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Web3 pioneer Pocket Network: 8.57 billion relay services in the past month

Web3 pioneer Pocket Network: 8.57 billion relay services in the past month

Originally published and authored by Qin Xiaofeng, ODaily.

On the evening of January 25, Odaily Planet Daily joined the Web3 giant Pocket Network, the world's top capital RockTree Capital and Decentral Park Capital, jointly held the "Web3 Pioneer, With You" online live event. This event will let you know how Pocket Network has become one of the most successful blockchains and what investors think about Pocket (click to watch the live replay) .

This event invited three guests, namely: Omer Ozden, Chairman of RockTree Capital, Founding Partner and Chief Information Officer of Decentral Park Capital, Storj Labsfounder John Quinn, Pocket Network co-founder and CEO Michael O'Rourke.

Omer Ozden shares his thoughts on venture capital. He said that when investing, the company focuses on whether the project has specific application scenarios at present, and it must be practically used; in addition, the use scenarios must be able to expand rapidly, and the business model is sustainable, replicable, and scalable. Yes, it can bring real performance and certain cash flow to the project; the team itself is full of enthusiasm and has long-term ideas and goals.

Omer Ozden added that Pocket Network complied with the above requirements and thus received an investment from RockTree Capital. Specifically, Pocket Network is an indispensable and important component in the current Web3 era, with strong usage scenarios, and their income is also growing; more importantly, the Pocket Network team has an open concept and high execution. , to be able to put ideas into practice.

John Quinn said the company will first focus on investing in decentralized technologies that will gradually replace centralized platforms. For example, Pocket Network is a technology company that can use infrastructure to support and implement DeFi scenarios. Furthermore, pay attention to some of the existing applications and services in the current market. Second, focus on a team's ability to execute. They need to be able to seize opportunities and implement them. Finally, focus on everything that enables DeFi infrastructure andmiddleware, Pocket Network is a typical representative.

Michael O'Rourke introduced the development achievements of the past few years:

  • 1. The number of pledge nodes has increased from 700 a year ago to 23,600 now, covering 25 countries around the world;
  • 2. The number of public chains supported has increased from 2 a year ago to 37 now, and is expected to reach 100 by the end of this year;
  • 3. The number of dApps increased by more than 2,045;
  • 4. The total number of relay services in the past month has reached 8.57 billion, and now the average number of relay services is 300 million per day. It is estimated that 1 billion relay services per day can be achieved in the future;
  • 5. In the past 30 days, the revenue on the chain has exceeded 150 million US dollars;
  • 6. From the perspective of specific blockchain protocol revenue, Pocket Network is currently ranked second, and is confident to surpass Ethereum to become the first in the future;
  • 7. With the growth of node and relay services, the number of POKT minted in 2021 will exceed 138 million.

The following is the shorthand finishing of this live broadcast, enjoy~

Moderator Mandy: Welcome to the Odaily Planet Daily Video Live Room. I am Mandy, the founder and CEO of Planet Daily. Today we have invited Omer Ozden, Chairman of Stonewood Capital, John Quinn, Founding Partner and Chief Information Officer of Decentral Park Capital, and Michael O'Rourke, CEO of Pocket Network. First of all, let the three of you say hello to everyone.

Omer Ozden: Hello everyone, I am the chairman of Stonewood Capital. Stonewood Capital is an early-stage investment fund and boutique merchant bank. It mainly invests and incubates e-commerce, blockchain and other related projects. It has very rich experience. We are also one of the early investors of Pocket Network.

John Quinn: Hello everyone, my name is John Quinn, I am the founder of Decentral Park Capital, we are an early-stage digital asset management company, and I was also the founder of Storj Labs, a decentralized cloud storage provider .

Michael O'Rourke: Hi, I'm one of the co-founders of Pocket Network. I have been in touch with Bitcoin since 2013. Later, I taught myself IOS and Solidity. It took about five years from our idea to the actual implementation of Pocket Network.


Moderator Mandy: As far as I know, not long ago, Stonewood Capital and Decentral Park Capital and two other companies led a new round of financing of 10 million yuan in Pocket Network. I wonder, how did Omer and John discover Pocket Network in the first place and why did you invest in them?

Omer Ozden: Stonewood Capital invests in both the traditional sector and the crypto sector. In the traditional field, we have led the investment in multiple projects such as Ucommune, Perfect Diary, and Homework. In the cryptocurrency field , we have also invested in The Graph before, which is also a middleware. We are very concerned about the data on their performance and whether this team can drive the development of the market.

From an investment perspective, we will first focus on whether this project has specific application scenarios. Instead of listening to a project that promises us a real application scenario in a few years, we hope that this project will be actually used now, and we also hope to see its usage scenarios expand and appreciate rapidly. As an investor with a Wall Street background, the indicators we focus on are whether the project has real performance and stable cash flow, and whether it can bring value to users.

Before investing in Pocket Network, we also communicated with Michael for a long time and had a deep understanding of their team. One thing we value very much about the founder Michael is that he has a high EQ (emotional intelligence), which means that he is an active leader. For the team, first of all, there must be open and new ideas, as well as good execution ability, put their ideas into practice, and at the same time, there should be a high degree of trust between the teams.

In addition, through our continuous observation and understanding, the on-chain performance of Pocket Network is very good, their usage scenarios are also actively expanding, and their income is also increasing.

John Quinn: Let me explain why we invested in Pocket Network from two perspectives.

I have been in contact with this team two years ago, and I also learned about their philosophy, that is, to subvert traditional centralized cloud service providers, and their solutions are decentralized. This is also the obsession in Michael's heart, firmly moving towards decentralization. At the same time, they are constantly connecting with various public chains to generate various blockchain applications. The market of Pocket Network in the United States and Europe is developing very fast. It is currently entering the Asian market and needs to be accepted by the Chinese market. Therefore, we choose to invest together with Stonewood Capital, which is deeply involved in the Asian market.

From our point of view, Pocket itself is a truly scalable infrastructure, and at the same time, it has completed more than 10 billion relay services ; it can also connect to many current public chains and provide middleware services. So whether in Layer1 orLayer2, its performance is very good, so from a vertical perspective, it is a very good infrastructure, and now it can directly connect to multiple chains.

The second general direction, as Omer Ozden just said, we are very concerned about the construction of the entire team. Michael himself is also a person who really unites the team, so we will invest in Pocket .

Omer Ozden: To add, in fact, John Quinn is our bole, and he discovered the Pocket horse. Pocket Network had been operating for five years at the time , and their token had been in use for almost 20 months. It was John Quinn who took Pocket out of the market .


Moderator: When I heard the answer just now, the two guests kept mentioning one word, infrastructure. It is believed that the two of them have always been from the perspective of long-term market appreciation. I heard that Omer you have a title of "Decacorn Hunter", what does that mean? You come from the capital market of Wall Street. How does this background influence your investment philosophy in the blockchain industry?

Omer Ozden: The so-called "unicorns" in traditional investment generally refer to companies with a market value of around $1 billion; now we call "decacorns" 10 × 10, that is, companies with a market value of $10 billion.

Regarding investment philosophy, first, we do not invest in unicorns, because unicorns are relatively conservative in terms of overall concept and value to us and are rather boring, and we are eager to pay attention to some larger-scale projects. In terms of time, this scale is not one or two years, but can last longer and be passed down from generation to generation. We hope to invest and tap into such projects with great potential.

Second, the team itself is full of enthusiasm and has long-term ideas and goals; third, their business model is also sustainable, replicable, and scalable. For example, our investmentdYdX, they are also a company with a sustainable business model , and this time we choose Pocket Network as well.


Moderator Mandy: Just now Omer talked about intergenerational opportunities, passed down from generation to generation. I want to throw this question to John. As a fund focusing on DeFi opportunities, what are your investment philosophy and standards? How does it relate to Web3?

John Quinn: We actually have several established investment criteria. First, we focus on investing in some decentralized technologies that will gradually replace centralized platforms. For example, now we invest in Michael's Pocket Network, which is such a technology company that can use its own infrastructure to support and implement DeFi scenarios.

Second, we are very concerned about some of the existing applications and services on the market. For example, DeFi, its market value may reach trillions of dollars in the future, and this goal cannot be achieved without some good companies and projects. Third, we attach great importance to a team's ability to execute. When there is an opportunity in the market, there needs to be a team that can seize the opportunity and implement it. Fourth, we focus on all infrastructure and middleware that can realize DeFi.

To sum up, first, we need to look at the opportunities in the market itself, and second, whether the team can execute well.

Moderator Mandy: Thanks to Omer&John for sharing the VC investment view with us. Let Michael chat with us about Pocket Network. Please briefly introduce Pocket Network and talk about its original intention.

Michael O'Rourke: Pocket Network is actually a middle-tier protocol that can support a complete set of infrastructure, specific applications related to Web3, and various data operations and storage on the blockchain.

The budding creation of Pocket Network started in 2016, and in 2017, we found a very bad trend. At the time, the vast majority of nodes were using the Ethereum network API provider Infura, but it was centralized and risked a single point of failure. Therefore, we decided to make a decentralized cloud service provision solution. This protocol is the Pocket Network we see today, which can achieve the purpose of decentralization and lower the threshold for developers to enter the blockchain.


Moderator Mandy: Yes, Infura has a lot of problems. Pocket Network was established in 2017, and the mainnet will be officially launched in 2020. During these three years, what problems have the team encountered in the process of building products and how did they solve them?

Michael O'Rourke: We started with the idea of ​​finding a problem that we needed to solve, and I recently found a list of problems we made a few years ago.

Our idea at the time was to build our own protocol with the help of Ethereum. In the beginning, we did a few smart contracts for Pocket on Ethereum ; over time and as our team changed, we expanded the smart contracts to other blockchains.

I believe that many viewers and listeners here understand that the gas fee was very high during the operation of Ethereum before. In 2017, such problems still exist, so from 2017 to the next three to five years or so, Pocket Network has been trying to solve the problem first . What are some good ways to understand these issues? What is the most efficient and best way to solve these problems? Until we have an architecture that solves the problem. This is how Pocket Network went live step by step.


Moderator Mandy: Pocket Netwrok has been online for more than a year. It is currently called the Web3 solution of Amazon Cloud Services. The data on the chain is very beautiful and amazing. So how is Pocket currently operating? What data can I share with you?

Michael O'Rourke:

(1) The number of pledge nodes. A year ago, the entire number of staking nodes of Pocket Network was only 700, and this year it has reached 23,600. This means that we now cover more nodes and cover more countries, almost 24 or 25 countries, and can provide infrastructure for Web3 applications for these countries.

(2) The number of public chains supported. A year ago, we supported only 2 public chains, and now we support as many as 37 public chains. It is expected that by the end of this year, the number of supported public chains will be as high as 100.

(3) The number of dApp s now exceeds 20 4 5 . In particular, we released the Pocket Dashboard , which brings a better and more convenient experience to developers.

(4) The number of relay services reached 8.57 billion in the past month. Half a year ago, we were able to complete no more than 1.5 million times a day, as little as 1 million times or 700,000 times; now, we can basically achieve 300 million times of relay services per day. It is estimated that in the near future, we can achieve about 1 billion relay services per day, and 30 billion times a month

(5) The growth of the Pocket Network relay service in 2021 is due to the increase in the number of our pledged nodes. At the same time, the performance of our incentive layer is very good, the income is also high, and the use of POKT , so the relay service from January to December The number keeps growing. Looking at the proportional distribution between mainnets from 2020 to 2021, Harmony remains the most relayed blockchain in Pocket Network, followed by the Ethereum network, followed by Polygon With Fuse, it is hoped that over time , the proportion of different public chains will reach a balanced state in the future.

(6) On a quarterly basis, the number of staking nodes in Q1 2021 is relatively low, only 3438, and reached 18176 in Q4; in the next few quarters, the number of minting and relay services of Pocket Network POKT has increased exponentially. In 2021, we will have minted over 138 million Pockets in total.

From the performance of specific blockchain protocol revenue, we are now in second after Ethereum. Of course we are also confident that we will gradually surpass Ethereum in the near future.

(7) In the past 30 days, we have exceeded $150 million in revenue. In the future, we can have better performance.

Finally, I am very happy to have the two lead investors join me in the meeting today. It is precisely because of their last round of $10 million that led us to really seize this opportunity and opportunity.


Moderator Mandy: We know that in the blockchain network, the more nodes, the higher the degree of decentralization, and the stronger the network stability. How is Pocket Network doing in terms of further decentralization? How do you incentivize more nodes to join? Tell us about the Pocket incentive layer and the emergence of Node-Fi; also, what do you call the POKT economic flywheel?

Michael O'Rourke: Explain the POKT economic flywheel. Our token POKT has two specific applications: First, by staking POKT, we can actually use our related services and applications. Second, node operation is performed by purchasing POKT.

Specifically, by staking POKT, developers can obtain free available relays during the staking cycle, and the amount of POKT that needs to be staked is proportional to the number of relays that can be obtained . At present, for each POKT pledged, 13.3684211 relays can be used in one session (one session is 60 minutes long), but the governance mechanism will adjust this parameter in time according to the price fluctuation of the POKT token.

Node providers can obtain POKT by deploying hardware and providing resources, and each successful relay service will mint 0.01 POKT as a reward, 89% of which are allocated to service nodes that complete the relay work, and 1% are returned to the block producer (that is, the generation of validator of the block), the remaining 10% goes to Pocket DAO foundation. However, node providers also need to pledge POKT in each node, mainly to ensure the stability of nodes in providing data services. Once the operating node sends invalid data or continues to go down, it will be subject to corresponding penalties. The minimum stake required to run a single node is 15,000 POKT; tens to hundreds of additional POKT are typically staked to prevent slashing penalties.

To sum up: Nodes can gain incentives by maintaining the operation of the Pocket Network network, and at the same time assume obligations; developers pledge tokens as a fee for using the network. It should be emphasized that developers are actually using the network for free to some extent, and the cost is almost zero.

Now we have found a good trend, some people are not only running nodes at home, but running our nodes in more scenarios.


Moderator Mandy: This is what I want to ask Omer and John, from an investment perspective, how is your investment going to change the game now? What kind of emerging blockchain projects would you consider?

John Quinn: In the short term, I think important Web3 applications will develop rapidly.

The first is in the financial sector. Blockchain has been called a natural ledger from the very beginning, so such DeFi financial projects may develop rapidly.

Followed by specific consumer-oriented applications. Consumer-oriented means that the technical content and technicality itself does not necessarily need to be so high. as hot as it is nowNFTThe same, we ordinary people can understand. In addition, games are also applications that the blockchain can quickly implement in the future, including game platforms. With the blockchain, games may also thrive in another dimension in the future.

Speaking of Pocket, which itself is a wide-ranging infrastructure Web3 application, it will also make a difference in this wave.

Omer Ozden: From my point of view, the direction of future investment may be DeFi and "finance 2.0".

Before 2020, while we were bullish on DeFi and cryptocurrencies, they were not accepted and used on a large scale, either technically or environmentally, and transaction volumes did not grow on a large scale; but after 2020, we see it appear explosive growth. Therefore, the direction of future investment must be in the field of DeFi.

We previously invested in a decentralized derivatives project called dYdX. In 2020, its daily trading volume is only 10 million US dollars. By 2021, its daily trading volume will increase to 10 billion, which can be said to be a thousand-fold growth rate. This is based onWeb3.0 technological innovation achieved.

Previously, Michael shared that Ethereum is still the public chain with the highest revenue, not because its technology is the most advanced, but largely because it is a pioneer with a first-mover advantage. This means that it can become a standard setter and an industry leader.

We are also very happy to see that Pocket is such a revolutionary leader with a first-mover advantage, and its business performance is also very beautiful. Michael also said just now that even if it only docked with 2 public chains at the beginning, there are now 37 public chains, and it can be said that it has truly become a multi-chain king; the number of pledge nodes has also increased from hundreds to 2 more than ten thousand. These data changes mean that Pocket Network is a pioneer in successfully seizing the intergenerational advantages and opportunities of the times , which is what we value.


Moderator: I would like to ask the two investors, with the emergence of projects such as Pocket Network, what do you think will happen to the prospects of Web3?

Omer Ozden: In my opinion, the prospect is very clear, the development of blockchain will be very fast, and Web3 will be accepted by the public just like the Internet Web1 we encountered at the beginning.

In the Web1 era, the number of our mail and mailbox users, from the initial 50 million to the last 500 million, only took a few years; the same development speed, I believe it will happen in Web3 and the entire cryptocurrency field , users will continue to increase. They may not realize that they have become Web3 users, and have already begun to contact related services, such as DeFi, GameFi , and some native financial products.

Now our crypto financial products look very complex, and in a while it will become very simple. The core technology behind this simplification is the related application of Web3.

In our opinion, Web3 is not an alternative among various alternative directions, it is more of a better choice, a natural development of an era.

John Quinn: My personal background is that I myself have been through the Internet 1.0 era and the technological chaos of that time. Many large centralized groups such as Google and Amazon have naturally become technology monopolies in the Internet age. What we have to do now is to break these technological monopolies and achieve transparency and decentralization. Decentralized applications are more "de-intermediation" in technical scenarios. "Intermediaries" are replaced by Web3 middleware, just like Pocket.

I want to introduce a new concept with you, product-market matching. In the long-term market development, what kind of products are more suitable for the development of this era, and what is the most favorable state for development. Banks are no longer trusted in this era, and large corporations are often criticized for lack of transparency. Therefore, in such an era, decentralized products are the most suitable and in line with this era. We have a saying "code is law" and that's what it means.

In the long run, finance will naturally embrace decentralization, but the process will be difficult. Just like the original music industry and publishing industry, they went through a rather painful process from traditional to electronic. Financial industries like DeFi are farther away from consumers and have higher requirements.

As mentioned earlier, consumer industries , such as games and NFTs, can develop rapidly, because these industries do not require such a high technical threshold and are relatively simple to understand. When attracting initial users, it also has a natural advantage, allowing more ordinary people to try to experience what is on-chain value, and also allowing more people to quickly understand what applications in the Web3 era are.

We have repeatedly talked about the specific applications of DeFi. I believe this is also the advantage of Pocket Network. They are not only concerned with a certain vertical industry, but also cover the horizontal state of different vertical industries. For a simple example, when we race horses, traditional buyers will only bet on one horse; in such a scenario, Pocket Network selects all the horses, and it covers all vertical fields, which is their future development, also represents their future trend.


Moderator Mandy: I ​​would like to ask Michael, what new plans does PocketNetwork have this year? What is the next milestone to look forward to for Pocket Network? How are you going to achieve your goals?

Michael O'Rourke: First of all, we need to further expand the number of public chains. By the end of this year, the number of public chains will reach 200. Furthermore, it is expected that in the near future, we will achieve about 1 billion relays per day. I believe this goal It is achievable; secondly, we just launched a new project wPOKT not long ago , allowing users to pay to use our basic services to bring them a better experience; lastly, I would like to carry out a deep and broad experience for Pocket Network Support explanation. Although the number of our public chains is constantly increasing and the breadth of the market is constantly expanding, we will not give up on the depth of each public chain. The above points are the goals I want to achieve this year.


Moderator Mandy: We have learned three views and visions for the Web3 space. The last question I would like to ask the three of you is what attracts you to each other? In this field, partners are very important, and it is more important that partners have the same thinking and concept.

John Quinn: Whether in the blockchain space, or in any emerging industry, the partners themselves are crucial. Today we say Layer1, Layer2, but I want to define Layer0 as the person itself. Whether the market is strong or the market is weak, it is very important to always be by your side and support your partners.

We just completed a $75 million fund project this month with tremendous support from Stonewood Capital, primarily targeting the Asian market. We always have a belief that to do a global project, it cannot be separated from the Chinese market, nor can it be separated from the entire Asia-Pacific market. In order to better understand the Asia-Pacific market and the Chinese market, we rely heavily on Stonewood Capital for our support and assistance, including our cooperation with Michael.

Working with a founder/business/project is like we are on a journey together to support the founder. Because all the future time, not only will there be sunshine and rainbows, but also many hardships and wind and rain. Not only do we have to provide them with funding, but we also have to provide them with relevant advice, encourage them to go further, and really empower these founders to realize their ideas, and I think these are the real cooperation and win-win.

Omer Ozden: I value people very much. In fact, I really came to the Chinese market and learned about Beijing through the three founders of New Oriental (Yu Minhong, Xu Xiaoping and Wang Qiang), and I also cooperated a lot with ZhenFund. Through years of cooperation and running-in with them, I also realized that the essence of investment is not to choose a certain excellent business model, nor to choose the best market, but to pay attention to the people themselves. Our investment strategy is to choose the best partners , which is why we have always maintained a close relationship with our founders.

DeFi itself is a real investment that requires multi-industry, multi-expert and high concentration. In the DeFi team, there are a lot of young people, who are watching and targeting opportunities day and night, with their eyes fixed, and we need such people. With Pocket, we are not talking about specific projects, but a handshake of goodwill. Through this handshake, I can see if this partner is trustworthy.

Whether it is blockchain or DeFi, it is a very small circle, and the trust between people is even better than our understanding of their technology itself at the beginning. As I just said, the Pocket team is a high emotional intelligence, high execution team, so it is our very trusted partner.

I always believe that for a protocol to run efficiently These professional-level things are what the Pocket team is good at. We are more good at capital management, external communication, media publicity , PR, preparation for listing operations, and docking with relevant industry law enforcement officers. Maybe we ca n't be perfect, but working together, we can really create a 360° circle.

Michael O'Rourke: Actually, I met John, and a friend helped us. When I met John, I talked to him about deep technical issues, and we talked deeply about the concept of decentralization with each other, and we were able to see the scene of the entire market. We feel that the whole process can be implemented, and there is this expectation. I think this feeling is very good.

In the process of talking with John about technology, I became very confident, and I also felt that the whole person became very comfortable and relaxed, and I also think this was one of the best decisions I have made in my life.

When I met Omer, I thought he would tell the story, but he didn't, so it's up to me. We also have a mutual investor friend who introduced us. I remember it was still in Mexico, and one night, we bumped into each other and we talked about it.

In fact, I have always had an idea. When I can get the investment of investors and work for them , I feel that I must cherish this opportunity and promote this partnership to an investable, trustworthy and transparent value. direction.

Omer Ozden: My real meeting with Michael was in Mexico. That day we drank baijiu, which is the Chinese way of doing business: eating and drinking. But I don't know that at that time, I was toasting the "Future Bezos" .

【Q&A Session】

Moderator Mandy: First of all, let me ask Michael, as the founder and CEO of Pocket Network, what do you think are the differentiating advantages of Pocket compared with other competing products? And I learned that Pocket will increase with the number of node verifications, will it cause inflation?

Michael O'Rourke: Let me talk about our strengths first. As of now, I haven't seen a service provider in the market for a decentralized network similar to what we do. Most of our competitors are still some traditional centralized players, so our market is very advantageous.

And I also found a very interesting phenomenon. The infrastructure we are doing now can be said to be a valuable commodity. The infrastructure provided by Pocket Network is inherently lower cost and more sustainable, and it can also surpass traditional centralized infrastructure in various aspects. John also said just now that the future trend is to "replace middlemen with middleware", which will greatly reduce the cost of the entire business community. This is our first advantage.

The second advantage is high reliability. We just shared our latest data with you. The service coverage covers about 25 countries, and the total number of pledge nodes exceeds 23,000. Compared with AWS, they often go down. I believe that in the case of a deep market, such a risk is actually unacceptable to many people, but we have never had this situation.

The second problem is inflation. As the entire traffic increases, both the DAO and the entire community will consider reducing our reward return accordingly. Because to achieve the balance of the entire community and network . Therefore, we will use the method of controlling the number of nodes, or use the method of reducing the reward return to achieve balance and prevent inflation. In fact, we also wrote this in the protocol itself, but because we are still in the early stage and rapid growth period, we have not yet started to apply it.

Moderator Mandy: Second question, John, you have founded Decentral Park Capital, the world's top asset management company, and Storj Labs, a decentralized cloud storage. In your opinion, what is the market size and development prospect of decentralized cloud storage, and can it subvert traditional cloud service providers such as Amazon Cloud?

John Quinn: Now common cloud storage platforms, including Amazon's AWS, Google Cloud and Microsoft's Azure, provide more of a packaged service. Their market size and application range can be said to be huge, and so are expansion and upgrades. Very convenient. Essentially it tests a storage capability, and their market is growing very fast. As we all know, the amount of data is now arguably exploding daily, which is traditional cloud storage and centralized platforms.

Decentralized cloud platform, its development direction is actually very good, whether it is in terms of efficiency, cost, scale expansion and the services it provides, it has very good advantages. Like what we call Pocket today, it provides related services.

First, it can integrate multiple public chains; at the same time, it is also multi-application, and the cost is controllable compared to traditional methods. Now Pocket is doing a groundbreaking experiment, and we don't see any traditional company or project in the market doing . What Pocket is currently benchmarking and trying to surpass is Infura, which is essentially traditional-centric and partially reliant on AWS. So, Pocket will gradually replace Infura, and we see its market share increasing.

Moderator: Last question, why does Pocket wallet have a different mode on Ethereum? In the future, which communities or projects will Pocket focus more on in the Chinese market, and are there any planned activities?

Michael O'Rourke: First of all, Pocket has its own blockchain, and we have also built our own wallet, including the entire infrastructure. We all started from zero. So at the beginning of the design, there was indeed a wallet on the computer, and then there were wallets on the mobile phone and mobile terminals. It really is to have different designs according to different scenarios. It's not like we traditionally have good integration with tokens on Ethereum, because we are doing infrastructure and blockchain from scratch, so there will be different models.

We are very happy to come to China to carry out some community activities, and we also want to make a small advertisement here. If there are any communities or media who want to connect or coordinate with us, we are very happy to cooperate. After the epidemic is over, we think that the first stop for offline activities may be China and the entire Asia-Pacific market. So if there is a team willing to cooperate with us, you are very welcome to contact us.