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Highlights
- Not just Ethereum and Fantom, some low market cap blockchains are also competing in the DApps space
- Pocket Network is a protocol that claims to bring real “decentralization” to blockchains
- The POKT crypto ranks low in terms of market cap, but Pocket Network’s adoption can bring it to limelight
There is a war underway in the cryptocurrency world. At one front, the non-fungible tokens (NFTs) of projects like CryptoPunks and Bored Apes are fighting a price war, and at the other, metaverses of The Sandbox and Decentraland are competing in the virtual reality (VR) space.
A more heated war is underway on the blockchain network front. Here, Ethereum’s blockchain is the most formidable belligerent, but Solana, Cardano, Fantom and others are mounting a remarkable effort.
Away from the limelight is one blockchain network -- Pocket Network or the POKT crypto.
What is the Pocket Network blockchain?
Pocket Network is built on a premise that though the blockchain world is claimed to be decentralized, the power may still be resting with big players like Ethereum.
Pocket Network is said to have over 20,000 nodes to make DApps truly decentralized. The protocol can route the transaction validation requests to independent nodes. It is said to make transactions cheaper, besides cutting on downtime risks. Pocket Network also claims to have support for blockchain games.
Also read: 5 key crypto predictions for February 2022
POKT crypto
The POKT crypto acts as the native token of the Pocket Network protocol and is used in staking. The staking process involves two participants -- node providers and DApps developers.
Depending on the number of relays required, the developer of a DApp stakes the requisite number of POKT tokens. Staked tokens can eventually be earned to bring the cost for using the protocol to zero.
POKT crypto’s price
POKT crypto sits very low in terms of market cap. Besides, the token is a fairly new token and there is not much data on its price movement. POKT is presently trading at approximately US$1.22 per token.
POKT crypto price prediction
POKT has dipped over the past few days. On the other hand, major blockchain networks like Ethereum and Solana have surged over 10 per cent over the past one week. Bitcoin has also gained lately.
For now, POKT is not a major competitor in the blockchain network space. The multi-billion-dollar market cap blockchains of Ethereum, Fantom and Solana are a few big names. POKT crypto’s price in the near term will be dictated by the number of developers that use Pocket Network blockchain services.
Also read: 5 NFT cryptos to watch in February 2022
By the end of the first half of 2022, POKT crypto might reach US$5, but for this, the network will have to prove its blockchain abilities.
Data provided by CoinMarketCap.com
Bottom line
A few low market cap blockchain networks may become some kind of a rival to Ethereum on the basis of their ability to make blockchain more decentralized and less vulnerable to hacks. Pocket Network claims to have a very large number of nodes to distribute power instead of letting it concentrate in the hands of a few. POKT crypto’s price will be a product of the performance of the Pocket Network blockchain.
