Many people worldwide still lack internet access due to factors such as cost, censorship, and insufficient infrastructure. This lack of access to information and communication hinders the social, economic, and educational progress of over 2.9 billion people worldwide. PKT is an open source project that aims to address these connectivity issues. The project achieves this by empowering people across the world to contribute their unused bandwidth to supply high-speed, stable internet connections to their local communities.
What is PKT?
PKT is a decentralized blockchain project that provides financial rewards to individuals who contribute CPU power and bandwidth to the PKT Network. As more people connect to the PKT Network this builds an edge network, powered by the people.
Every minute, the network automatically disburses financial rewards to all miners. These rewards serve as an incentive for individuals to source and maintain high-speed infrastructure that powers the PKT Network. This decentralized system presents an alternative to the traditional global internet service industry, which relies on centralized companies to sustain infrastructure and provide internet access.
The project’s core premise is centered in the belief that uncensored internet access should be free. People should only have to pay for fast speeds when necessary. By substantially reducing the cost of internet connectivity, PKT aims to bring the next billion people online
How does the PKT blockchain work?
PKT is not a pre-mined coin but rather a community-driven project. It has no corporate structure, no investors, and no centralized governance. The project is supported in a decentralized way by participants around the world.
The PKT blockchain functions by a unique proof of work called PacketCrypt. A proof of work is the way a blockchain validates and confirms transactions. PacketCrypt is the world’s only bandwidth-based proof of work. To begin mining, PKT miners need to install the PacketCrypt software on any CPU-powered computer. This can be easily done using the Minr app. PKT mining requires both bandwidth and CPU effort. PKT miners are paid every minute in the PKT blockchain’s native currency, PKT Cash.
To maximize earnings, PKT miners should increase their CPU processing power and bandwidth upload speed, while maintaining a connection to the PKT Network. This process is called announcement mining, which generates small messages (called announcements) that get broadcasted throughout the PKT Network. PKT mining pools gather these announcements and reward PKT miners every minute, provided they are mining to the pool that wins a block.
While the PKT mining effort itself does not transmit unique data, since each PKT miner has high speed bandwidth and CPU power, they can transmit real-world PKT Network traffic through PKT’s VPN infrastructure. This VPN infrastructure is a separate layer of the PKT Network that utilizes a networking protocol called cjdns. Cjdns is designed to seamlessly exchange data between computers and supports the VPN infrastructure backbone of the PKT Network. The result of global PKT mining and this VPN infrastructure is a decentralized, high speed network that transmits traffic worldwide and is powered by the people.
PKT mining also requires a PKT wallet, which is available for free download at PKT World. The PKT World wallet is also a PKT mining application. For those who are experienced in programming, the PacketCrypt code and command line PKT wallet can also be directly downloaded from Github.
PKT Cash Tokenomics
PKT Cash is the digital currency produced by the PKT Blockchain. Over the course of 63 years starting from August 2019, a total of 6 billion coins will be mined. Of all the mining rewards, 80% are allocated to the PKT mining pools and subsequently distributed to announcement miners. The remaining 20% of the rewards are directed to a wallet address known as the Network Steward.
The Network Steward is intended to perpetually provide grant support for the PKT project. This mechanism allows PKT to evolve without dependence on a centralized authority, ensuring the network remains open and accessible to all. Funds from the Network Steward are designated for the project’s roadmap, focusing particularly on infrastructure expansion and technology development. These funds must be utilized within a 90-day period; otherwise, they are destroyed. This promotes prompt investments into beneficial infrastructure and acts as a deflationary mechanism for the coin supply. As of July 2023, over 14% of all mined PKT coins had been destroyed.
Converting PKT to Cash
When engaging in PKT mining, miners have the option to either retain their coins or trade them on the open market. PKT can be acquired and sold via the BitMart exchange. Additionally, PKT can be converted into Wrapped PKT (WPKT) on the Binance Smart Chain (BSC) on a 1:1 ratio. Swapping PKT for WPKT us done using the ODApp bridge. WPKT is a BEP-20 token that can be transacted on PancakeSwap and is stored in wallets compatible with the BEP-20 token standard, such as Metamask.
What can PKT be Used For?
The initial use case for PKT is AnodeVPN. This VPN service provides basic VPN access for free, users can opt to pay for high-speed internet access. In contrast to many VPN services that require monthly or annual subscription fees, AnodeVPN allows users to pay only when they need VPN access.
Furthermore, PKT Pal accepts PKT in exchange for high-speed guest wifi access. The guest wifi solution provided by PKT Pal can be accessed from wifi hotspots in businesses and homes across the globe. These wifi sharing hotspots offer basic internet access for free and permit guests to pay for high-speed access as needed. This approach contributes to the decentralization of internet access, enabling individuals to connect to the internet without requiring a subscription from a traditional internet service provider (ISP).
Join the PKT Mission
The PKT project is building towards a more accessible and decentralized Internet. If you’re interested in contributing to the mission of decentralizing internet access, there are several ways to get involved. You can start by joining the PKT community’s social channels for updates and engaging in discussions about the rapidly expanding PKT Network. You may also consider contributing to the PKT network by mining PKT and earning PKT Cash from your unused bandwidth. Alternatively, you can buy and sell PKT on the open market, participating in this revolutionary movement that is helping connect the next billion people to the internet. For more information, visit the PKT website.
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Looking for a way to contribute to the mission of decentralizing internet access? The PKT project may be just what you’re looking for. By enabling people to provide secure, stable internet connections to their communities, PKT is building a more accessible and decentralized internet. Learn more about PKT and how you can get involved in this exciting project by reading our latest blog post.
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Connect the next billion people to the internet with PKT. Our latest blog post explores the decentralized blockchain project that is creating a more accessible and censorship-resistant internet. Learn more about PKT and how you can get involved in this revolutionary movement.
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Are you interested in decentralizing internet access and contributing to a revolutionary movement? The PKT project is building a more accessible and censorship-resistant internet by enabling people to provide secure, stable internet connections to their communities. Learn more about PKT and how you can get involved in this exciting project by reading our latest blog post.