Jun 24th, 2021
DigiFinex 17th AMA has just happened! How are you liking our AMA schedules recently? There are definitely more to come, so don’t forget to follow our social media accounts and stay tuned to our updates! At this AMA, we have invited lead designer from Pocketnet Platform, Daniel to talk with us on ways to allow authors to earn crypto for their content and protect them from arbitrary censorship through community moderation. Want to know how to engage on this decentralized social platform? Read on our blog recap to learn more now!
# Guest of the night
Daniel Sachkov is the designer behind the Pocketnet platform and is the author of the whitepaper. He had a distinguished career as a researcher in financial, mathematics and machine learning.
Host of the night, Kiana Shek, DigiFinex CXO
Previously working for Baidu as Assistant General Manager, Kiana has had advanced education in the financial field, also obtaining a rich background in Big data, AI, international businesses. In 2017, she founded DigiFinex as a Co-Founder, and dedicated to provide a safer, convenient, transparent digital asset exchange platform for the people. She is also responsible for promoting brand values globally on behalf of DigiFinex, and actively takes part in various Blockchain summits around the world.
Below is a highlight of our Live Session:
Kiana Shek (Top Left), Daniel Sachkov (Bottom)
# About PKOIN
Kiana: Please introduce yourself and your developing team to our audience first!
Daniel: We have 16 developers currently working globally. Pocketnet is modeled after Bitcoin in that it is a fully decentralized non-corporate project.
Kiana: Can you provide a brief introduction of what Pocketnet.app does and its’ token PKOIN?
Daniel: PocketNet is the first fully decentralized social network. Think of it as the “Bitcoin” of social networks. In fact, it is running on a fork of Bitcoin.
PKOIN is the underlying crypto-currency of PocketNet. It is used to buy multiple services on PocketNet such as advertising, boosting posts and verifying profiles. The more users on PocketNet, the more demand there will be for PKOIN.
# PKOIN’s Business Model and Future
Kiana: What is the motivation behind starting this project and what are your expectations?
Daniel: This project was started based on the fact that a large number of users are either running away or being kicked out of centralized platforms like Facebook or Twitter. People need a decentralized alternative based on Blockchain technology and PocketNet can be this alternative.
Kiana: Could you introduce to us PKOIN’s incentive model, for example it’s maximum supply and ways to acquire it. Also if I hold PKOIN as a user what other benefits could I enjoy?
Daniel: PocketNet is a fork of Bitcoin. The issuance model is slightly similar to the one of Bitcoin except that there will be slightly more tokens issued (24.5 million in total). There are multiple ways to acquire PKOIN:
- By buying them on an exchange
- By running a node to support the network.
- By posting interesting content on PocketNet that gets upvoted
The PKOIN tokens can then be used:
- To purchase advertising on the platform
- To boost posts
- To verify your profile (blue checkmark）
- And for many other services linked to our video and live streaming platforms
Kiana: How does Pocketnet.app create a censorship resistant platform?
Daniel: The Pocketnet backend is not hosted by a centralized server but by a series of node. This means that if you shut down a few nodes, the system is still active (unless in a centralized architecture where you just need to take down the main server).
The clients are also talking directly to the nodes. This means that if a government would seize or block the domain PocketNet.app, the users would still be able to access the content on the network since the clients are talking directly to the nodes. Same thing with the decentralized video platform offered by Pocketnet which is 100% decentralized.
PocketNet was designed to be censorship resistant and will not be stopped by the action of a government agency.
Kiana: How is Pocketcoin (PKOIN) going to be used on the platform?
Daniel: PKOIN has a number of users. First, just like in Bitcoin, it is used to incentivize the nodes. Secondly, it offers rewards for content creators. Thirdly, it is used to create a decentralized advertising platform, kind of like Google Adwords, but without the central authority. Additionally, PKOIN can be used by users to support their favorite bloggers, to make various in-app purchases (like special images and colors on the profile) etc.
Kiana: What is the success of Pocketnet.app thus far?
Daniel: We just had a huge release with video and livestreams. Over the next two months we will have two major ones:
- P2P encrypted chat with blockchain as the public key exchange layer. This will be very important as messengers are now growing faster than social media and our users need this experience in a decentralized platform.
- NFT-Scarce. This is a completely new way of doing NFTs, where the author auctions off the NFT without showing the complete work to the whole world. In other words, author shows a preview of the work and only the person who wins the action gets a cryptographic key to decrypt the full work. The other major difference with Pocketnet NFTs is that they don’t rely on any external URLs or storage platforms such as IPFS.
Kiana: I have a personal question, which is also the tradition of DigiFinex AMA. Can you share with us your personal investment portfolio in crypto assets?
Daniel: I am a big believer in Monero. I am not a particular fan of Ethereum, because in my opinion the idea that one blockchain can serve as the world’s computer is completely unrealistic. I think entities around the world will be tracking Bitcoin more and more and Monero is the answer to that. My humble opinion.
Kiana: The last question! Do you have more plans on expanding business opportunities in other realms?
Daniel: Pocketnet is envisioned not simply as a social network, but as a whole platform. We plan to make it very easy to fork Pocketnet to create sister apps that can talk to each other, use very similar underlying blockchains, but use them in radically different ways. This is almost like an operating system, like Android or iOS.
Thank you Daniel for joining at our AMA for an amazing sharing session! As we now in the 21st century, what Daniel proposed as advanced protection for online creation and protecting intellectual rights has become utmost importance when publishing in the online world. We cannot thank you enough for great projects like Pocketnet in introducing new ways to enjoy social media platforms while having our work and digital properties secured!
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We will see you at our next AMA!
Pocketcoin (PKOIN) is a Proof-of-Stake token that allows authors to earn crypto for their content and protects them from arbitrary censorship through community moderation. Blockchain tracks reputation and high reputation users moderate the platform. PKOIN is for decentralized advertising, boosting posts, buying unique fonts and themes in Pocketnet.app, as well as auctioning off NFT-Scarce tokens in the upcoming releases. Pocketnet is a network of fully decentralized equal nodes run by users (hundreds of nodes around the world are already in operation).
To watch the AMA Live: AMA | Empowering Social Platform Independence in Open Source Blockchain