With Pocket, the use of blockchains can be integrated into websites, mobile apps, IoT and more, giving developers the freedom to put blockchain-enabled applications into the “pocket” of every mainstream consumer.
Founded in 2017, the founding team wanted to address the increasing centralization of blockchain data providers, applications using blockchain data can leverage Pocket in a manner familiar to existing software developers, remote procedure calls (RPC).
According to TokenInsight rating report, Pocket Network is founded by Michael O'Rourke, a former IOS developer, and Luis de Leon, a former full stack infrastructure architect, in April 2017.
Pocket Network Foundation (PNF) was established in the Cayman Islands in 2020. Pocket Network Foundation maintains a contractual maintenance relationship with Pocket Network, Inc. (PNI). The Foundation owns all protocol-related IP Pocket Network DAO (legally connected to the Pocket Network Foundation).
The RPC is a communication protocol that one program can use to request a service from a program located in another computer on a network without having to understand the network's details. RPC is used to call other processes on the remote systems like a local system.
In Pocket Network, the RPC interface is mainly for the offchain use cases. For example, if someone entered his/her Metamask wallet and the wallet needs to display the balance of his/her account, he/she needs to call the on-chain data of the account to display it through the RPC interface provided by the designated RPC node. Those who provide the RPC interface run the main-chain node and give the port permissions of the RPC node to allow it to be called by the RPC method.
POKT is the native cryptocurrency that powers Pocket.Pocket Network is powered by the POKT utility token. Applications stake POKT to lock in an RPC relay allowance, then transfer value to nodes through dilution of their stake proportional to the number of relays they request.
As Pocket Network matures, the project will shift from its existing period of monetary policy (i.e., the “Growth Phase”) to the “Maturity Phase.” At this point, a governance vote can trigger the activation of a programmatic burn contract to offset (to adjustable degrees) the emissions minted as rewards for node runners.
The phases are described in further detail here.