Giving you a project overview and Tokenomics analysis of our next IEO
Did you know? According to this post from wordstream:
- Every second, 17,000 hours of video content will cross global IP networks by 2021, according to Cisco
- More than 500 million hours of videosare watched on YouTube each day.
- More video content is uploaded in 30 days than the major U.S. television networks have created in 30 years.
And this is just the tip of the iceberg.
In a world where the internet continues to take over our lives, demand is starting to outgrow infrastructure growth. Internet speed and storage space are two aspects that require massive expansion to keep pace with growth.
Fortunately, Blockchain technology has made decentralization of resources a possibility and with it more efficient allocation of resources. Users are now able to sell idle bandwidth or storage space to another user that needs it.
Poseidon Network is offering a solution for you to “sell” your idle storage space or bandwidth on your phone, desktop or other devices to another user and earn monetary rewards. Read on to learn more about our next IEO project.
Decentralizing Internet Infrastructure
The Poseidon Concept
You can find a basic overview of the Poseidon project in the diagram above. To put it simply, miners are users who provide resources (idle bandwidth and storage space) and get rewarded for it.
Miners can be classified under two categories — Light Node and Super Node. A Light Node can be your smartphone and desktop, whereas a Super Node will be a Network Attached Storage system, a dedicated computer data storage server.
Miners will be rewarded with QQQ token, the native utility token of the platform. Due to Super Nodes providing a greater level of resources, they will be compensated better than Light Nodes. On the whole, nodes that have proven to be the most stable over a longer period of time will be selected to be miners and rewarded.
Using Various Technology
There are two layers of technology powering the Poseidon Network. Layer 1 is the use of the Directed Acyclic Graph (DAG) as the Distributed Ledger Technology (DLT) Users can expect greater scalability and lower transaction fees.
For Layer 2 (On Chain), technology from different Blockchains will be used for functions such as smart contracts to leverage on the strong points of Blockchain protocols such as Ethereum, NEM and TRON. Data is not placed on this layer for better performance.
Poseidon Competition Landscape
According to Poseidon Network, they are offering a decentralized solution that is significantly faster and cheaper than current services distributing data. An integral part of how this is achieved is by leveraging on the Internet of Things (IoT) devices around the world.
As users are closer to IoT devices than they are central servers, the network latency is lower. The impending emergence of 5G technology will strengthen such a decentralized network, giving it more stability.
To maintain network stability, Poseidon Network will employ the node selection algorithm and caching prediction algorithm. Nodes that have performed relatively well in the past will be given priority in selection and predicting the correct cache will improve network efficiency.
The Poseidon ecosystem consists of two tokens- QQQ token and PSD token. As shared previously, the QQQ token is the utility token of the network, and the token used to reward miners for providing resources to other users. Users who pay using QQQ tokens will receive a discount on their transaction as well.
To determine the price that users have to pay and the reward to be given to miners, Poseidon uses a Proof of Delivery (PoD) mechanism. This mechanism focuses on the quality of data transmission rather than data storage, which is what other projects are focused on. Therefore miners who provide a smooth transition of data will be better rewarded.
To maintain inflation of the QQQ token, there will be a token burn carried out periodically. The token burn amount will be equivalent to the profits reaped from the platform.
PSD token is a security token and gives the holder certain exclusive rights and benefits. For instance, PSD holders have the right to vote for changes to smart contracts that will affect the direction of the project. Furthermore, PSD holders will share in profits made from the network. PSD tokens are sold through a private sale.
Team and Partnerships
In addition to being close to building a working product that is fully functional, Poseidon has secured partnerships with solid projects such as Aelf and TRON. These partnerships strengthen Poseidon’s position in delivering idle content and data storage space to users.
The Poseidon team is led by CEO Light Lin, a serial entrepreneur who has successfully exited from a few start-ups prior to Poseidon Network. The rest of the team has strong experience in the cloud computing industry and what is needed to build a decentralized infrastructure.
Please find a transcript of Light Lin’s interview with Digitimes, a Taiwanese tech publication here. For Non-Mandarin speakers please use Google translate to read his insights on the future of the internet and how Poseidon Network intends to be a part of it.
With the consumption of content higher than ever before, we need faster internet speeds and more storage space for data. The decentralized network of IoT devices and the close proximity of these devices to users means that idle resources of users can now be used to solve this issue.
A year in the making, the Poseidon Network provides users the opportunity to earn passive income by providing idle bandwidth and storage space to other users and earning QQQ tokens in the process. As 5G technology becomes more developed, the transmission of data between IoT devices will become commonplace, creating a strong use case for the platform.
Disclaimer: The above article is a brief overview of the Poseidon project and is in no way an endorsement of QQQ token from ABCC Exchange or financial advice in any form. Users are reminded to carry out their own due diligence and execute trades based on their research and risk tolerance.
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