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What is the decentralized data protocol Powerloom Protocol? What is it used for? We have prepared all the curious details about the project for you!
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What is Powerloom Protocol?
Powerloom is a decentralized data protocol designed to meet the growing data needs of smart contract-based applications such as decentralized finance (DeFi), games, and other user-focused platforms. It aims to meet the demand for reliable and accessible data in the industry.
Features
If you are a developer and want to create data dashboards, DEX compilers or any Web3 application that requires data, Powerloom offers ready features that will help you handle data size while focusing on building powerful applications.
Some notable features of Powerloom:
- Decentralized Data: Powerloom allows developers to build applications on top of decentralized, consensus-supported data, increasing reliability and transparency.
- Real-Time Data: It provides real-time data updates when transactions occur on the blockchain, making applications that require live data possible.
- Time Series Queries: Data sets are available in epochs captured at specific periods and can then be further filtered and constructed to serve specific use cases. This is quite useful for tracking analyses and trends.
- Flexible Data Models: Developers can contribute to data markets by creating their own use cases.
- Modular and Expandable: Powerloom has an architecture that makes it easy to add support for new data sources, transform data, and develop applications on top of existing data flows.
Use Cases
- DeFi: Powerloom can provide reliable and up-to-date data for DeFi applications such as risk assessment, liquidity pools, and pricing oracles.
- Games: Powerloom can provide real-time data for gaming applications such as the evaluation of in-game assets, in-game markets, and player statistics.
- Data Analysis: Powerloom allows data analysts and researchers to analyze large data sets to identify trends and patterns.
Why Powerloom Protocol?
- Verifiable and Valid Data: Powerloom protects data integrity through consensus-based computation and verification, providing developers with reliable data sets.
- Efficient Distribution: Powerloom facilitates the development and distribution of data-focused applications by providing pre-calculated and ready-to-use APIs.
- Constructible Data Sets: Powerloom data sets can be easily combined and integrated to create complex and customized applications.
- Expandable Infrastructure: Powerloom is designed to scale to meet future data needs.
Powerloom Ecosystem
The Powerloom ecosystem includes six different roles that come together to provide reliable and consensus-supported data to applications:
- Snapshotter: They capture critical blockchain data transitions and event publications.
- Validator: They are responsible for validating blocks and securing the Prost Chain.
- Curators: Curators are responsible for creating new use cases and keeping current data market applications updated.
- Signallers: They determine the importance of different data markets and ensure that snapshotter resources are allocated to the most important data markets.
- Consumers: Consumers are users who create applications such as dashboards, bots and compilers using the data.
- Watchmen: Watchmen are entities responsible for the accuracy of the data.
Snapshotter Lite Node Now in Use!
What is a Snapshotter Node?
A Snapshotter Node is a lightweight node that can run on any computer or server. This node monitors data on a particular blockchain and makes it available for use in Powerloom Protocol’s data markets.
What Does a Snapshotter Node Do?
- Collects data from smart contracts and blockchains.
- Processes and validates the collected data.
- Transmits validated data to Powerloom Protocol’s data markets.
- Helps ensure the security of the network and the accuracy of the data.
Benefits of Running a Snapshotter Node:
- You can contribute to the development of Powerloom Protocol.
- You can earn rewards from the network.
- You can contribute to a reliable data source for data-focused applications.
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