What is Powerloom

Source:https://powerloom.io/

Powerloom is a decentralized data indexing protocol designed to provide accurate and transparent on-chain data for decentralized applications (dApps) and protocols. Unlike traditional blockchain data indexing projects like Graph and Covalent, Powerloom collects, parses, and delivers on-chain data in a decentralized manner. Powerloom relies on a network of nodes composed of participants to collectively verify and deliver blockchain state transitions and events. This decentralized data collection and verification method makes Powerloom more reliable and less prone to attacks compared to traditional data sources.

The core value of Powerloom lies in its decentralized approach, which eliminates the possibility of interference from third-party data sources and provides more accurate and transparent data support for dApps and smart contracts.

The mission of the Powerloom protocol is to address the growing data requirements in blockchain applications, especially in smart contract-driven applications such as DeFi, blockchain games, and more. Powerloom encourages participants to reach consensus on state changes and event emissions between multiple smart contracts, ensuring the reliability and transparency of data. By combining data into smaller, consensus-reached data units, Powerloom is able to provide decentralized, accurate information sources to support data applications such as dashboards, robots, data aggregators, and insight trackers.

The technical architecture and innovation points of Powerloom

1. Decentralized data source
   The biggest difference between the Powerloom protocol and other competitors in the market (such as Graph and Covalent) lies in its decentralized architecture. Traditional blockchain data indexing services typically rely on centralized API endpoints, while Powerloom uses a decentralized ‘snapshot node’ network to real-time record on-chain state changes and event emissions, ensuring the accuracy and transparency of the data. These snapshot nodes continuously monitor changes in smart contracts, record added and removed events, as well as changes in contract state, ensuring that the data is not manipulated by individual nodes or third parties.
2. Real-time data update
   The snapshot node network of Powerloom can capture transaction events on the blockchain in real time, providing real-time updated data to applications. This makes Powerloom an ideal choice for building real-time data-driven applications, such as decentralized exchange aggregators, data dashboards, etc.
3. Time Series Query
   Powerloom supports time series queries based on precise time cycles, which enables developers to track the trend of data changes and conduct more in-depth analysis and insights. By capturing data at different time cycles, users can perform more granular data filtering and combination to meet specific data requirements in certain scenarios.
4. Flexible data model
   Powerloom provides a flexible data model that allows developers to build their own data markets and contribute data according to their specific needs. Developers can not only access basic transaction data, but also create customized data models based on more complex requirements to meet the needs of different application scenarios.
5. Modularity and Scalability
   The architecture of Powerloom is modular, allowing developers to add new data sources, transform data, and build new applications on existing data pipelines. This flexibility enables Powerloom to support more blockchain networks and continuously adapt to changing market demands.

Powerloom ecosystem

Source:https://docs.powerloom.io/docs/

The Powerloom ecosystem consists of multiple roles that collectively participate in the operation and development of the protocol:

• Snapshotter: The snapshotter is a core component of the Powerloom protocol and is responsible for capturing changes in on-chain data and emitting events. By continuously monitoring smart contracts, the snapshotter can record data in real-time and store it in a decentralized network. Users participating in the snapshotter need to stake a certain amount of Powerloom tokens (POWER) and earn rewards by capturing data.
• Validator: Validators are responsible for ensuring the security and integrity of the network by verifying the validity of blocks and ensuring that the data on the chain is not tampered with. Similar to snapshot nodes, validators also need to stake Powerloom tokens to verify the correctness of blocks and receive rewards.
• Data Curator: The Data Curator is responsible for developing new data markets and ensuring the healthy operation of existing data markets. The Data Curator drives protocol development through community funding, incentive mechanisms, and market participation.
• Signal Node (Signaller): The role of the signal node is to guide the snapshot node to allocate resources to the most important data markets. Signal nodes prioritize resources based on market demand and the importance of data, and are incentivized to work by receiving rewards.
• Data Consumer: The data consumer is the ultimate user of the protocol, using the data provided by Powerloom to build applications (such as dashboards, robots, aggregators, etc.). Consumers need to pay Powerloom tokens to maintain the activity of the data market and access data.
• Watchmen: Their job is to ensure the accuracy of data and monitor whether snapshot nodes engage in malicious behavior. If inaccuracies are found, they can challenge snapshot nodes and get rewarded when the data is confirmed to be incorrect.

POWER Token Economics

The economic model of the Powerloom protocol revolves around its native token POWER. The POWER token plays multiple roles in the protocol:

• Staking and Rewards: The Powerloom protocol incentivizes participants such as snapshot nodes, validation nodes, signal nodes, and supervisors through a staking mechanism. Participants stake POWER tokens to receive corresponding rewards and earn returns when executing protocol functions. The token reward mechanism incentivizes each node in the network to participate in capturing, validating, and supervising data.
• Data Consumption and Fees: Data consumers need to pay POWER tokens to access decentralized data sources. These fees will be used to reward nodes in the protocol and ensure the continuous development and operation of the protocol.
• Data marketplace and contributors can earn rewards by contributing data and building applications in the data marketplace. This mechanism provides developers with incentives to interact with the protocol, encouraging them to continuously improve and optimize the Powerloom protocol.

Source:https://x.com/Gateio_Startup/status/1877530028965048405

Token allocation ratio and unlocking rules:

• Investors (13%): TGE does not unlock, lock-up period of 12 months, unlock period of 12 months
• Community incentive (10%): TGE unlocks 15%, lock-up period of 3 months, unlocking period of 9 months
• Network Incentive (27%): TGE unlocks 2.07%, with a lock-up period of 48 months
• Team (20%): TGE not unlocked, lock-up period of 12 months, unlocking period of 36 months.
• Advisor (2%): TGE is not unlocked, with a lock-up period of 12 months and an unlocking period of 24 months.
• Reserve (9%): TGE is not unlocked, with a lock-up period of 12 months and an unlocking period of 24 months.
• Ecology (6%): TGE not unlocked, lock-up period of 3 months, unlock period of 45 months.
• Dao Treasury (11%): TGE will not be unlocked, lock-up period is 24 months, and the unlocking period is 24 months.
• Liquidity (2%): TGE fully unlocked

Gate.io spot trading will launch POWER on January 10th, start trading now:https://www.gate.io/trade/POWER_USDT

Future Outlook of Powerloom

Since its launch in 2021, the Powerloom protocol has received positive feedback and participation from the community. The protocol’s decentralized architecture and innovative reward mechanism give it great potential for development in the field of blockchain data. The Powerloom team also plans to further promote the adoption of the protocol by expanding support for more blockchain networks, enhancing API endpoints, improving data accuracy and accessibility, etc.

In addition, Powerloom also plans to further enhance the protocol’s interoperability and the ecosystem’s scalability through cooperation with platforms such as Polygon and Bungee. With the continuous development of Web3 and decentralized applications, Powerloom is expected to become an important infrastructure in the blockchain data field.

Conclusion

The Powerloom protocol provides developers with a reliable and efficient data platform through its innovative decentralized data indexing method. It not only provides accurate and real-time blockchain data but also ensures data transparency and security through a decentralized architecture. With the continuous development of Web3 technology, Powerloom is expected to become an indispensable data infrastructure in future blockchain applications.

Risk Warning: POWER new currency is online, investors please carefully assess the risks and do risk management.