The blockchain space is growing extremely rapidly, and the exponential growth is projected to continue rapidly in terms of users, services and revenue. Push Protocol is a decentralized communication protocol for Web3. Using dApps, smart contracts, backends or protocols can send communication (starting with on-chain / off-chain / gasless notifs) tied to user wallet addresses in an open, gasless, multichain, and platform agnostic fashion.
The open communication layer allows any crypto wallet/front end to tap into the network and get the communication across. The protocol allows users to direct control of what services they get notifications from; it imposes rules on the services, including spam protection for users, limiting their ability to add wallets as subscribers, etc.
It allows for the on-chain abstraction of data that enables information delivery to centralized and decentralized carriers. Notifications are treated more like a social feed (e.g., Twitter) than a temporary piece of information (though means to do so also exist). It also enables rules, incentives, settings and configuration to be retrieved from a single source of truth and is not dependent on a single point of failure.
The protocol provides ways for users to receive token incentives based on some of their direct or indirect actions. These include incentives resulting from:
Subscribing to channels by their direct action (receive token incentives) and indirect subscription by a channel (channel pays users either the default minor reward or the reward expectation set by the user). These token incentives are mapped to the user in the protocol, and the user is free to claim them anytime.
The Push Protocol Protocol is a group of smart contracts that enables validation and governance through Push Protocol Core and communication through Push Protocol Communicator smart contracts and SDKs. Understanding the two components of the Push Protocol Protocol is critical, as Push Nodes interact with them to enable decentralized communication — aka the missing piece of Web3.
The native digital cryptographically-secured utility token of the Push Protocol protocol ($PUSH) is a transferable representation of attributed functions specified in the protocol/code of the Push Protocol protocol, which is designed to play a major role in the functioning of the ecosystem on the Push Protocol protocol and intended to be used solely as the primary utility token on the network. $PUSH is a non-refundable functional utility token that will be used as the medium of exchange between participants on the Push Protocol protocol.
The goal of introducing $PUSH is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on the Push Protocol protocol, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that the issuer does not exclusively provide.
$PUSH also provides the economic incentives which will be consumed to encourage users to contribute and maintain the ecosystem on the Push Protocol protocol, thereby creating a win-win system where every participant is fairly compensated for their efforts. $PUSH is an integral and indispensable part of the Push Protocol protocol. Without $PUSH, users would not be incentivized to expend resources to participate in activities or provide services to benefit the entire ecosystem on the Push Protocol protocol.
Who are the founders of Push Protocol (PUSH)?
Harsh Rajat and Richa Joshi both co-founded Push Protocol. Harsh Rajat is the founder and chief technology officer of Push Protocol, while Richa Joshi is a consulting veteran turned startup founder.
What is Push Protocol (PUSH) used for?
Receive notifications
The Push Protocol allows users to receive notifications with different content types (images, calls to action, videos, etc.).
Interpreting data
The Push Protocol allows future content or payload to be interpreted differently. It makes interpreting payload storage flexible as changing payload type can indicate the storage medium (on-chain, IPFS, other storage solutions).
Create channels
The Push Protocol allows a service to create channels that any user can subscribe to. It also allows channels to approve users as subscribers and create business cases around them and allows channels and users to approve each other before the information is shared between them.
Staking and Voting
Token holders can create and move proposals by staking a certain percentage of tokens to put them up for voting. These tokens are locked and are eligible for withdrawal only after a 30-day locking period to ensure serious users perform such functions.
Liquidity Mining
Service providers will be rewarded with our tokens for increasing their activities within the ecosystem for the next few years. More rewards will go to a higher subscriber count, and notifications will be sent. This will create a new subsection of service providers (i.e., vendors) and third-party developers who are not affiliated with official services but create channels to capitalize on token rewards for providing quality content.
Liquidity Mining
To encourage more users to vote on proposals and to enable further decentralization, the voting will result in rewards in terms of governance tokens.
User incentives
Users will be able to receive token incentives based on some of their direct or indirect actions within the Push Protocol protocol, for example, directly subscribing to channels or being indirectly subscribed by a channel (the channel pays the user either the default minor reward or the reward expectation set by the individual user).
Incentives
The users can continue accumulating token incentives from the channels they are subscribed to until they unsubscribe, in which case, the part of the token incentives they have accumulated from that channel is automatically sent to their Incentive Reserve on the protocol.
The user can also withdraw all token incentives without unsubscribing from any channel.
How is Push Protocol (PUSH) unique?
Ethereum Push Notification Service protocol is on the Ethereum blockchain that provides and standardizes how notification on a blockchain can operate. Push Protocol is building the world’s first open communication layer for the Web3 ecosystem, first for Ethereum and then for L2s and other blockchains. The protocol enables any smart contracts, dApps, or traditional servers to send notifications tied to the wallet addresses of a user in a platform-agnostic fashion (i.e., notifs can be integrated and shown on any crypto wallet, mobile app, extension, or dApps).
Push Protocol notification implements game theory and DeFi incentives and enables sending a decentralized push notification in a platform-agnostic fashion. It’s designed to be integrated with third-party wallets so that notifications can finally arrive and achieve the network effect on the blockchain. Despite this, it does suffer from the classic chicken and egg problem. Push Protocol Infra (Push Service) enables carrying notifications from decentralized protocol to centralized solutions (iOS, Android, Web, etc.). Also enables third-party dApps, services and protocols to start experiencing the notification impact as notifications are delivered following the entire protocol/product lifecycle.
The game theory of governance is designed keeping in mind all participating users of the Push Protocol ecosystem. The more users the protocol has, the more services will come leading to an increase in fee pool and rewards, leading to a direct impact on the token utility as the token is intrinsically linked to protocol growth, a key medium of exchange for all activities occurring thereon.
How many Push Protocol (PUSH) coins are in circulation?
It has a circulating supply of 32,584,071 PUSH coins and a max. supply of 100,000,000 PUSH coins.
How is the Push Protocol network secured?
Push Protocol behaves similarly to blockchain but is an open network. This means that data is validated and indexed but doesn’t have to align into blocks, as the proof of data validity is supplied with the communication payload. It operates on a network of nodes called Push Nodes responsible for the validation, storage, and delivery of notifications & chats.
Any content or payloads getting delivered are immutable and cannot be changed as they are secured using crypto-graphical proofs. The other part that ensures that the content can’t be censored is in the final stages of testing, and public alpha push nodes are expected to be rolled out soon.
How do I buy Push Protocol (PUSH)?
The PUSH token can be used for a wide range of purposes, like staking and governance.
PUSH tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy PUSH through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Push Protocol (PUSH)?
The PTPWallet platform supports many cryptocurrencies, with PUSH soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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