Hassan Maishera
Powerloom, the next-gen data layer for onchain applications, announced on Friday, December 20th, that its decentralized network of Snapshotter nodes has amassed over a billion snapshots (unique data points) since the first testnet launch in February 2024.
In a press release shared with Cryptowisser, Powerloom revealed that it has gained over 5300 Snapshotter nodes that continuously capture state changes, event emissions, and compose them into practical, higher-order datasets. Powerloom’s real-time datasets will help dApps deliver a seamless user experience without compromising speed or accuracy.
Powerloom is getting set for its mainnet launch in January 2025. This latest milestone is a testament to developers’ and users’ growing appetite for accurate, high-quality, and verifiable datasets in real time. Powerloom enables consumer apps to function seamlessly without relying on external oracles or indexers, thanks to the real-time sync of its composed datasets.
According to the team, the snapshots are finalized through a transparent consensus mechanism and committed to IPFS with their CID as the unique identifier to ensure data correctness.
Each Powerloom dataset is synced to onchain blocks by default and receives real-time updates to match the latest state of the underlying blockchain. With this, there is no risk of apps and smart contracts executing outdated information. DeFi protocols, GameFi apps, and NFT platforms can directly fetch and use these snapshots in their platforms without any additional queries or RPC requests.
While commenting on this latest milestone, Swaroop Hegde, Co-Founder of Powerloom,
“Surpassing the milestone of over one billion snapshots during our testnet, fueled by a distributed network of more than 5,300 independent Snapshotter nodes, underscores the collective strength of our decentralized infrastructure. Each node, operated by participants from around the world, contributes to the resilience, verifiability, and overall reliability of the data we deliver. As we draw closer to our mainnet launch, this global participation not only validates our approach but also gives builders and users the confidence to embrace next-gen Web3 applications, knowing the datasets they rely on are transparent, trustworthy, and continuously evolving to meet their needs.”
According to the team, Powerloom abstracts data capture and composition to make onchain data easily accessible and affordable for all. Web3 apps and end-users can simply consume its “composed Snapshots” without worrying about all the computation.
The existing social networks incentivize attention-driven content, which often distorts the truth. Onchain social networks powered by Powerloom are shifting this paradigm by introducing data-backed incentives for truth. Since onchain social experiences require a real-time, contextual relay of data that can compete with the speed users like, follow, and subscribe, most present-day data nodes struggle with it.
However, Powerloom eliminates this problem by giving developers the tools to deliver experiences that match the immediacy and interactivity of Web2 while tapping into the financial and participatory potential of Web3.
In addition to this, Generative Prediction Markets (GPM), a fun onchain prediction game in the Onchain Points ecosystem, showcases how Powerloom is uniquely positioned to support the next-gen consumer apps, including areas like onchain analytics and decentralized social networks.
Powerloom explained that GPM generates micro-prediction markets every five minutes without human intervention, enabling users to explore real-time market trends and put their predictive skills to the test in a secure, transparent, and rewarding environment. GPM’s automated approach eliminates the risk of bias and manipulation in prediction markets.
Powerloom added that it has launched a GPM Tournament to distribute over 500,000 in $POWER token rewards, incentivizing early users of the GPM app based on their leaderboard rankings. The tournament will be live from 20th December 2024, 9 am UTC, to 3rd January 2025, 9 am UTC. The team revealed that over 10,000 wallets have interacted with 50k+ self-resolving markets to generate over 500k+ predictions on the GPM app.
Powerloom’s utility token $POWER, will launch in January 2025. The token will be pivotal in incentivizing ecosystem participants by offering staking, community rewards, and engagement incentives for early adopters.
Powerloom is the customized data layer for next-gen onchain consumer applications like DeFi, GameFi, NFTs, and more. It powers Web3 data apps that don’t want to spend millions of dollars on building or maintaining data access systems, RPC subscriptions, and data SaaS subscriptions. Powerloom helps them reduce operational costs, optimizing instead for scalability, flexibility, and agility. Every data point in every dataset generated by Powerloom is peer-validated, backed by consensus, and present on IPFS for complete transparency and trust.
