PKT is a native blockchain based on bitcoin code. It has a 1 minute block time, uses PacketCrypt proof of work and has a Network Steward address which receives 20% of every coinbase payout. There are a total of 6 billion PKT which will be mined and rather than an abrupt halving of the payouts every 4 years, PKT uses a steady decay of 10% every 100 days.
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Because PKT is designed for microtransactions, there will be a total of 6 billion PKT mined whereas bitcoin will max out at 21 million. Furthermore, each PKT is subdividable into 1,073,741,824 units (2 to the 30th power) whereas there are only 100 million satoshis per bitcoin. When the Bitcoin price reached almost $42,000 in January 2021, the price of a satoshi was 0.04 cents. This cost per satoshi is impractical for microtransactions, even with nearly free transacting over the Lightning Network.
PKT is designed around the idea of fast cheap transacting in small denominations to enable a bandwidth trading marketplace. PKT Cash provides an economic incentive for people to connect bandwidth to the network. The Network Steward is designed to ensure funding is available to build-out decentralized internet infrastructure and open-source technology.
PacketCrypt is an algorithm designed to encourage cooperation between miners and investment into Internet infrastructure for high speed data encryption and decryption. Efficient mining is achieved only if miners communicate between one another and requires bandwidth to be expended in lieu of processor effort. The result is a bandwidth-hard PoW that combines 2 distinct stages: announcement mining and block mining, which together, collectively decentralizes the transmission of data across a distributed global network.
The Network Steward is an organization that funds development that enhances the PKT ecosystem. 20% of every newly mined block goes to a network steward address. This address can be changed by way of a PoS based vote. See the Network Steward Vote for more information about the mechanics of the vote. The payments to the network steward address have one special rule, they cannot be spent after 129600 blocks (approximately 3 months) have elapsed, so if the network steward cannot decide how to spend its treasury, the PKT will be burned rather than piling up.