Powerloom, the next-gen data layer for onchain applications, is thrilled to announce that its decentralized network of Snapshotter nodes has amassed over a billion snapshots (unique data points) since the first testnet launch in February, 2024. It has gained over 5300 Snapshotter nodes that continuously capture state changes, event emissions, and compose them into practical, higher-order datasets.
For DeFi, GameFi and NFTs to go mainstream, we’ll need a robust decentralized infrastructure that enables social interactions, capital flow, and truth verification to coexist seamlessly. Amid the growing need for real-time, contextual relays of data that can match the speed at which users engage through likes, follows, and subscriptions, Powerloom’s real-time datasets will help dApps deliver a seamless user experience without compromising speed or accuracy.
Powerloom is preparing for its mainnet launch in January 2025. The traction is a testament to developers’ and users’ growing appetite for accurate, high-quality and verifiable datasets in real-time. Powerloom enables consumer apps to function seamlessly without relying on external oracles or indexers, thanks to the real-time sync of its composed datasets.
The snapshots are finalized through a transparent consensus mechanism, and committed on IPFS with their CID as the unique identifier to ensure data correctness. Every Powerloom dataset is synced to onchain blocks by default and receives real-time updates to match the latest state of the underlying blockchain. This eliminates the risk of apps & smart contracts executing on outdated information. DeFi protocols, GameFi apps, and NFT platforms can directly fetch and use these snapshots in their platforms without any additional queries or RPC requests.
“Surpassing the milestone of over one billion snapshots during our testnet, fueled by a distributed network of more than 5,300 independent Snapshotter nodes, underscores the collective strength of our decentralized infrastructure,” said Swaroop Hegde, Co-Founder of Powerloom. “Each node, operated by participants from around the world, contributes to the resilience, verifiability, and overall reliability of the data we deliver. As we draw closer to our mainnet launch, this global participation not only validates our approach, but also gives builders and users the confidence to embrace next-gen Web3 applications, knowing the datasets they rely on are transparent, trustworthy, and continuously evolving to meet their needs.”
Blockchain technology’s ability to enable open and transparent access to verifiable data would, ideally, allow even smaller projects to generate rich insights based on onchain data. But composing low-level blockchain data into consumer products—bots, dashboards, prediction markets, etc.—requires a lot of computational resources and specialized skills. Most web3 projects can’t afford this, which hampers innovation. Powerloom abstracts data capture & composition to make onchain data easily accessible and affordable for all. Web3 apps and end-users can simply consume its “composed Snapshots” without worrying about all the computation.
The future of blockchain-based consumer applications lies in the intersection of social and financial ecosystems. Current social networks incentivize attention-driven content, which often distorts the truth. Onchain social networks powered by Powerloom are shifting this paradigm by introducing data-backed incentives for truth.
Since onchain social experiences require real time, contextual relay of data that is able to compete with the speed at which users like, follow and subscribe, most present day data nodes struggle with it. Powerloom solves this problem by giving developers the tools to deliver experiences that match the immediacy and interactivity of Web2 while tapping into the financial and participatory potential of Web3.
Generative Prediction Markets (GPM), a fun onchain prediction game in the Onchain Points ecosystem, showcases how Powerloom is uniquely positioned to support the next-gen consumer apps, including areas like onchain analytics and decentralized social networks.
GPM generates micro-prediction markets every five minutes, without any human intervention, enabling users to explore real-time market trends and put their predictive skills to the test in a secure, transparent, and rewarding environment. GPM’s automated approach eliminates the risk of bias and manipulation in prediction markets.
Powerloom has launched a GPM Tournament to distribute over 500,000 in $POWER token rewards, incentivizing early users of the GPM app based on their leaderboard rankings. The tournament will be live from 20th December 2024 9am UTC to 3rd January 2025 9am UTC. So far, 10,000+ wallets have interacted with 50k+ self-resolving markets to generate over 500k+ predictions on the GPM app.
Its utility token $POWER is set to launch in January 2025. The token will play a pivotal role in incentivizing ecosystem participants by offering staking, community rewards, and engagement incentives for early adopters.
Powerloom is the customized data layer for next-gen onchain consumer applications like DeFi, GameFi, NFTs, and more. It powers Web3 data apps that don’t want to spend millions of dollars on building or maintaining data access systems, RPC subscriptions, and data SaaS subscriptions. Powerloom helps them reduce operational costs, optimizing instead for scalability, flexibility, and agility. Every data point in every dataset generated by Powerloom is peer-validated, backed by consensus, and present on IPFS for complete transparency and trust.
This post was last modified on Dec 20, 2024, 17:42 GMT 17:42