Powerloom price

POWER

#3626

Unlike most web3 data solutions, devs and consumers using Powerloom don’t need to query, compose, and store onchain data. They can access verified and ready-to-consume datasets, reducing cost, time, and effort, especially for app builders. Moreover, Powerloom works exclusively with verifiable onchain data, and every snapshot — from the most basic to the higher-order aggregated ones — is synced to blocks on the source chain by default. Apps and smart contracts using Powerloom’s composed datasets don’t face the risk of executing on stale or outdated data, which is a common but severe problem for onchain data consumers. It also significantly reduces overheads and data access costs since developers and app builders don’t need to maintain multiple RPC subscriptions for redundancy. Powerloom’s network architecture and integrated consensus ensure the precision and accuracy of finalized datasets, while the IPFS-based decentralized storage system optimizes data availability, irrespective of the protocol’s uptime. Through all these, Powerloom provides a truly decentralized and accessibility-oriented onchain data solution, filling a major gap in the market.

Snapshotter nodes represent the backbone of Powerloom’s composable data network. Along with other network components and roles — like sequencers, validators, etc. — they handle the load of extracting, transforming, and delivering onchain insights for devs, orgs, and end-users to consume hassle-free. Snapshotters work around specific ‘data markets’ that define the logic, type, and other aspects of the consumers’ data requirements. Powerloom’s architecture allows for custom logic in these data markets, essentially enabling an on-demand solution for data consumers.

POWER is the official token of the Powerloom network, based on the ERC20 token standard. Its primary utility involves incentivizing and rewarding contributors to Powerloom’s distributed data economy, and also facilitating network transactions as a native gas token. Snapshotters earn their ‘Daily Rewards’ in POWER. Likewise, rewards and incentives for other network participants or stakeholders are also given out in POWER.

POWER is available on DEXs like Uniswap, as well as on multiple CEXs, including KuCoin, Gate.io, and MEXC. Users can also get POWER using Relay Protocol, which allows fast and low-cost bridging from several chains and networks.