$POKT for Beginners
Never staked a token before? Don't worry. Here's a rundown.
App developers need reliable nodes, and most of them currently rely on expensive central entities (AWS, Microsoft Azure, Google, etc.), which have a single point of failure that can result in inconsistent and frustrating service.
These services offer many different solutions and support for developers to prevent those failures from happening, but there's no denying the limitations of a centralized reliance on these kinds of infrastructure.
The Pocket Network, however, is a decentralized network for developers to have easy and reliable access to infrastructure. They do this by rewarding people (with their own currency, POKT) for giving developers access to thousands of independently run nodes all around the world.
Each node in the Pocket Network needs to be staked with $POKT, which will allow it to participate as a service node for app relays. But running a node isn't easy and requires a lot of maintenance.
If you don't have the DevOps skills to run to your own node, SendNodes is here to help.
Staking in blockchain is where a node on a network participates by "staking" their tokens as collateral. Each node needs to be staked with 15,100 $POKT.
When nodes are not performing well (timeouts, data corruption, attempt to post bad data to the network, incorrect block validation, etc.), they get penalized, and some of their total supply of POKT becomes burned.
So by staking a node with $POKT, each one is incentivized to participate honestly and reliably because every time a node performs a validated relay, it gets rewards. SendNodes is a fractional pool staking service, so you don't need to have 15,100 $POKT to participate in getting rewards!
Once your $POKT is staked to the network, they become un-spendable until they are “unstaked."
When you would like to release $POKT from the network to make them spendable again, there is a 21-24 day unstaking period (or 3 day with Quick Unstaking) where your $POKT is not earning rewards. This unstaking period is necessary to preserve the integrity and reliability of the network.
After the unstaking period ends, you can have the $POKT tokens sent directly to your wallet.
For security reasons, $POKT will only be sent back to the wallet address that it was originally staked with. It is your responsibility to have access to this wallet.