How Does PKT Blockchain Work?

How Does PKT Blockchain Work?

People can be rewarded financially for taking action with causes they believe in through blockchain technologies.

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Blockchain tech enables everyday citizens and investors alike the opportunity to take part in projects that align their values and beliefs through cryptocurrencies.

PKT uses the Bitcoin code as its base and acts as a means of encouraging people to connect unused bandwidth to the Internet (Edge Points).

Anyone who believes that low-cost, accessible Internet should exist can now be paid in doing so.

Edge Points can use a program called PacketCrypt to monetize their unused bandwidth by mining for PKT coins. A Proof-of-Work (PoW) refers to when computer-based efforts prove that computational effort occurred, which is the world’s first bandwidth-hard blockchain.

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The PacketCrypt protocol mines PKT Cash by performing a computational effort in which Edge Points transfer data to mining pools.

This announcement requires bandwidth, and when they expend it, their reward is being paid every 60 seconds with the native currency of PKT Cash generated via the Proof-of-Work algorithm.

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In other words, Edge Points (an edge point that can be your computer for mining) are maintaining connectivity to the network while getting incentivized for expanding bandwidth.

The PKT Network aims to provide a decentralized network infrastructure that governments or corporations do not own.

To accomplish this goal, the Edge Points will have the cost of maintaining their physical link between the Internet, and PKT Networks paid for them without technical knowledge.

The PKT Network is a decentralized ISP that will ensure cheaper and faster access to the Internet.

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It does this by using blockchain technology, end-to-end encryption for privacy, mesh networking protocols, all while decentralizing ISPs from their centralized role in today’s market.

Once deployed, people worldwide can connect anywhere they are without having to pay an expensive price tag traditionally associated with accessing traditional online applications/services like email or streaming content on sites such as Netflix or Amazon Prime Video, etc.

Earn Money By Providing Your Unused Internet Bandwidth 

 

PacketCrypt is a protocol that allows Home and Office (H/O) users to mine for cryptocurrency in the spare bandwidth they aren’t using especially at night.

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Users pay their ISP an agreed-upon amount of money each month but often only use some fraction of what they’re paying for.

The rest goes down the drain as excess bandwidth or noise-bandwidth utilization (NBU).

PacketCrypt solves this problem by turning H/Os into Network Points which perform crypto mining operations on behalf of miners globally over NBU usage when no one else wants it.

The two types of PKT mining are announcement mining and block mining. Anyone can do the announcement mining on a home computer or even a mobile device.

Announcement uses the device’s CPU to generate 1KB messages known as announcements that you can mine.

At the same time, block requires specialized hardware (CPU) for more powerful processing power needed to solve math problems to create blocks.

To incentivize mining pools and block miners, the PKT Network broadcasts announcements across its network. When they win a new block, these parties are rewarded with announcements that simulate packets being transferred globally on the Internet in their respective reward wallets.

In the upcoming phases of PKT’s roadmap, users will earn additional payments by transmitting real-world data over virtual private networks (VPNs).

The announcement miners and block miners work autonomously to facilitate the effort for data transmission. The announcements themselves do not contain unique content, but it is real when transmitted through a VPN service called Edge Points.

To mine blocks, miners run a software program on specialized hardware that solves cryptographic problems.

To validate the billions of announcements received every 60 seconds in these different types of mining pool environments requires networking expertise (especially powerful encryption hardware), significant bandwidth infrastructure for communication between network nodes within the blockchain system’s ecosystem, along with computing power necessary to ensure its security.

Block miners compete to solve the PacketCrypt puzzle so they can win rewards. When a block is won, all the announcement miners that submitted their announcements are automatically paid.

What is the Worth of a PKT Coin?

Edge Points connected to the PKT Network will be paid in a unique currency called PKT Cash. 6 billion PKT Coins will be mined over 63 years. The coins are then divided between announcement miners, block miners, and pool operators, each awarded according to their contributions.

When a block is won, 20% of the winnings go electing one address as ‘Network Steward,’ which can use these resources for community improvement projects such as research or new software updates across various platforms within the network every 90 days before burning any excess tokens not yet distributed.

PKT Cash is a cryptocurrency with an intrinsic value. The purpose of PKT Cash coins is to be mined by miners, who pay cash for infrastructure costs, and the cost becomes their minimum coin price.

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With every 20,000 coins mined during a fixed period of time, at least $300 in mining costs must have been paid out to create them; therefore, each coin has no less than $0.015 worth per coin even if they were immediately sold on an exchange or held onto by the owner until someone else decided it was valuable enough to buy from them.

The PKT blockchain distributes 10% of the remaining PKT Cash to be mined every 100 days, and then uses a 10% decay rather than an abrupt 4 year halving used by Bitcoin.

In the first 100 days, for instance, there were 6 billion coins remaining, meaning 600 million coins were mined every day, averaging 6 million coins per day. During the first 100 days, a block is mined every 60 seconds, so 4,166.667 PKT was provided every 60 seconds. The next 100 days saw 540 million coins mined, leaving 5 billion coins left on day 101. From block 100 to block 100+2, a 10% reduction was made in the block rewards paid out every 60 seconds.

The PKT Network has a clever mining system in place. Adding more miners makes mining increasingly difficult, which increases the reward on each block. Many others do the same thing, making it harder for everyone by increasing difficulty exponentially with every new miner joining.

The difficulty of mining increases as the number of people trying to mine and earn PKT Cash also rises.

However, a fixed amount is paid every 60 seconds per block mined regardless. In addition, rewards are divided by all active miners for them to receive their payment from that specific period. As time passes on after 100 days since its inception, the value comes down because only those willing enough would buy it at such a price relative to how much they have spent through mining.

PKT is a Big Idea

PKT incentivizes Edge Points to connect local infrastructure to the PKT Network. This can be existing cable internet, fiber, and satellite backhaul. The Edge Point directs bandwidth into the PKT Network, which builds a peer-to-peer network operated by people for other people.

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The new PKT technology will enable Edge Points to sell their bandwidth into a decentralized, blockchain-based marketplace. The power of This shift from centralized ISPs and governments toward the people who become the ISPs by selling internet access in a decentralized market that doesn’t require the technical experience.

PKT is a blockchain-based startup that aims to provide low-cost, high-speed internet access for the next billion people. POET’s vision is built on an existing mesh networking technology that can be used by incentivized community members who want to earn money from their unused bandwidth.

The PKT Network is a completely open-source project with no CEO and investors. As the network grows, it makes internet access worldwide decentralized by enabling internet connections (such as via mesh networking or VPNs) at minimum cost to free users. People eventually gain free web access through Edge Points without going through traditional ISPs.