BlockTalks x PowerLoom AMA Transcript!
We recently hosted an AMA with PowerLoom on January 11th at 3 PM UTC. Many of you might have participated, or many of you might not. But we ensure no one misses out on the knowledge shared by Samuel Del Real, Business Operation Lead at PowerLoom. So here we are up with the AMA transcript; for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Introduction Questions Asked By Team BlockTalks!
Q1. Could you please introduce Powerloom to our community in layman’s terms?
Ans — In simple terms, Powerloom offers an infrastructure that can power the data requirements of emergent applications in Web3.
It does this function better than its peers through two core tenets.
Firstly, through bootstrapping a network of nodes and snapshots that are responsible for sourcing and passing on the data.
Secondly, through offering simple-to-use APIs and dashboards that visualize the consensus around the accuracy of blockchain data. A live implementation of the model for sourcing Uniswap’s data can be seen here — https://uniswapv2.powerloom.io/
Q2. What are the advantages of Powerloom to the other alternatives in the Blockchain field?
Ans — Biggest advantages and lets be real here many of the projects that operate today in web3 sadly are not ALL what they say they are in the context of being decentralized -
We offer an opportunity for almost anyone to engage, build and run nodes with out having a HUGE overhead to stake or developer experience.
Very shortly we will be announcing a huge opportunity for the public to participate
Q3. What are the major milestones Powerloom achieved so far & what are in the future pipeline?
Ans — On December 31st, 2023 we closed the Phase 2 of our Coinlist Incentivized Testnet, which welcomed the braoder community of 20,000 participants!
It was an opportunity for individuals to test the network by signaling on-chain data to be captured by Powerloom, and be rewarded for their efforts. We are now about to launch a new incentive, which we are very excited about.
We have been building quietly and in open the last 2 years FINALLY its all coming to a head this year and deff in the fist quarter of this year lots to keep in the look out for
We are very excited and very eager for this upcoming year to say the least! We appreciate you all being on this ride with us as well!
Questions Asked on 𝕏 for PowerLoom Team!!
Q1. What are some use cases that benefit from the stateful and synchronized nature of the snapshotter peer & How does the use of snapshotter peers in Powerloom help mitigate issues such as single points of failure, outdated data, or dependence on specific data providers?
Ans —Any info product that requires precise and up to date data: trading/arbitrage bots, new asset discovery, dashboards, widgets etc. The fast consensus and composable data points feature of snapshotters in data markets ensures that any workflow triggers based on our data will not create a cascade of bad mistakes on your assets and holdings.
Q2. In the context of Powerloom’s use case, how does the BungeeBridgeProcessor utilize Snapshotter Peers to monitor and generate relevant snapshots for on-chain activities during a specific epoch?
Ans — Checks for the relevant event logs from the bungee bridge contract and captures the topics from in there whenever it finds an overlap between them and the list of wallet to be monitored (in our case, Mercle feeds us this list)
Q3. How does Powerloom address issues related to data ownership and intellectual property rights and what legal frameworks are in place to protect these rights?What incentives program have you implemented for both data providers and data consumers?
Ans — We provide customized, flexible datapoints for information products on tx and smart contract data that moves openly in chains.
We are not a storage layer- So I'm not sure if this answers your properly
Data providers already participated in incentivized testnet. Do the hackathon bounties and prizes count for incentives for both data providers and consumers in your view?
Q4. Samuel, you have been part of multiple organizations simultaneously, such as PowerLoom and Nvak Collective. How do you manage time for both, and do both projects have any ecosystem compatibility?
Ans — Indeed! Ive been in crypto many years and if we are doing this right the project can be interoperable!
But my roll with Nvak is an advisory roll and as mentioned in my intro an investor to Nvak — Ive been in music all of my life so onchain music is something I am very passionate about — onchain data 100% goes with onchain music 🙂
But I am full time with Powerloom and excited for the
Q5. What are the advantages of utilizing smaller consensus-reached data units in Powerloom for data applications?
Ans — We think it should not be AS expensive or financially difficult for individuals or users to participate in protocols and “own” them — a lot that happens in our world does not allow for a normal human to really engage in secure or validating or participation on the network side due to high costs..
32 ETH to validate or 200K to be a validators on other data layer projects does not allow for real decentralization- Our goal is to open light work up to MANY people to be able to validate, or run nodes and with zero experience how this is beneficial is because you have more participants accurately making sure the info is what it is rather than a few large stake holders- decentralization is key
Questions Asked by our BlockTalks Community Members during live Session to PowerLoom Team!!
Q1. How does Powerloom address the issue of potential congestion or scalability limitations on the blockchain networks it supports?
Ans — We can work with ANY blockchain just about — Right now we are focused on EVM compatible howveer this is not to deter those of you who use Rust or other language to build -
Q2. Is your platform suitable for crypto beginners? Or does it only limited for professional users?
Ans — This was a BIG one for us that anyone can and should be able to operate and run a node with out any technical experience. It should be as easy as one click
Q3. The PowerLoom Protocol has evolved through various Proof of Concepts (PoCs). Could you detail the engineering components revealed in the initial PoCs and how they form the foundation for subsequent PoCs, especially those focusing on AMMs like Uniswap v2 and v3?
What support and resources does Powerloom offer to developers who are new to the ecosystem and need guidance in navigating and employing its various features and capabilities?
Ans — This is great! We are often running great education programs and bounty’s and opportunities for developers to build with us!
If you go ahead and follow along on Discord or reach out on X we can absolutely help you along the way as well as we have GREAT documentation on our site for you to start!
Snapshotter — Captures event emissions and stores them to be parsed.
Validator- A pre-defined maximum number of validators will be activated on the network. They will be responsible for the security of the network.
Curator- Primarily developers that will be looking for new API endpoints. They will be using the data provided by the network in their apps.
Signaller- Analysts that provide insight on emergent data needs for the network. They will be able to raise requests before an industry trend becomes dominant.
E:g : Analysts would have likely spotted the Ordinals trend considerably earlier than a developer building an Ordinals marketplace would have.
Here are some important links to PowerLoom 👇🏻
✅ Website: powerloom.io
✅ Telegram: t.me/PowerLoomProtocol
✅ 𝕏: twitter.com/powerloomhq
✅ Whitepaper: docs.powerloom.io
