Today we will be talking about something super “Under-Farmed” in the crazy Razzle Dazzle of Crypto… NODES & how the Powerloom Snapshotter Lite Node is a game-changer.
A node is a working unit of a blockchain. It is a program on a server, or device. In simple words, a node is responsible for signing transactions, providing network stability. Any hardware, at least a bit powerful, can be a node, even a laptop. But it will have to running 24/7.
It is the home to data infrastructure for on-chain data and participants.
Now while everyone, including their grandma 👵🏻 knows about Airdrops, but very few seem to understand the relevance of running NODES to support a project network.
Today we will cover:
- The benefits of running a Crypto Node
- Potential opportunity as a Node Runner
- Running a Crypto Node for Non-Technical folks
So let’s dive right in…
Why Nodes? 👩🏻💻
👉🏻 Running nodes and supporting the project network is SUPER COMPLICATED!!!
Projects value that, it is not like airdrop farming.
Powerloom advocates for a paradigm shift where data is accessible, trustworthy, and reliable by anyone, anywhere.
Snapshotters capture data from the blockchain and various data markets onchain.
The novel idea behind the Lite version of the Powerloom Node, was to be user-friendly and require minimal technical experience.
The Snapshotter Lite Node represents the most advanced development within the composable data space, and it is the first infrastructure mint on Polygon. (excerpt from their blog)
🔸For blockchain to work and transactions to be signed, you need computers.
🔹This means that the owners of these devices need to be motivated to get connected.
🔸This usually happens during the Testnet Phase, when the network is being tested and bugs are being found before the official launch.
While every project has various requirements in terms of Hardware Requirements for running a Node, we will cover an example to explain better:
Powerloom Protocol
In the world of big data,Powerloom introduces itself as a decentralized Data Protocol, understanding that data is the key to success. Powerloom was envisioned to fill the needs of smart contract-based dApps, covering:- DeFi, games, and other Web3 platforms.
At its core, Powerloom encourages active participation from peers, motivating them to reach a consensus on state transitions and event emission observations across various smart contracts
While centralised entities believe in wielding the power in the form of a one-man show, Powerloom takes the opposite route and truly brings decentralisation of data into the scene as the main character.
The Powerloom protocol is a Composable Data Network that completely decentralizes data sources for dApps and protocols.
Powerloom offerings in a nutshell: Crafting applications using composable, consensus-backed data ensures reliability and transparency. Here’s a breakdown:
- Real-Time Data: The snapshotter network, comprising multiple nodes, offers live updates as transactions happen. This is crucial for decentralized applications (dapps) needing real-time data.
- Time-series Queries: Data is captured in precise time periods, known as epochs, facilitating filtering and composition for specific needs like analytics and trend tracking.
- Flexible Data Models: Developers can participate in data markets, tracking valuable insights beyond basic transactions.
- Modular and Extensible: Powerloom’s modular architecture allows seamless integration of new data sources, transformations, and extension of existing pipelines.
At the core of Powerloom lies the Snapshotter node, responsible for capturing on-chain data transitions and event emissions.
System Requirement to run a Powerloom Lite Node:
- RAM: At least 4 GB.
- CPU Core: Minimum of 4 Cores
- Disk Space: A minimum of 40 GB
- Python: Ensure Python 3.10 or newer is installed
Now, if you look closely, the system requirement for a Powerloom Node is very reasonable and absolutely LITE.
Why is that you ask?
This is where LITE NODE & FULL NODE enter the scene.
🔸Lightnodes pass data through themselves, so they will only take ~200 MB
🔹Fullnodes must store data, so they can weigh as much as 40 GB.
An alternative to all this hassle would be simply renting a VPS server and letting them do all the heavy lifting for you.
No Bandwidth issues, System uptime issues & other technical dependencies. Users are just required to pay a monthly fee to rent the server.
The NODER Evolution
With the crypto space as a whole evolving with every cycle, even project nodes have advanced with the deployable tech available.
Today there are multiple forms of Nodes available for the public to run and not just limited to the Tech Geek in his crypto lair.
Let’s focus on Powerloom Snapshotter Lite Node and the intricate way it has been structured to serve participants.
Unlike what other project operators function on, Powerloom allows participation from only those Node runners who have minted their Powerloom Node NFT.
Now, this NFT is a soul-bound NFT which is non-transferable and unique to each user with an assigned slot-key as a unique identifier.
To mint a Powerloom NFT key, a user simply needs to head over to the Official Minting Page
- Connect your wallet
- Have wETH on the Polygon network
- Mint the NFT
The Powerloom Snapshotter Lite Node is currently on Tier-3 which directly converts to a pricing of 0.175 ETH with only 371 slots remaining (at the time of writing)
Tier 4 & Tier 5 will witness a price increase to 0.2 ETH & 0.225 ETH respectively with limited slots available in both.
The Powerloom incentivized testnet runs for 100 days and all qualified node operators will be rewarded with 8 XP per day, which is trackable on the Powerloom main dashboard as seen below.
Running the Powerloom Snapshotter Lite Node:
Running the Node has some technical requirements, but the team have very clearly laid out documentation for smooth onboarding.
What data will a snapshotter collect?
Collect on-chain data at regular time intervals or epochs. The same can be viewed on the terminal running the node with blocks being processed at regular intervals.
Pre-requisites to running the node: Local System Requirements
For users running the node on personal hardware, the minimum specifications are:
- RAM: At least 4 GB.
- CPU Core: Minimum of 4 Cores
- Disk Space: A minimum of 40 GB.
- Operating System: Windows, macOS, or Linux.
- Python: Ensure Python 3.10 or newer is installed.
Requirements for Virtual Private Server (VPS)
For those choosing a VPS solution (like AWS, GCP, DigitalOcean, etc.):
- RAM: A minimum of 4 GB.
- CPU Core: Minimum of 4 Cores
- Disk Space: At least 40 GB.
- Operating System: Windows or Linux.
- Python: Ensure Python 3.10 or newer is installed.
The screenshot below is a live example of the Powerloom Lite Node running on Terminal on a MacOS machine.
Node runners will need the following details handy while setting up their Node in terminal:
- Powerloom NFT wallet address
- Burner wallet private key
- ETH Mainnet RPC URL (Alchemy, Infuria etc)
These details will be entered in terminal (MacOS as example here) and the node will run its communication in conjunction with the details available at hand.
The Powerloom Snapshotter Lite Node Dashboard:
This dashboard has all the details one could need to have their Node running, Per node status check, KYC status, Reward allocation for assigned time-slot, Burner wallet address, XP earned per day basis (upto 100 days), Node update.
All node operators need to pass KYC as Powerloom is playing by the books here with complete transparency
These metrics are super straightforward and do not need any technical expertise to understand it.
Node operators can also see the latest version of the node and update it accordingly.
Systems like these in place make the whole process simpler and allow for non-tech folks to also enjoy being participants within the on-chain ecosystem.
Powerloom Snapshotter Lite Node Reward mechanism:
Currently, each node is limited to earning 8 XP per day. All eligible users will be eligible for a maximum of 800 XP if they successfully run the node for 100 days.
Key Reward Structure Overview:
- Total Nodes Available: 10,000
- Total Tokens Allocated for the Campaign: 8.0M tokens, representing 0.8% of the total supply.
- Reward Allocation per Node (Throughout the Campaign): Each node can earn 800 tokens.
- Campaign Duration: 100 days
- Daily Tokens Issued Across All Nodes: 80,000 tokens
- Token Reward per Node per Day: 8 tokens
Reward Unlock Schedule for Testnet Participation:
- Initial Unlock at TGE (Token Generation Event): 40% of the maximum rewards will be available at TGE, equating to 320 tokens.
- Linear Unlock Over 60 Days: The remaining 60% of rewards, totaling 480 tokens, will be unlocked linearly over 60 days, amounting to 8 tokens per day. This gradual release ensures ongoing engagement and contribution to the ecosystem.
Users minting their Powerloom Lite Node should read the KYC terms for reward claiming. Complete details can be found here
Delegate nodes via BlockVigil:
BlockVigil is an exclusive partner to run Powerloom Nodes and saves node operators from the hassle of manual uptime of running the Node.
The service includes:
- Automatic burner key management included.
- 3-day FREE trial plus 50% discount using code: TESTNET.
- Option to independently manage your node for decentralization
- RPC usage included
- Limited to 1000 slots
Please note you must have already minted slots from Powerloom Network before purchasing the BlockVigil service.
Conclusion:
It is super exciting to be a web3 participant and witnessing projects thinking beyond TGE & IEOs.
Powerloom allowing users to be a part of the decentralised network experience and giving every anon the access to become full-fledged participants is an amazing way to really benefit users who have their ‘skin-in-the-game’.
If you have more queries on how to run the node or more technical questions, you can join the Powerloom discord and the Powerloom team, including Swaroop Hegde (Co-founder, Powerloom) is super active on the server with the community and troubleshooting.
So mint those keys and experience a new participation level in the world of on-chain data.
Learn more:
Website: https://powerloom.io/
X (fka Twitter): https://twitter.com/PowerLoomHQ
Discord: https://discord.gg/powerloom
Powerloom Official Blog: https://blog.powerloom.io/