The Web3 ecosystem is founded on the bedrock of decentralization, permissionlessness and trustlessness. Critics of Web3 question the value proposition of these core principles. But time and again, we witness events — frozen bank assets during Canada’s trucker protests, in China’s Henan Province, the Russia–Ukraine war and many more — where the benefits and effectiveness of decentralization and decentralized ecosystems are corroborated. In the crypto ecosystem, the recent turn of events during the market turmoil of Q2 2022 provided crucial evidence in favor of decentralization. While centralized crypto lending institutions filed for bankruptcy one after the other, the decentralized lending protocols conducted their business as usual governed by their established protocol parameters.
However, even the Web3 ecosystem is young and evolving. It currently depends on a host of centralized infrastructures (GitHub, Twitter, Discord, etc.). With many Web3 counterparts rushing to fill these gaps, building high-quality, reliable infrastructure takes time.
Meter Network and its progress toward decentralization
For the unfamiliar, Meter is a high-performance blockchain infrastructure that scales and connects the financial internet. Their layer-1 blockchain is powered by the HotStuff consensus engine, positioning Meter as one of the most decentralized and fastest Ethereum sidechain scaling solutions. Meter can process 1,000s of transactions per second while frontrunning resistance and ensuring instant finality and stable, low gas costs. Meter’s software development kit provides an interoperable Ethereum scaling framework to build application-specific sidechain or parallel chain networks.
True to the Web3 ethos, Meter Network is taking crucial proactive steps to decentralize the network further. While the network has made significant progress with the increase in node count and user participation in protocol governance, “the chain is only as strong as its weakest link.” The least decentralized component determines the extent of decentralization of the network.
One such critical component in need of decentralization is remote procedure call (RPC) service
What is RPC?
In distributed computing, an RPC refers to the process where a program executes a subroutine in a separate location. In simple terms, the RPC asks a remote server to do something for you – A program or application (doordash) asking a remote server (Dominos) to make a pizza for you!
In the web3 ecosystem, every decentralized application (like Uniswap) asking to swap a token on the blockchain (Meter) leverages a RPC to fulfill that request.
RPC service is synonymous with user experience
In the current Web3 stack, all the decentralized applications (DApps) and the end users access the blockchain data independently or through a third-party RPC service. For DApps, fast and stable RPC performance guarantees the quality of their service — both in terms of uptime and responsiveness. For the end users, RPC performance forms a critical part of their user experience. The impact of unstable RPC performance for end users and DApps alike was visible during the OP token airdrop on Optimism, an Ethereum layer-2 Optimistic Rollup.
The emergence of decentralized RPC service providers
The current market structure, where most RPC services are provided by centralized firms, such as Infura and Alchemy, presents a significant single point of failure. As experienced earlier in multiple instances, these services are susceptible to unstable performances or failures. As a result, none of the DApps subscribing to their service or the end users would be able to access the data on the blockchain, significantly impacting the ecosystem.
Furthermore, the centralized RPC services put the accessibility of blockchain data into the hands of a few big companies. Earlier this year, Infura restricted RPC service and, consequently, access to Ethereum for users across many regions. It’s in stark conflict with the blockchain as well as Web3 values and ethos.
Pocket Network, with its brand-new decentralized RPC service, aims to enable Web3 decentralized applications, and build a secure, stable and democratic tech stack. Since the mainnet launch, Pocket Network has proved its highly stable and fast service by keeping 100% uptime.
Pocket Network currently supports more than 50 blockchains, including Ethereum, Polygon, Near and thousands of DApps, such as Aave, and aims to support almost 100 blockchains by the end of 2022.
Meter x Pocket Network integration
The Meter ecosystem is rapidly growing with dozens of nonfungible token and decentralized finance projects deployed on Meter by Q2 2022. This growing ecosystem requires a more stable decentralized RPC service for both DApps and end users, in lieu of the current centralized RPC service provider.
Pocket Network fills the gap perfectly.
Compared to the centralized RPC providers, Pocket Network is capable of providing thousands of service nodes for Meter as well as delivering reliable infrastructure with high redundancy and distributed network.
The integration will boost a more decentralized technology stack and better user experience for the Meter community. End users can simply choose Pocket Network’s RPC endpoint in MetaMask to ensure stable and reliable RPC service.
The Web3 space is blooming, and DApps are gradually replacing the traditional centralized solutions across all fields (trading, data storage and wallets). Decentralized RPC networks form a key part of this effort to fix the current shortcomings in the Web3 space and service users in a truly decentralized way.
About Meter.io
Meter.io is a highly decentralized Ethereum scaling solution with a built-in metastable gas currency. It connects to Ethereum and other blockchains as a layer-2 protocol and allows smart contracts to scale and communicate seamlessly through heterogeneous blockchain networks.
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