Revolutionizing Web3: How Powerloom is Setting New Standards for On-Chain Data

Our newest "Behind the Startup" series features Swaroop Hegde, the genius of Powerloom, in a world where creativity and technology are always being pushed to new heights.

Hegde describes an incredible experience leading Powerloom through the blockchain revolution and starting the e-sports and e-commerce revolutions. This open discussion reveals how Hegde's intense interest in decentralised technology and his bold plan to unite the established business world with blockchain's unrealized potential gave rise to Powerloom.

Join us as we delve into the mind of a trailblazer who's not just shaping the future of blockchain but redefining the very fabric of digital data management.

Behind the Startup: Swaroop Hegde Unveils Powerloom's Vision for Decentralized Data

Ishan Pandey: Hi Swaroop, welcome to our "Behind the Startup" series. Can you share insights into your background and the motivations that led to the inception of Powerloom?

Swaroop Hegde: I've worked in tech and business for more than twenty years, and I've done well in e-sports, social, e-commerce, and computers before the cloud. As I moved into crypto, I scaled BlockVigil, a web3 developer tool that showed the problems and chances in web3. By virtue of the fact that I have a deep curiosity about decentralised technologies and the ways in which they have the potential to revolutionise traditional businesses, I was inspired to start Powerloom. I was of the belief that there was a chance of building a link between conventional businesses and the blockchain environment.

This could be accomplished by developing innovative methods to the use of blockchain technology in order to make things more open and efficient. Continuing to push the limits of what is possible in an industry that is going through such a period of fast change is something that I am really excited about. This concept has been of great assistance to me in our efforts to establish Powerloom as a significant participant in the blockchain industry, and I am excited about what lies ahead.

The need for a reliable on-chain data system in the DeFi, GameFi, and NFT sectors of the cryptocurrency business led to the development of Powerloom. Powerloom was originally designed to meet this demand. As shown by Powerloom, I am of the belief that blockchain technology has the ability to change the way in which data is stored and accessible. This is done with the purpose of simplifying the process by which developers may access and utilise data that is stored on the blockchain.

I have put in a lot of effort, together with my team, to come up with creative solutions to the problems that workers in these new locations are having. I have been working on this for quite some time. Through the development of a blockchain data system that is not just trustworthy but also safe, we are giving developers with the tools they need to design decentralised apps in a way that is not only reliable but also straightforward. There is no question in my opinion that Powerloom will play a key part in redefining the future of blockchain technology and bringing about improvements to the way in which data is stored and utilised in the digital world. This is something that I am certain of.

Ishan Pandey: What inspired the shift from BlockVigil to Powerloom, and how did the idea evolve?

Swaroop Hegde: In order to offer the environment with a solution that is both more effective and dispersed across several regions, the decision was made to switch from BlockVigil to Powerloom. BlockVigil was first and foremost designed with the intention of making the process of developing blockchain apps more straightforward for developers. While Powerloom is working towards the establishment of a Web3 data network that can be constructed in a number of different configurations, Powerloom is working towards the creation of a Web3 data network.

This effort will have a key emphasis on data security, independence, and community-driven data markets as its core areas of concentration. We saw a need for a system of managing data on the decentralised web that was both more resilient and safe, and this was the impetus that led us to develop the first idea for Powerloom. In addition to giving users a greater degree of control over their data, our objective was to provide the appearance that the group was the owner of the platform. We are certain that we will be able to bring about a substantial change in the way that data is handled and used in the digital world by means of the development of a composable data network. This will result in the future being more open and decentralised.

Ishan Pandey: Could you explain how Powerloom facilitates peer-validated data and composable data networks?

Swaroop Hegde: The network has an open and decentralised approach, in which all of the users on the network collaborate to ensure the security of the data. Through the use of a peer-validated process, Powerloom is able to ensure that the data is examined and accepted by many individuals. Consequently, the facts become more trustworthy and credible as a result. With the help of this composable data network, users are able to quickly exchange and integrate data sources, which provides the system with more flexibility and connectivity. When taken as a whole, the manner in which Powerloom manages data on the decentralised web promotes transparency, safety, and collaborative effort among community members.

Validators are responsible for staking tokens in order to ensure the integrity of the network. Snapshotters are responsible for gathering data from a wide range of data sources, which is then stored when it has been acquired. When it comes to making use of the data that has been arranged by curators, signallers are the ones that do it. Using data that has been validated and shown to be correct by this layout is something that Web3 applications are strongly urged to do. For the purpose of ensuring that the data is continuously checked and updated, Powerloom delegated a number of tasks to a wide range of persons.

As a consequence of this, the likelihood of the information being changed or stolen is reduced, and the credibility of the information is increased as a result of this. The decentralised data network that Powerloom manages is able to maintain a high level of quality and reliability as a result of the efforts of validators, snapshotters, editors, and signallers respectively. Furthermore, it determines a new standard for the management of data on the decentralised web, which is a significant accomplishment.

Ishan Pandey: How does Powerloom specifically cater to the data needs of smart contract-based applications like DeFi, GameFi, and NFTs? Can you provide examples of successful use cases or applications powered by Powerloom?

Swaroop Hegde: Powerloom tailors its services to the specific data needs of smart contract-based applications across various sectors, such as DeFi, GameFi, and NFTs, by ensuring easy access to vital data. This is achieved through an architecture that focuses on state transitions, offering a streamlined and adaptable pathway for accessing data.

Uniswap V2 Analytics screen, which can be found at https://uniswapv2.powerloom.io/ (Powerloom version of UniswapV2 Data), is a great example of how well Powerloom works. Popular DeFi methods, like Total Value Locked, Trade Volume, and Liquidity Reserves, are all shown on this screen. The data helps people make smart choices by giving them information about how things are going and what the trends are in the DeFi area.

The picture shows how Powerloom makes it easier for DeFi apps to get important data by using Snapshotters to collect and show data from different markets. By using this property, Powerloom makes it clear that they want to make it easier for users and devs working in the smart contract environment to access and use open data. Powerloom gives its users the information they need to make smart choices that could make their DeFi activities better. By giving them a single place to look at important information, you can do this. Users can stay on top of the latest market trends and take advantage of new chances thanks to easy-to-understand visualisations and automatic changes. According to Powerloom, the DeFi field is changing how data is seen and used, which is resulting in new ideas and better use of resources in the environment.

Ishan Pandey: How has the community responded to the platform, and how do you plan to further engage and grow this community?

Swaroop Hegde: The group has grown to over 20,000 people across key social media platforms. There are now over 5,100 Snapshotters running the Snapshotter Nodes. The Powerloom team has already done more than 10 calls to the neighborhood. When the team joins these calls, they share important news with the community and make the protocol's inner workings more clear. These events build trust in the community, get feedback, and make Powerloom's direction, goals, and accomplishments clear. They are very important for making sure that the community's problems and wants are met.

Community talks are an important way for the Powerloom team to stay in touch with their fans and let them know about new developments. By encouraging honest and open conversation, the team can build trust and make community relationships stronger. This ongoing conversation also lets people give and receive useful feedback, which makes sure that Powerloom's direction matches the users' wants and needs. These community talks are very important for keeping the community strong and involved so that they can support Powerloom's goals and achievements.

Participants can ask questions, make comments, and talk about any problems they may have had during these calls. The Powerloom team values what its community members have to say and works hard to answer their issues as soon as possible. Powerloom shows its dedication to making a tool that truly meets the needs of its users by constantly listening and interacting with them during these talks. Powerloom has continued to grow and be a valued resource for its users, which shows that these community calls have had a good effect.

Ishan Pandey: How do partnerships contribute to the platform's growth, and are there any upcoming or existing collaborations that you want to talk about?

Swaroop Hegde: Partner and community members make the Powerloom network work in many ways. Top ecosystem partners like Polygon, Safe, Bungee, QuickSwap, Dew, and Unstoppable Domains have joined our team.  After Polygon's success, Powerloom's next move is to go after other L1 and L2 environments. Powerloom's reach will grow and become more diverse, ensuring a larger network of partners.

Every engagement will be different, so you can be sure that the partnerships will be good for both parties and play to the skills of each L1 and L2 partner. Powerloom wants to build a strong network that helps everyone by using the skills and resources of each partner. Powerloom wants to connect with new people and get into new markets by going after other L1 and L2 communities. Powerloom wants to make the most of the blockchain industry's growth and innovation possibilities by working with specific groups. Powerloom is set to have a big effect on the world of decentralised banking thanks to its wide range of partners.

Ishan Pandey: Powerloom emphasizes peer-validated atomic data units. How does this approach enhance data transparency, and what mechanisms are in place to ensure the accuracy of data provided by the network?

Swaroop Hegde: Polygon, Safe, Mercle, QuickSwap, Unstoppable Domains, and other major players in the ecosystem have already teamed up with Powerloom. Powerloom wants to strengthen its relationship with Polygon by becoming a bigger part of the environment.

Powerloom's next strategy move is to go after other L1 and L2 communities after their success with Polygon. Powerloom will be able to reach more people and work with more businesses because of this. Because each relationship will be different, you can be sure that the partnerships will be good for both parties and play to the skills of each L1 and L2 partner.

The goal is to build a strong network of partners that work together to help Powerloom grow and be successful. Powerloom will be able to reach a wider range of customers and markets by carefully focusing on different environments. This will help it become a more important player in the blockchain industry. Powerloom is going to keep growing in the world of decentralised finance, which is always changing. They are focusing on custom partnerships and shared benefits.

Ishan Pandey: Snapshot nodes play a crucial role in capturing data from different markets. Could you elaborate on how the platform ensures data compatibility across various markets, and what challenges have you encountered in this regard?

Swaroop Hegde: On the Powerloom Protocol, data markets are made up of a set of smart contracts that serve as data sources and a data model setup schema. It is from these that snapshots are made and where peers who are snapshotters agree on what the settings should be. When you look at these data markets across different chains that use the same protocol, like Uniswap, they still use the same data models and let you make complex cross-chain information goods.

We've had trouble making sure that data is compatible across different markets because it's hard to keep data accurate and consistent across different lines. When tracking data for the same protocol across various chains, like in Uniswap, this is especially important. But we were able to get around these problems by using smart contracts as data sources and setting up a standard data model setup schema. This lets us make complicated, cross-chain information goods on the Powerloom Protocol. We want to keep improving our platform so that it's easier for our users to access and use data across a wide range of places.

Ishan Pandey: Considering the evolving landscape of Web3 and the growing prominence of NFTs, how do you envision Powerloom contributing to and shaping the future of these technologies? Are there specific trends or developments in the Web3 and NFT space that will significantly impact Powerloom's trajectory?

Swaroop Hegde: Powerloom will have a big effect on the Web3 and NFT industries by offering important onchain data solutions at a time when these technologies are getting more complicated. As onchain activities grow, so does the need for accurate and flexible data services. Powerloom wants to meet this need.

Even though the NFT market has been going down lately, we are still committed to supporting all kinds of onchain data apps, including NFTs, because we are positive about the cycle of digital art and assets. AI and ML are at the heart of Powerloom's plan to improve data handling and analysis. This is very important as we change to and try to guess what the next big thing will be in the Web3 and NFT worlds, making sure that Powerloom stays an important part of their growth.

Powerloom is about to change the way data is treated in the blockchain environment by using cutting-edge technology. Our team of experts works hard to stay ahead of the curve. They are always improving our formulas and methods so that we can offer the most accurate and quick data services. Powerloom wants to be a reliable partner for all onchain data needs as the industry changes. They want to help the NFT market and other markets grow and be successful.

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