PKT, a community-led DePIN initiative, seeks to address the issues of limited internet access and centralized e-commerce payment processing. According to the International Telecommunication Union (ITU), as of 2022, 2.7 billion people, or one-third of the global population, lacked online access. The control of internet infrastructure by a few telecom companies has resulted in high prices, poor service quality, and limited availability, particularly in non-metropolitan areas. Additionally, government censorship and surveillance have become more prevalent, leading to a decline in internet freedom.
To combat these challenges, PKT proposes a decentralized physical infrastructure (DePIN) approach. DePIN utilizes people-owned physical infrastructure networks, enabling devices to connect to the internet via a peer-to-peer mesh network rather than relying solely on centralized internet service providers. This creates a more resilient, censorship-resistant, and high-speed data network.
PKT, as an open-source DePIN blockchain project, leverages a peer-to-peer routing protocol called cjdns to establish a global mesh network powered by individuals. By shifting the workload from centralized data centers to individual devices, PKT reduces reliance on corporate entities and promotes internet freedom. Individuals are economically incentivized to share their internet resources, contributing to the PKT Network’s decentralized mesh network. PKT uses a proof-of-work mechanism called PacketCrypt to reward miners with PKT Cash ($PKT) for their contributions. The PKT Network ensures privacy and security through end-to-end encryption.
In addition to expanding internet access, the PKT Network offers a new payment solution for the decentralized web. Websites hosted on the network can use PKT as a payment address, facilitating peer-to-peer e-commerce transactions with minimal fees. The PKT Lightning Network, a layer-2 payment protocol, enables near-instant settlement and cross-border transactions, eliminating the limitations imposed by traditional e-commerce payment processors.
As a community-driven DePIN project, PKT follows the principles of Bitcoin, with no pre-mine, ICO, founder shares, investor shares, or venture capital. The project aims to redefine internet engagement within local communities. DePIN blockchain initiatives like PKT have the potential to democratize internet access, promote free speech, and create a transparent online environment. This approach can foster global connectivity, collaboration, and prosperity in a borderless and decentralized digital world, allowing anyone to have a stake in the internet.