Powerloom Aims to Reshape Data Integrity in Blockchain
Swaroop Hegde, CEO and Co-Founder of Powerloom, recently discussed the company’s mission to enhance data integrity in blockchain during an episode of The SlateCast. Powerloom utilizes a decentralized node network to ensure verifiable on-chain data integrity for web3 applications. Supported by prominent investors like Blockchain Capital and Filecoin, Powerloom aims to set a new benchmark for composable and decentralized data solutions, transforming user interactions with on-chain data and driving innovation in web3 applications.
Hegde emphasized the current challenges in accessing and verifying on-chain data, which often depend on centralized sources, leading to potential data manipulation and outdated information. Powerloom addresses these inefficiencies through its decentralized node network, which allows real-time data computation without centralized intermediaries. With over 5,300 nodes, even non-technical users can contribute, ensuring the reliability and verifiability of the data provided. This unique approach focuses on dynamically composing data based on demand rather than indexing all available data, catering to various use cases across multiple chains.
A notable feature discussed was Powerloom’s Generative Prediction Markets (GPM), an automated on-chain prediction system that resolves in 30 minutes without human intervention. This innovative application demonstrates the potential for new products built on Powerloom’s decentralized infrastructure. Looking ahead, Hegde outlined plans for 2025, including the introduction of dynamic data markets and a feature called Watchmen, aimed at verifying data accuracy in real-time. Powerloom’s mission is to simplify access to decentralized data while fostering innovative applications, ensuring transparency and reliability as the web3 landscape evolves.