethereum Archival Trace, Ethereum Goerli, Ethereum Ropsten, Ethereum Rinkeby, Fantom, Gnosis Chain, Harmony Shard 0, Pocket Network, Polygon, Polygon Archival, Solana, Swimmer Network Mainnet
Do also share with us your Telegram handle in the application if possible. Our support team will reach out with more onboarding steps once we have received your request and get you started with the node deployment.
Get in touch to start using Pocket Network on Chainstack.