04 Sep 202002:08
AMA
Ape.Market AMA Recap
Myko (CryptoDiffer)
Hello, everyone!😁 Myko (CryptoDiffer)We are glad to meet here:
Eric Poh, Co-founder
Eric Poh
Good day all!! Good to be here again 😎 Eric PohMyko (CryptoDiffer)
Welcome Eric, nice to e-meet you here again! Myko (CryptoDiffer)Eric Poh
🙌🙌 Eric PohMyko (CryptoDiffer)
Okie Myko (CryptoDiffer)let's start with the introduction
Q1: Can you introduce yourself to our community?
Eric Poh
Yes Eric PohHi all, my name is Eric, I am the co founder of Pinknode. Im based in Singapore along with my teammates.
I come from a background in finance and marketing, and have been vested in crypto since 2014.
The last time we had a chat here was in April 2021, that was when we started Pinknode
Myko (CryptoDiffer)
Superb! Myko (CryptoDiffer)now let's move to the project
Q2: Can you introduce Pinknode to us?
Eric Poh
Sure thing Eric PohPinknode is a subscription-based Node-as-a-Service provider building for the Polkadot ecosystem.
Polkadot faced unprecedented growth in the past year since its mainnet launch, resulting in a gap in its infrastructural support.
As we all know, nodes are at the core of any blockchain's infrastructure, performing important functions of the network, such as validating transactions, storing records of the blockchain, or submitting votes on network governance.
Blockchain users and developers on Polkadot rely mainly on public API endpoints and self-run nodes to perform functions, but this is unsustainable.
With Pinknode, users and developers can generate custom API endpoints, plug a single line of code to begin interacting with the different networks on Polkadot, and monitor their usage on our developer dashboard.
By offering instant, reliable, and scalable API endpoints to mainnets and its parachains, Pinknode makes it easy and affordable for developers, project teams, and enterprises to run applications and services on Polkadot from sketch to scale. 💪
@mykocryptodiffer
you can learn more about us on our Medium or website
Myko (CryptoDiffer)
looking on the recent Polkadot ecosystem performance that sounds great! Myko (CryptoDiffer)Eric Poh
Indeed, next round of parachain auction happening in 2 weeks time! Eric Pohfirst 5 already done and integrated.
Myko (CryptoDiffer)
in waiting for basilisc Myko (CryptoDiffer)Eric Poh
they'll win for sure. Eric Pohalot of support
Eric Poh
we're gonna be running nodes for them 😎 Eric PohMyko (CryptoDiffer)
ahhh Myko (CryptoDiffer)nice to hear!
okie, the next question is
Q3: Let`s now talk about the milestones you have achieved so far and about your upcoming plans?
Eric Poh
Sure thing Eric PohWe launched our beta back in June 2021, so far, in this 2+ months time, we have already clinched 15 partnerships, many of them are prominent parachains or projects on the Polkadot ecosystem, including Moonbeam, Astar (previously Plasm), Nodle, Polkafoundry, Kylin Network etc.
During our beta release, we have conducted approx. 200M relays through our DOT, KSM and testnet nodes.
In this time we have also fully set up our infrastructure on GCP for a production ready system, tested and handled loads from upwards of 6000 relays/s and implement load balancing configs to maintain high availability.
In approx. 2 months time we will be launching our 'mainnet', opening up our platform to the broader ecosystem and start spinning up nodes for our parachain partners; opening ourselves up to more users.
Closer to Q4 this year, we will finalize our pricing structure which will involve the use of $PNODE tokens
Myko (CryptoDiffer)
a lot of new features from the last time! Myko (CryptoDiffer)Eric Poh
yes Eric Pohusers can whitelist here app.pinknode.io
Myko (CryptoDiffer)
noted Myko (CryptoDiffer)Let's pass on to the last introductory question
Q4: What are your $PNODE token utilities? And how will users or investors be using it?
Eric Poh
In the initial stages, the main use of $PNODE will be for access to our services. Eric PohProjects and developers will discounts if they choose stake and burn model with us instead of a recurring fiat payment (since we're a subscription based service). With this, users will buy $PNODE, stake them with us in escrow and burn (USD equivalent) on a monthly basis. We believe that this model will prove to be very attractive to users as it converts a fiat payment into a potentially appreciating asset (much like the success of LINK tokens).
In the future, when the parachains go live, we will implement staking for our retail users, where they will stake $PNODE token to run parachain collators (ie. fractional node ownership) and earn a portion of the collator rewards. This has proven to be a popular concept with our community as it allows them to earn tokens from different parachains, essentially auto diversifying themselves in the Polkadot space.
We're also going to be exploring the possibility of running a semi-decentralized node network where $PNODE is key in value transfer between users and independent node operators. This will further enhance our network by decentralizing it and reducing single point of failure.
we'll be paying attention to building more utilities into our token :)
@mykocryptodiffer
Myko (CryptoDiffer)
Woah! Myko (CryptoDiffer)that was a detailed description!
let's now look on what the community part can offer us
Eric Poh
yes Eric PohBring it! 😁
Cryptodiffer Community
I observed that your node network is still centralized, could you tell us the reason for this? Do you really think you could achieve better latency, lower costs, no single point of failure with this centralized model of yours or you have the intention of moving towards a decentralized model as the project progresses? Cryptodiffer CommunityEric Poh
Yes, we're currently centralizing our node operations, but they are across multiple cloud providers to prevent single points of failures. Eric PohAnd yes, pursuing a semi decentralized platform will likely be ideal in achieving better latency, lower costs etc. We will have a reliability and availability of a massive cloud system along with the distributed + geographically optimal nodes running on your neighbor's CPU.
The key here is developing a intelligent protocol layer to route the data to maximize efficiency and redundancy.
Cryptodiffer Community
Have you already presented the project to several customers? If so, what have they really thought about PinkNode and its proposal? Are you completely convinced to leave the administration of your nodes solely to PinkNode? Cryptodiffer CommunityEric Poh
We have done comprehensive testings on our end to ensure reliability and scalability. Most of them have requested for HTTPS or WSS endpoints to do their testing. Once they are done, we'll be whitelisted as official provider and potentially participate as collators. Eric PohCryptodiffer Community
✨✨✨✨✨✨✨✨🙋 Cryptodiffer CommunityI found pinknode uses FRACTIONAL NODE OWNERSHIP ...
How does this
FRACTIONAL NODE OWNERSHIP work within pinknode and
what are the advantages of using this method ?
Thank you.✨✨✨✨✨✨✨✨
Eric Poh
Running validators or collators often involves large sums of upfront investments, or if you're a nominator you're usually limited to staking native tokens to earn native tokens of single parachain. Eric PohWith this novel fractional node ownership ideas, our $PNODE holders will be able to have a diversified ownership in multiple collator nodes that we run and earn native tokens from different parachains while securing them. We believe that this is a win-win-win situation and will prove to be a very attractive proposition for token holders 💪
Cryptodiffer Community
What projects have already collaborated with Pinknode? Cryptodiffer CommunityWhat is project doing reach globally?
Eric Poh
So far: Eric Poh1. Polkafoundry
2. Splyt Network
3. PL^Gnet
4. StackOS
5. NewsCrypto
6. Dfyn
7. Reef Finance
8. Kylin Network
9. UniFarm
10. Polkabridge
11. Pontem Network
12. Astar
13. Equilibrium
14. Konomi Network
15. Crust Network
Our BD team is actively reaching out to project teams through our connections (VCs, Parity, project teams etc.), our effective marketing has also played a huge role in raising awareness around Pinknode.
4 winners!
@mykocryptodiffer
Myko (CryptoDiffer)
okie! Myko (CryptoDiffer)Thank you for your time!
Eric Poh
Thank you @mykocryptodiffer for being a fantastic host Eric PohThank you all for having me, 3 months is a good time to catch up. Hope to see yall in 3 months ago to update you. You can find me on Pinknode TG Chat and catch up on Pinknode's News on Medium or Twitter