Blockchain-based projects are launched for different purposes. Generally, each new crypto project aims to solve a particular problem for a wide range of sectors and unique use cases. The most successful projects generally provide some kind of technology or utility that solves the biggest problems. However, until now, there has never been a truly decentralized technology project focused on making high speed, low cost internet access available to anyone worldwide.
Introducing PKT, the world’s first layer 1 blockchain that pays anyone for connecting their bandwidth to the network. This means that anyone can be paid for their unused Internet bandwidth, no matter the speed or location of their internet connection. As more people connect to the network, PKT scales to become a fully decentralized Internet service provider (ISP), where instead of only monopolistic corporations providing access to the Internet, individuals worldwide are economically incentivized to provide localized end-to-end encrypted connectivity to their neighbors. PKT’s end-to-end encryption technology ensures data is more private and secure than current internet connections with corporate ISPs. This collective effort is designed to enable low cost, high speed internet services by the people, for the people, with the goal to connect the next 1 billion people online.
PKT is an open-source network with no company, no investors, no organization, no foundation and no pre-mine. PKT is a continuation of the 11 year old open source cjdns project, that makes it so anyone can get access to the internet without requiring a centralized ISP. PKT is designed to enable people who have internet access to become an infrastructure provider and monetize their connection. This effort decouples the role of infrastructure provider from the role of a network operator at a traditional ISP. PKT technology makes it possible for entrepreneurs to become a Cloud ISP. ThePKT Network and this forthcoming Cloud ISP technology mitigates the legacy ISP system and economically incentivizes expansive individual ownership and maintenance of internet infrastructure.
The PKT Network is a high speed, decentralized data network that is built by the people, for the people. The network is powered by the world’s first bandwidth-hard proof-of-work (PoW) mining algorithm called PacketCrypt. PacketCrypt mining is optimized when edge miners and PKT miners collaborate with one another by exchanging data called announcements. This effort between miners requires significant upload bandwidth for edge miners and download bandwidth for blockminers. PKT miners are economically incentivized to earn block rewards every 60 seconds for maintaining high quality, high speed links to the network. As the PKT Network scales, the resulting edge network strengthens and unlocks utility use cases such as VPN, WiFi sharing, localized mesh networking and internet service provision through Cloud ISPs.
The PKT Network is also built to support decentralized trading of tokenized bandwidth using a new token standard called TokenStrike. The native cryptocurrency called PKT Cash is the denominated currency for trading TokenStrike tokens, similar to the relationship between Ethereum and ERC-20 tokens. Decentralized bandwidth trading will begin in 2022, and give people around the world access to participate in the annual $2 trillion dollar bandwidth market that is currently centralized around major ISPs. By incentivizing individuals to optimize, maintain and tokenize their internet connections, PKT introduces a new era where anyone can easily monetize their Internet connections and build faster, more resilient, private and secure distributed localized mesh networks around the world. PKT offers users the opportunity to convert their unused internet bandwidth into cash, which in turn helps people gain low cost, high speed, secure access to the Internet that may have never had access before.
PKT Cash ($PKT) is PKT’s native cryptocurrency. PKT is designed for microtransactions, so people can buy, sell and trade bandwidth leases, similar to how people order an Uber, providing transport for a period of time. Utilizing a 60 second block time, PKT has a network speed that is 10x faster than the Bitcoin network. PKT has near-zero gas fees and is currently integrating Lightning Network functionality, which will provide near-infinite transactions per second and near-instantaneous settlement.
PKT is a mined coin with a 6 billion coin supply. About 3.5 billion coins have been mined to date. The network mines 10% of the remaining coin supply every 100 days, after which a decimation occurs that reduces the block rewards by 10% for the subsequent 100 days. It will take 61 years for the remaining 2.5 billion coins to be mined.
PKT has a built-in governance system called the Network Steward, which ensures resources are available to fund the PKT Network infrastructure and open source technology development. 20% of every mined block is paid into a wallet address that is democratically elected by POS vote. The Network Steward regularly selects grant projects or the coins are burned every 90 days.
PKT is the Cryptocurrency for Bandwidth
Y The contemporary world has witnessed a lot of innovations, yet the internet stands out as one of the most important global systems for communication and the advancement of society. Along with the expansion of connectivity and communication, ISPs and governments have consolidated control over Internet access. This has slowed competition, increased access costs and has failed to improve quality of service for billions of customers worldwide.
PKT is a project that aims to bridge the gap between the massive amounts of unused internet bandwidth and democratizing access to global bandwidth trading markets. By providing market access to individual households and businesses that are already paying for their internet connections, the value and commerce behind unused bandwidth can now be determined by economic factors, instead of being controlled by governments and centralized corporate monopolies. Until now, these governments and major corporations decided who has access to the internet, which only stifles freedom of information and communication.
PKT is providing a new way to monetize your unused internet bandwidth with the intention to shift the power dynamic to the people. Since the PKT Network is devoid of a central authority, it is the people that are economically incentivized to participate that will support access to the internet for the good of all. The future potential of the PKT project is bright and its technological fundamentals introduce a new paradigm for internet connectivity. Now the world can come together with the goal of connecting the next 1 billion people to the Internet.