I was recently introduced to a new cryptocurrency project called Pocketnet. The best way to describe the project in a few words is that it’s a content platform similar to Steemit, but more decentralized. While both Steemit and Pocketnet have decentralized servers, for Pocketnet there is no corporate entity associated with the project.
Disclaimer: While this article will include my own opinions on Pocketnet, I would like to disclose that Pocketnet is our sponsor.
Why I’m Excited
Now that we got that out of the way, let me tell you exactly why I’m so excited about the project. First of all, this is one of the only projects I’ve seen that prioritized building a product first. Pocketnet has been in development for over 14 months, and guess what, the token is still not listed on any exchanges. The team actually has a working product with hundreds of users, but even now they are more focused on building rather than pumping the price of their coin – POC.
Combine the fact that the coin is not even listed on any exchanges, with the fact that there is a fully built out product with a competent team, and all of a sudden you see the opportunity that you can be the first wave of users to become part of Pocketnet. Think about it, STEEM’s valuation is at over $125 million, with Pocketnet not being on any exchanges there is no real valuation yet. Becoming a content contributor on the platform you are able to get rewarded in coins that aren’t available anywhere else.
How It Works?
So how does Pocketnet work exactly? As I mentioned earlier, it’s a content platform similar to Steemit. You make an account, make a post, and if users rate it 5 stars you get some POC tokens as a reward. The better content you post the more ratings / rewards you will get. Essentially it’s a decentralized and an uncensored content platform.
Pocketnet’s blockchain is based on that of Bitcoin. When you post an article, essentially a transaction is created on the blockchain with the content data being imprinted. The Pocketnet.app website is essentially a node that’s running a front end interface. The team is working on a desktop app which you can launch and interact with Pocketnet without the need of using a browser or entering any URLs.
Moreover, this is where Pocketnet differs from Steemit. According to their whitepaper:
“Since Pocketnet lacks any corporate entity that needs to earn a profit, all of the value created is shared with two broad sets of ecosystem participants. They are creators of content, operators of nodes as well as developers working on the project.”
On the other hand, Steemit does have a corporate entity associated with the project called Steemit, Inc. It’s a privately held company based in New York City. The company did hold over 40% of Steem Power back in January of 2017, and according to their CEO, Ned Scott they plan to divest part of their holdings during a multi year period.
Back to Pocketnet, when it comes to interacting with the website, your login is simply a private key converted to 12 words. If you forget that key unfortunately you lose access to your account and all your POCs. If you are interested in reading more about Pocketnet and extra features make sure to read their official whitepaper.
A picture is worth a thousand words, and an experience is worth a thousand pictures. The best way to experience the new platform is to go to Pocketnet.app, create an account, and make a post. Whether it’s an article, a meme, an image, a video, or anything else on your mind it’s worth giving this decentralized content platform a go.