Pocket Network (POKT)

Blockchain Data Access

Pocket Network is a decentralized platform that connects developers to multiple blockchains through a single API. It allows Web3 applications to access blockchain data reliably and cost-effectively by routing requests through a global network of thousands of independent full nodes. This setup ensures high uptime, censorship resistance, and scalability across more than 50 supported blockchains.

Decentralized Infrastructure

The network operates as a permissionless, decentralized relay marketplace where node operators run full nodes and earn rewards in POKT tokens by servicing data requests. Developers pay with POKT tokens to access these nodes, enabling a two-sided marketplace that reduces costs compared to centralized providers.

Web3 Application Support

Pocket Network supports a wide range of Web3 use cases including crypto wallets, NFT marketplaces, decentralized exchanges, DeFi tools, and blockchain games. It provides the essential infrastructure layer that connects these applications to blockchain data, helping them run smoothly and securely.

AI and Data Services

Beyond blockchain data, Pocket Network extends to decentralized AI inference and other data services. It enables permissionless, censorship-resistant access to AI models and open data by integrating with decentralized compute and storage networks, supporting emerging use cases like decentralized AI pipelines.

Developer Tools and Ecosystem

Pocket Network offers tools like the PATH framework and gateways that simplify integration for developers. These tools allow easy access to diverse data streams, including specialized AI models and new blockchains, all within a unified, decentralized infrastructure.

Token Utility

The POKT token is used to pay for data relays and incentivize node operators. It also supports staking for network participation and governance through the Pocket DAO. Upcoming upgrades aim to make the network fully permissionless and scalable, expanding POKT’s utility across multiple chains and new markets.

Advantages

• Pocket Network provides decentralized, reliable, and cost-effective RPC access to over 50 blockchains, enabling developers to easily integrate blockchain data into websites, apps, and IoT devices.
• It supports multi-chain connectivity, simplifying infrastructure management for developers by allowing access to many blockchains through a single protocol.
• The network uses a proof-of-stake consensus mechanism, incentivizing node operators to maintain high uptime and quality service.
• Pocket Network offers scalability, privacy, censorship resistance, and optimized quality of service for decentralized applications.
• Developers can earn rewards by running nodes and staking POKT tokens, creating a two-sided marketplace between node providers and app developers.
• The platform is energy-efficient and cost-effective compared to centralized RPC providers.
• Pocket Network has partnerships and integrations with various blockchain ecosystems, including Algorand and XRPL, expanding its reach and utility.

Disadvantages

• The price of Pocket Network tokens can be volatile and subject to market fluctuations.
• Trading volume has shown recent decreases, indicating variable market activity.
• Success depends on adoption by developers and enterprises, which can be influenced by broader market conditions and governance decisions.
• As a relatively new decentralized infrastructure project, it faces competition from centralized RPC providers and other blockchain infrastructure solutions.
• Changes in tokenomics or network upgrades may impact token value and network performance.

Founders of Pocket Network

The founders of Pocket Network are Michael P. O'Rourke, Luis Correa de Leon, Luis Ramon Correa de Leon, and Pabel de Jesus Nunez Landestoy. Michael P. O'Rourke is often highlighted as a key co-founder and CEO.

Major Investors

Pocket Network has raised a total of $18.6 million over 3 funding rounds from 31 investors. Key investors include Spider Capital, Blockchain Coinvestors, Republic Capital, RockTree Capital, Arrington Capital, and C² Ventures.

Lead Investors in Latest Funding

The most recent funding round of $7.9 million on December 1, 2023, was led by Avon Ventures, Placeholder, and Druid Ventures, with participation from Mechanism Capital and Permanent Ventures.

Other Notable Investors

Additional investors involved in earlier rounds include 1kx, 42DAO, AU21 Capital, Ambush Capital, Argonautic Ventures, Republic Capital, RockTree Capital, Arrington XRP Capital, and C² Ventures.

Summary

Pocket Network's investors are a mix of venture capital firms and crypto-focused investment groups that support its mission to provide decentralized, reliable blockchain infrastructure.

Halal Status of Pocket Network

Pocket Network is considered halal because it can be used in ways that comply with Islamic finance principles. It avoids interest (riba) and excessive uncertainty (gharar) when used properly, especially through swap-free or Islamic accounts designed to meet Sharia law requirements. These accounts do not charge interest on overnight positions and promote transparent, ethical trading practices.

Reasoning

• Pocket Network’s trading platform offers Islamic (swap-free) accounts that eliminate interest fees.
• It supports transparent transactions and avoids gambling-like speculation.
• Compliance depends on how the platform is used and the trader’s adherence to Islamic principles.
• Many Muslim traders find Pocket Network acceptable when using these halal account options and following ethical trading guidelines.

Answer: Yes, Pocket Network can be halal when used with its Islamic account features and in accordance with Islamic finance principles.