Distributed ledger technology (DLT) company, Algorand announced in a press release today that it has provided support for Pocket Network, a trustless API Layer that gives decentralized application (Dapp) developers access to any blockchain, on its network.
First blockchain to support Pocket Network
The move which sees Algorand becoming the first network to connect to the Pocket tech natively would give developers unrestricted access to any decentralized blockchain protocol, and eliminating the hurdles of developing Dapps using centralized infrastructures.
The network aims to give developers “unparalleled uptime, redundancy, and resilience in building applications while cutting the cost of developing applications by up to 10x through its native cryptocurrency called ‘POKT.'”
With the aid of the POKT token, developers will directly pay node providers for using their networks and eliminating the costs associated with centralized alternatives, such as middlemen, and coordination layers cost.
Steve Kokinos, CEO of Algorand said that the benefits of the initiative, including the technical and economic advantages, will give app developers the motivation to bring the next wave of innovation into the blockchain space.
We are excited to see the types of decentralized applications (Dapps) that will be unleashed when developers tap into the powerful infrastructure that the Pocket network provides.
Commenting on the development, Pocket Network CEO and founder, Michael O’Rourke stated that the move would grant developers access to both Algorand and the Pocket protocols, thus providing stability and unparalleled privacy for their decentralized applications.
“We’ll be minting POKT on a one to one basis as an Algorand Standard Asset (ASA) through the Algorand and Pocket Token Bridge, which means more interoperability and ultimately more utility for both communities,” O’Rourke said.
Pocket Network testnet phase one was released in early February with the mainnet scheduled to go live on July 28, 2020.
Meanwhile, the Algorand network has been adopted by significant blockchain and cryptocurrency projects. This year, Coinfomania reported that two of the largest stablecoins, Tether (USDT) and USD Coin (USDC), launched on the Algorand blockchain platform.