The Good Tech Companies - Powerloom's Data Network Reaches Milestone as Mainnet Launch Approaches

Episode Date: December 20, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/powerlooms-data-network-reaches-milestone-as-mainnet-launch-approaches. Powerloom's network has recorded over one billion data points through its network of 5,300 Snapshotter nodes since its testnet launch in February 2024. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #blockchain, #powerloom, #powerloom-news, #powerloom-announcement, #good-company, #business, #cryptocurrency, and more. This story was written by: @ishanpandey. Learn more about this writer by checking @ishanpandey's about page, and for more stories, please visit hackernoon.com. Powerloom's network has recorded over one billion data points through its network of 5,300 Snapshotter nodes since its testnet launch in February 2024. The platform plans to launch its mainnet in January 2025.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Powerloom's data network reaches milestone as mainnet launch approaches. By Ashan Pandey, Powerloom's decentralized network has recorded over 1 billion data points through its network of 5,300 snapshot or nodes since its testnet launch in February 2024. The nodes capture state changes and event emissions from blockchain activities, converting them into structured datasets. The platform aims to address data accessibility challenges in blockchain applications. Web3 applications can access these snapshots directly without additional queries or RPC

requests, which reduces the computational resources needed for data processing. The system implements a consensus mechanism for data verification, with snapshots stored on IPFS using content identifiers. CIDs, the datasets maintain synchronization with blockchain blocks and receive update desto reflect current blockchain states, which helps maintain data accuracy for applications. Swaroop Hegde, co-founder of Powerloom, notes that the distributed network of snapshot or nodes contributes to the infrastructure's resilience and verification capabilities. The platform plans to launch its mainnet in January 2025. The technology focuses

on making blockchain data more accessible for projects with limited resources. Traditional methods of processing blockchain data into usable formats require substantial computational power and technical expertise. Powerloom's approach provides pre-processed, composed snapshots that applications can integrate directly. The platform's capabilities are demonstrated through Generative Prediction Markets, GPM, which creates automated prediction markets at five-minute intervals. The system has processed over 500,000 predictions from more than 10,000 wallet addresses across 50,000 markets. Powerloom has initiated a GPM tournament running from December 20, 2024, to January 3, 2025, with $500,000 power tokens allocated for rewards based on leaderboard rankings.

The dollar power token launch is scheduled for January 2025, incorporating features such as staking and community rewards. The platform's architecture supports various blockchain-based applications, including DeFi protocols, GameFi applications, and NFT platforms. Each data set generated through Powerloom undergoes peer validation and consensus verification, with records maintained on IPFS for transparency. This development occurs as blockchain applications evolve to combine social and financial elements. The technology aims to support real-time data requirements for applications that involve user interactions such as likes, follows, and subscriptions, while maintaining the decentralized benefits of blockchain technology. The system's approach to data processing and verification suggests potential applications

in areas such as blockchain analytics and decentralized social networks. By providing processed datasets, Powerloom enables developers to focus in application development rather than data infrastructure maintenance. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. you for listening to this Hackernoon story, read by Artificial Intelligence. Visit hackernoon.com to read, write, learn and publish.