Powerloom Hits One Billion Unique Data Point Milestone: Details

Powerloom, the next-gen data layer for on-chain applications, unveiled that its decentralized ecosystem of Snapshotter nodes logged a 10-digit data point milestone since its testnet debut in February 2024.

Powerloom’s Snapshotter nodes eclipsed one billion data entries

Powerloom, a new-gen data layer for operations with on-chain applications, celebrates a massive adoption milestone for its distributed node ecosystem. Its 5,300 Snapshotter nodes registered over one billion data points (“snapshots”) in the first 10 months of testnet operations.

Amid the growing need for real-time, contextual relays of data that can match the speed at which users engage through likes, follows and subscriptions, Powerloom’s real-time datasets will help dApps deliver a seamless user experience without compromising speed or accuracy.

Following this accomplishment, Powerloom confirmed the mainnet release date. The operations of Powerloom’s main network are expected to kick off in January 2025.

The snapshots are finalized through a transparent consensus mechanism and committed on IPFS with their CID as the unique identifier to ensure data correctness.

Swaroop Hegde, cofounder of Powerloom, is excited by the traction his product accomplished in the testnet version of its system:

Surpassing the milestone of over one billion snapshots during our testnet, fueled by a distributed network of more than 5,300 independent Snapshotter nodes, underscores the collective strength of our decentralized infrastructure. Each node, operated by participants from around the world, contributes to the resilience, verifiability, and overall reliability of the data we deliver. As we draw closer to our mainnet launch, this global participation not only validates our approach, but also gives builders and users the confidence to embrace next-gen Web3 applications, knowing the datasets they rely on are transparent, trustworthy, and continuously evolving to meet their needs.

Every Powerloom dataset is synced to on-chain blocks by default and receives real-time updates to match the latest state of the underlying blockchain. This eliminates the risk of apps and smart contracts executing on outdated information. DeFi protocols, GameFi apps and NFT platforms can directly fetch and use these snapshots in their platforms without any additional queries or RPC requests.

Generative prediction markets kicks off on PowerLoom

Generative Prediction Markets (GPM), a fun on-chain prediction game in the Onchain Points ecosystem, showcases how Powerloom is uniquely positioned to support next-gen consumer apps, including in areas like on-chain analytics and decentralized social networks.

GPM generates micro-prediction markets every five minutes, without any human intervention, enabling users to explore real-time market trends and put their predictive skills to the test in a secure, transparent and rewarding environment. GPM’s automated approach eliminates the risk of bias and manipulation in prediction markets.

Powerloom has launched a GPM Tournament to distribute over 500,000 in POWER token rewards, incentivizing early users of the GPM app based on their leaderboard rankings. The tournament will be live from Dec. 20, 2024, at 9:00 a.m. UTC  to Jan. 3, 2025, at 9:00 a.m. UTC. So far, 10,000+ wallets have interacted with 50,000+ self-resolving markets to generate over half a million predictions on the GPM app.