Powerloom

Powerloom is a decentralized data protocol designed to meet the growing data requirements of smart contract-based applications within the Web3 ecosystem. Founded by Swaroop Hegde and Anomit Ghosh, Powerloom aims to empower developers by providing a composable data network that facilitates the creation of rich data applications such as dashboards, bots, aggregators, and insights trackers.

Functionality

Powerloom operates on the principle of incentivizing participating peers to achieve consensus on state transitions and event emissions across multiple smart contracts. It does not rely on indexing all data but rather uses a network of nodes to atomically calculate and aggregate data based on demand. This approach allows for data integrity and adaptability, making it suitable for complex applications in DeFi, gaming, and other user-centric platforms.

Network Structure

The network consists of nodes operated by users, with over 5,300 nodes currently active. These nodes can be run by anyone, including non-technical users, which democratizes the data validation process. Powerloom’s methodology involves:

• Snapshotters: Nodes that capture data transitions and emissions.
• Curators: Individuals or entities that define the logic for data markets.
• Operators: Those who run the nodes to execute the logic defined by curators.

Recent Developments

Powerloom has recently achieved a milestone of capturing over 1 billion data points, enhancing on-chain data accessibility ahead of its mainnet launch scheduled for January 2025. The protocol is also expanding its ecosystem through partnerships, such as with Base Name Service, to enhance identity integration and user empowerment within the blockchain industry.

Funding and Support

The project has raised $3.1 million in a seed round, with notable investors including Blockchain Capital and Filecoin. Powerloom is actively engaging with the community through events like hackathons and by offering opportunities like node operation incentives to foster a more inclusive and decentralized data network.