TL;DR
- PKT is a layer-1 blockchain project designed to decentralize internet access and scale the decentralized web.
- PKT uses a unique censorship-resistance web infrastructure.
- PKT uses the world’s first and only bandwidth-hard proof-of-work mechanism, called PacketCrypt.
- PKT was launched in August 2019 as a fair-mine community coin with no pre-mine and a limited coin supply of 6 billion.
- PKT uses an open governance model to allocate funds for community projects. Unallocated funds are burned.
PKT is a decentralized physical infrastructure (DePIN), layer-1 cryptocurrency that is gaining significant global awareness. This article will explore what makes PKT one of the most important innovations in decentralized internet access.
Introducing PKT
First let’s understand the underlying blockchain. PKT is a layer-1 blockchain project built to provide decentralized internet access and power the decentralized web. The PKT cryptocurrency is paid to community-based participants as an economic incentive to contribute the bandwidth and CPU resources that power the PKT Network.
The PKT Network is a distributed global mesh network that enables anyone to offer internet access via wifi access points. Built on a legacy networking protocol called cjdns, it functions like a distributed VPN network. Peer-based onramps connect the global internet to the decentralized web.
PKT, Cjdns, and the Decentralized Web
The mission of PKT is to expand decentralized internet access. By combining cryptocurrency incentives with mesh networking, PKT empowers users to take action on a local basis to extend and strengthen internet infrastructure.
The mesh networking protocol cjdns is the backbone of the PKT Network. Unlike traditional networks reliant on centralized ISPs, cjdns enables permissionless, secure peer-to-peer communication. This promotes a more resilient and censorship-resistant web infrastructure.
In April 2022, cjdns was incorporated into Bitcoin Core v23, proving itself as battle-tested mesh networking technology. Moreover, websites hosted on the PKT Network enjoy the flexibility of being accessible exclusively to users within the PKT Network or public web browsers using reverse-VPN technology.
Payment Processing and Near-Zero Gas Fees
Websites built in the PKT Network will soon be able to use their web URL as a PKT payment address. This exciting development delivers a native payment system into the PKT Network. This empowers website operators and end users with peer-to-peer payment processing without any third party intermediary or processing fees. This sets the stage for widespread adoption and utility.
This integrated payment system will use PKT Lightning Network, which is a fork of Bitcoin’s Lightning Network “layer 2” payment protocol. This provides near-instant settlement and near-infinite transactions per second, without payment processing fees.
PKT is designed to support small denomination micropayments payments. This layer-2 solution is intended to maximize scalability, minimize settlement time and reduce the cost of network transactions. Currently in testing, this revolutionary layer-2 is expected to make PKT blockchain one of the highest throughput and lowest cost blockchain payment solutions.
The Only Bandwidth-Based Proof-of-Work
PKT is a clone of the Bitcoin codebase. Instead of SHA-256, PKT uses a novel consensus algorithm called PacketCrypt, which is the world’s first and only bandwidth-hard proof-of-work.
This groundbreaking bandwidth-based proof-of-work mechanism requires bandwidth to be notably proven to participate in PKT mining. As miners expend their bandwidth and CPU resources, this establishes the PKT Network’s high-speed data infrastructure. PKT blockchain is remarkably efficient, which ensures both the resilience and security of the PKT Network.
Fair-Launch and Transparency
PKT was launched in August 2019 as a fair-mine community coin. There was no initial coin offering, pre-mine, founder shares or investor allocations. Since Bitcoin, few cryptocurrency projects have utilized this kind of proof-of-work fair-launch. This promotes a rare form of transparency in the cryptocurrency sphere and ensures that the blockchain can be audited back to block 1.
Limited Coin Supply
PKT has a finite coin supply, capped at 6 billion. At press time, approximately 4.93 billion coins have been mined. Using a novel yield decay system called a decimation, similar to the Bitcoin 4-year halvings, PKT block rewards reduce by 10% every 100 days. As a result, it is estimated to take 59 more years to mine the remaining 1.07 billion coins.
This scarcity and limited supply is designed to promote demand, enhance the coin’s utility value, and support the long-term trajectory of the project.
Transparent Governance
PKT uses an open governance model called the Network Steward. The Network Steward is represented by a PKT wallet address, which receives 20% of every mined block. The funds are then used to fund community grants that build the project roadmap and support the network. The Network Steward must allocate funds within a 100 day period or the coins are burned. To date, more than 694 million PKT (14% of all mined coins) have been burned.
PKT developers have built a new democratic model for the Network Steward to be elected on a weekly basis using a proof-of-stake vote. This voting system is designed to empower the community to participate in network decisions, fostering transparency and inclusivity.
Conclusion
The PKT Network is built to support the future of decentralized internet access and power the decentralized web. Using the encrypted IPv6 networking protocol called cjdns for data transmission and routing, this guarantees the network’s robust security and privacy standards.
PKT is quickly gaining awareness and adoption. As a key innovation in online access and mesh networking, fostering advancement for the decentralized web, low transaction fees, limited coin supply, and transparent governance, this emerging ecosystem is set for significant growth.
PKT stands as a pioneering blockchain. As the world continues to explore the possibilities for blockchain technology, PKT is a project that undoubtedly deserves the attention it is receiving. PKT is listed for trading on MEXC and BitMart exchanges.
To learn more about PKT and the PKT Network, visit https://pkt.cash.
