Key Notes
- With 5,300+ Snapshotter nodes, Powerloom eliminates external oracles while ensuring transparent IPFS storage.
- The platform’s prediction tournament has attracted over 10,000 wallets and generated 500,000+ predictions, showcasing strong community engagement with $500,000 in POWER tokens as rewards.
- The protocol makes blockchain data more accessible and cost-effective for DeFi, GameFi, and NFT applications.
Powerloom, a new decentralized data system for blockchain applications, has reached a remarkable milestone. As shared with Coinspeaker, the protocol revealed that its Snapshotter nodes had collected over one billion real-time data snapshots. This milestone comes after the launch of Powerloom’s testnet in February 2024.
This achievement shows that Powerloom’s potential and impact are growing, with more than 5,300 Snapshotter nodes worldwide. The platform has actively collected and composed complex datasets for decentralized finance (DeFi), GameFi, and NFT platforms.
Powerloom’s Snapshotter Network: Revolutionizing Real-Time Data
As blockchain technology grows, having real-time, accurate, and verifiable data becomes more important. Powerloom is leading this change by offering a system supporting smooth, clear, scalable applications.
It helps developers create effective applications with low operational costs. The platform makes complex data easy to access, helping Web3 projects grow with high-quality, reliable data. Powerloom’s success lies in its decentralized network of Snapshotter nodes.
These nodes capture state changes and events and organize them into structured data. This data is securely stored on IPFS, making it transparent and permanent. The platform’s consensus mechanism ensures the data is accurate, and the datasets are automatically synced to on-chain blocks in real-time.
This keeps smart contracts and Decentralized Applications (dApps) from using outdated information. Using a decentralized approach, Powerloom removes the need for external oracles and indexers, simplifying the development of Web3 apps.
With its mainnet set to launch in January 2025, Powerloom’s growth shows the increasing need for reliable data in Web3.
Powerloom Provides Developers with Seamless User Experiences
Powerloom addresses a major issue in blockchain by providing real-time data, which is essential for fast user engagement on social platforms. Apps in DeFi, GameFi, and NFT spaces need up-to-date data for smooth user interactions, but the current systems often cannot keep up.
The protocol allows developers to create fast, interactive Web3 experiences with decentralized benefits, similar to Web2 platforms. It also makes it easier to convert raw blockchain data into user-friendly applications.
Moreover, Powerloom offers affordable, easy-to-use data snapshots, making it accessible to developers of all sizes. This removes the need for expensive infrastructure or specialized technical skills, effectively lowering the barriers to entering Web3.
Powerloom has launched a Generative Prediction Markets (GPM) Tournament to encourage more developers to join its ecosystem. This game creates small prediction markets every five minutes, with rewards of over $500,000 in POWER tokens.
Billed to run from December 20, 2024, to January 3, 2025, the tournament has attracted over 10,000 wallets. Impressively, it has generated more than 500,000 predictions so far. Powerloom’s native token, POWER, also plays a crucial role in its ecosystem. The digital asset offers staking opportunities, community rewards, and incentives for early users.
With the upcoming mainnet launch, Powerloom is positioning to evolve as a significant player in the blockchain world. It is poised to provide a decentralized, transparent, and affordable data layer for future Web3 applications.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
