GIANT Protocol sounds very interesting!
I recently learned about a new blockchain based project called GIANT Protocol , here is summary on that.
Giant Protocol is trying to solve the core problem of connectivity , instead of setting up their own network they want to exploit and use the networks of centralized and decentralized entities alike. They want to tokenize the bandwidth and data balance, a user is being sold by a network provider. The below diagram shows the flow of the protocol :
The native blockchain is a substrate based chain , with 3 main players : providers(data providers like AT&T, T-Mobile , Helium) , consumers(any individual or entity using the internet) and validator nodes(rewarded for adding blocks). The chain uses a nominated POS for transaction validation and processing while they introduce a Proof of Connection( built on Proof of Stake where data providers need to stake GIANT tokens , any bad behavior results in slashing of rewards). A really interesting feature of their proposed consensus mechanism is earning validation rewards, without running a node, by staking on behalf of another node. This would allow more and more GIANT native tokens to be locked, and can have a positive impact on the price.
Token ecosystem of the project :
The GIANT protocol will have 2 cryptographic tokens :
- Data Contract tokens: These will be semi-fungible tokens , representing specific data plans , like 15 GB data for $250 valid for a month in the USA. While consumers still pay for these data packs , they have additional benefit in terms of earning yield on this tokenized data, and establishing a secondary market for data , something which Helium network has refrained from doing in terms of data credits. By using a system of reputation score and asking providers to put a collateral , it ensures right service from the providers.
- GIANT : It is the native token of the protocol , which will be used alike by providers and consumers to operate on the network. They will also be used to reward validators and for making governance decisions in the proposed DAO . It will also be used as collateral to mint DTC tokens.
Below is the distribution for GIANT token:
The GIANT protocol consists of 3 different layers of trustless protocols :
- Teller protocol :Data providers can mint data contract tokens using the teller protocol , representing the data. It is done by a data provider requesting to mint a DCT, with the response from the smart contract to deposit a certain amount of GIANT collateral depending on the reputation score. Once the requested GIANT tokens are staked , DCT is minted.
2. Connectivity Protocol : Data consumers can use their DCTs and access the internet using this protocol. The usage of the amount of data is recorded on the blockchain by the validators , and if the delivery of service is determined to be positive , the reputation score might increase which would lead to release of the collateral.
3. Yield Protocol : Providers and Consumers can use this protocol layer to earn yield on their unused data . The collateral of GIANT tokens staked for minting the DCT can be rerouted to the validation bond or the lending bond for earning yield. If the DCT is being actively consumed during this period , the collateral of GIANT tokens is actively adjusted.
References:
- https://www.indiatimes.com/technology/news/giant-protocol-internet-access-560311.html
- https://www.aninews.in/news/business/business/young-indian-female-founder-aims-to-connect-the-world-using-internet-connectivity-based-decentralized-economy20220125221150/
- https://finance.yahoo.com/news/giant-protocol-raises-5-million-163000064.html
- https://giantprotocol.org/litepaper/
- https://www.businesswire.com/news/home/20220127005732/en/GIANT-Protocol-Publishes-Litepaper-for-Decentralized-Internet-Connectivity-Economy
- https://medium.com/web3foundation/how-nominated-proof-of-stake-will-work-in-polkadot-377d70c6bd43