04 Sep 202002:08
Ape.Market AMA Recap
Myko (CryptoDiffer)Hello, everyone!😁
We are glad to meet here:
Eric Poh, Co-founder
Eric PohGood day all!! Good to be here again 😎
Myko (CryptoDiffer)Welcome Eric, nice to e-meet you here again!
let's start with the introduction
Q1: Can you introduce yourself to our community?
Hi 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
now let's move to the project
Q2: Can you introduce Pinknode to us?
Eric PohSure thing
Pinknode 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. 💪
you can learn more about us on our Medium or website
Myko (CryptoDiffer)looking on the recent Polkadot ecosystem performance that sounds great!
Eric PohIndeed, next round of parachain auction happening in 2 weeks time!
first 5 already done and integrated.
Myko (CryptoDiffer)in waiting for basilisc
Eric Pohthey'll win for sure.
alot of support
Eric Pohwe're gonna be running nodes for them 😎
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 PohSure thing
We 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!
users can whitelist here app.pinknode.io
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 PohIn the initial stages, the main use of $PNODE will be for access to our services.
Projects 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 :)
that was a detailed description!
let's now look on what the community part can offer us
Bring it! 😁
Cryptodiffer CommunityI 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?
Eric PohYes, we're currently centralizing our node operations, but they are across multiple cloud providers to prevent single points of failures.
And 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 CommunityHave 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?
Eric PohWe 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.
I found pinknode uses FRACTIONAL NODE OWNERSHIP ...
How does this
FRACTIONAL NODE OWNERSHIP work within pinknode and
what are the advantages of using this method ?
Eric PohRunning 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.
With 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 CommunityWhat projects have already collaborated with Pinknode?
What is project doing reach globally?
Eric PohSo far:
2. Splyt Network
7. Reef Finance
8. Kylin Network
11. Pontem Network
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.
Thank you for your time!
Eric PohThank you @mykocryptodiffer for being a fantastic host
Thank 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