Quick take:
- The company aims to establish 10,000 independently run nodes.
- The node mint is scheduled to take place on Feb 7th on Polygon.
- Node operators will earn rewards for their contribution to Powerloom composable data markets.
Powerloom, the composable data network has announced a soul-bound token (SBT) mint for the right to to operate a Powerloom Snapshotter Lite node. The decentralised data layer aims to establish 10,000 independently run nodes.
According to the announcement, the mint is scheduled to take place on February 7 on the Polygon blockchain. The Powerloom Snapshotter Lite node operators will earn rewards for their contribution to Powerloom composable data markets.
The company is looking “to democratise web3 data accessibility” with a node mint that it believes provides a fair way for community members to obtain a node and support network operations on Powerloom.
One of the ways the holders of the SBT will contribute to the Powerloom ecosystem is by testing critical infrastructure to help enhance Powerloom’s composable data network.
This announcement comes following an incentivised testnet with Coinlist that saw the company onboard over 20,000 members. The company calls the new node initiative a lighter version of Powerloom’s existing Snapshotter node, which requires minimal technical expertise for users.
Commenting on the announcement, Powerloom Founder Swaroop Hegde said: “By making our node initiative more accessible, we’re inviting broader participation while fostering a culture of learning. This approach allows participants to directly engage with and understand the architecture of a protocol that has been decentralized from the start. These new nodes testify to our commitment to creating a composable and accessible data network that empowers users and developers alike.”
Polygon Co-Founder Sandeep Nailwal commented: “Partnering with Powerloom represents a significant step forward for Polygon. I am excited to see Powerloom set as the first infrastructure launch on Polygon. Their approach to creating a composable data network aligns perfectly with our vision for a more interconnected and efficient web3 ecosystem.”
Powerloom’s composable data network is primarily created to address the data needs of smart contract applications including non-fungible tokens (NFTs), decentralised finance (DeFi), and GameFi, among others.
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