Recapitulation of PKT.CASH PROJECT AMA event held at AMA LOVERS CLUB.
Date: Monday, 16th March, 2022
Time: 15:00 UTC
The PKT.CASH PROJECT team was represented by @Cjdelisle who judiciously shared with us detailed knowledge and information about PKT.CASH PROJECT.
1st Segment: INTRODUCTION
✨✨QUESTION1🩸: Can you please introduce yourself and your background, also introduce the team working on PKT?
👉ANS: Myself, I've been working on decentralized and (more) secure networking since around 2011 when I began the cjdns project. Cjdns is a routing protocol which has security even if some of the routers in the network may be malicious. However cjdns does not, itself, have a way for the network to pay for it's infrastructure, so in around 2017 I joined up with Jeremy and other folks and began working on PKT which is a bitcoin-derivitive blockchain for enabling a network that can pay for itself.
What makes the vision of PKT possible is Lightning Network which allows for immediate and nearly free micropayments.
Another thing which makes the PKT project unique is that it is based on the world's first bandwidth-hard proof of work, so you mine using your unused internet bandwidth.
You are over 10 Years in, that's some valuable Experience in this Field, that makes it the more exciting.
✨✨QUESTION2🩸: Can you introduce PKT, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
👉ANS: Well, to your first point, it's a really long term project. Since the beginning we said "think in decades, not years"
The internet, as it exists today, is highly decentralized, but our access to it isn't. Typically there are just two or three major telephone and cable companies who mediate everyone's ability to connect and communicate.
This is a huge problem for a couple of reasons:
1. They are able to effectively charge whatever they want, as we see in places like North America
2. They are able to potentially block or even shut down the internet, something which we see happening in authoritarian countries
For the sake of humanity and the future, we must keep the internet free and open
And the goal of the PKT project is to build a self-sustaining method for internet infrastructure to coordinate and pay for itself
I know it's a bit chiché, but think about Uber for your internet connection, people are drivers, people are riders
But in the case of PKT, there is no centralized "uber", it's just the ecosystem and the blockchain.
This would Take us to our Next Question, which Borders on Expansion, and what's to come for http://pkt.cash
✨✨QUESTION3🩸: As we are close to the end of Q1 2022, any plans for expansion? What can you tell us about what’s to come in remaining quarters of 2022?
👉ANS: So the PKT project has a huge roadmap, and this is something we will be working on for a very long time.
One thing which makes PKT very unique is that it is not exactly like the modern relatively centralized token projects which have a "core team", premine, investors, company, etc. Not is it exactly like the old style projects like Bitcoin and Litecoin which only have developers working out of the kindness of their hearts.
The PKT roadmap can be though of as like a city plan
There are the basic infrastructure aspects such as the roads, electricity and water, these things are developed by projects which propose to open competitive calls that are funded by an institution of the PKT blockchain known as the Network Steward
Then there are the stores, restaurants and other amenities of a city - which are the majority of what makes the PKT roadmap what it is... These are developed by businesses who have a profit motive, because these aspects of the roadmap actually have a way to profit for whoever develops them
So in the concrete case of the PKT project, something which is critical infrastructure is the basic wallet software, block explorer, and networking protocols
But things which are important parts of the project, but have their own business models include the WPKT bridge developed and operated by Obea, and the PKT Cube device developed and sold by PKT Pal.
Such an Elaborate yet Concise Road Map,
✨✨QUESTION4🩸: Can you briefly describe your PARTNERSHIPS and BACKERS so far?
👉ANS: Well this is a little bit complicated to say, because PKT is itself an ecosystem, it would be inappropriate for PKT to, for example, say "We're a Pepsi project" and not give Coca Cola an opportunity to participate as an equal stakeholder.
However, I can talk briefly about some of the businesses who have decided to set up shop inside of the PKT ecosystem
* PKT Pal -> https://pktpal.com is the maker of the PKT Cube, an easy to use mining and hardware wallet device
* Anode -> https://anode.co is a company who is planning on using PKT to power a VPN offering
* PktPool -> http://pktpool.io/pkt is a business running a large PKT bandwidth-hard mining pool
* AKASH Network has integrated PKT mining as one of the services which can be done using their infrastructure https://akash.network/blog/how-to-mine-pkt-faster-on-the-world-s-first-decentralized-cloud
And there are a number of other projects and entities in various stages of development
The point is that PKT is an ecosystem which is open for business, and everyone is welcome to come and do business in the PKT ecosystem.
✨✨QUESTION5🩸: Finally on this Segment
Can you give an overview of the Tokenomics and Utility of $PKT Tokens? And On which Exchanges can we readily Purchase $PKT
👉ANS: * 6 billion coins total will ever exist
* Every 100 days, there is "decimation" - block reward decreases by 10%
* 20% of all coins go to the Network Steward, this is like a founders fee except that they are allocated to projects which are proposed by the community in a completely transparent way. Coins that are not allocated by the Network Steward in 90 days are burned.
* 3.78 billion mined to date
* 473mn coins burned
* 2.21 billion coins left to be mined
All of this information and more is available on https://explorer.pkt.cash/
✨✨QUESTION6🩸: Is there staking option available? And what exchanges can I pick some $PKT
👉ANS: Ahh yes, there is a liquidity pool on the WPKT side, this is PKT except "wrapped" and represented as a token on the BSC chain, this is a service provided by Obea.
Trading is available on Bittrex Global and on Bitmart starting today.
2nd Segment: LIVE Questions
✨✨QUESTION1🩸: Privacy and security are extremely important to us, how is this project protected from potential whales and fraud? What kind of protection system do you use for user funds? In general, how do I know that my investment will be completely safe, do they provide any security?
👉ANS: We used the protocol from Bitcoin because with 10 years of battle testing, this one was judged most secure. It's not the shiniest thing on the block, but we wanted our bugs to be in the networking code, not the payments code 🙂
✨✨QUESTION2🩸: Can you please explain to us about the FREE TIER which you've implemented? How exactly does it work, what key services does it support and what made you introduce it?
Talking about ROUTE SERVER, why is it needed in the PKT NETWORK, what functions does it perform?
👉ANS: Love this question, let me address. The way ISPs sell bandwidth now is broken, they sell you the *option* to use bandwidth over the course of a month but they're hoping you won't actually use it. It's called over-subscription and they sell the same bandwidth over and over to people making more and more money.
Once we price bandwidth correctly, when there is extra unused bandwidth, there is no reason that the "trading price" would not potentially drop down to zero
And there are good reasons to allow some bandwidth to flow for free, for letting people test the network as well as for people who can't necessarily afford bandwidth.
Consider it like a shop that throws away expired food, instead of throwing it away, we can give it away.
✨✨QUESTION3🩸: The PKT Network will enable completely private. But as we know, user data privacy concerns are very relevant right now. Why did you decide to include this feature in your project? What are the benefits and how do they outweigh the disadvantages?
👉ANS: Open communication, including end to end encryption, must be considered not only a human right, but a necessity to the continuance of civilization. We live in a world where we have enough nuclear weapons to put ourselves back to the stone age, we cannot afford to be isolated from communicating with, and understanding one another.
✨✨QUESTION4🩸: I was struck by the fact that one of your objectives is that any user in the world can start their own business in the PKT ecosystem. Then, could you tell me how I can start monetizing with your project? What options do you present to the community with which they can earn income? #PKTpaysYOU
👉ANS: The best thing to do is join the community and begin talking about things you want to do with other people. Starting a business is best done with friends. We're a friendly and collaborative community and if you look at the roadmap you can have ideas about parts of it where you might be able to help.
✨✨QUESTION5🩸: In traditional networking, the provider typically connects to a customer using a slow network link in order to control the amount of bandwidth the customer can send thereby mitigating network congestion. But this often leads to under-utilization of available network resources. What do you see to this and what solutions have the PKT Network proposed to solve under-utilization of available network resources?
Discord username: hkuranga
👉ANS: This is explained in dense and elaborate detail in the whitepaper, but the simple version is that network packets can be *marked* with a priority instead of being dropped, and then they can be dropped only in the case of actual network congestion.
✨✨QUESTION6🩸: PKT Cash is the one coin that is generated by using bandwidth. So in this project participation is limited if you don't have bandwidth?
👉ANS: Well, sort of, but it creates a financial incentive to bring more network connectivity to your neighborhood, which will soon allow you to share that bandwidth with your neighbors, making everyone better off
Someone asked, and I don't see the question now, if PacketCrypt is centralized because you are paid out from these large central mining pools
When you are announcement mining, it can feel like it is centralized, but each one of these mining pools is competing for share of the PKT network just like miners in any blockchain.
✨✨QUESTION7🩸: Did you consider community feedback/requests during the creation of your product in order to expand on fresh ideas for your project? Many projects fail because the target audience and clients are not understood. So I'd like to know who your ideal consumer is for your product?
👉ANS: The path is always evolving yet always true to it's direction. Like a bicyclist turns a little to the left and a little to the right in order to keep going straight without falling.
One of the most significant shifts in the project was the shift from fully decentralized routing to route servers which took place around 2016, the realization was that when your internet doesn't work, you need someone who you can call and who can reasonably help get it fixed.
Some things change, the vision stays constant.
👉Follow Us On Our Various Social Media Communities For More Update👇👇👇
I give weekly lectures which you can watch here https://odysee.com/@cjdns:0 , they're not always exactly about PKT but they're always relevant. In 3 hours from now will be posted "We must keep the internet free and open". For more information about PKT you can check out:
* 📍Pkt.cash social media
- Discord : https://discord.com/invite/pktcash
- Twitter : https://twitter.com/pkt_cash
- Website : https://pkt.cash/
Be awesome and have a wonderful day!
👉FOLLOW AMA LOVERS CLUB ON:
📌Telegram Group: https://t.me/amaloversclub
🌎📢Telegram Channel: https://t.me/amaloversclub_channel