Last updated on May 13th, 2023 at 11:01 am
EPNS - Introduction
How do you deal with this?
What will you do if your applications stop talking to you? Wouldn't you be oblivious to most of the things happening around you? Now, take a deep breath and be grateful for the information we get from all the Web2 applications we use today. WhatsApp, FaceTime, Uber, Google Play, your favourite bank app, and your favourite food delivery app are all Web 2 applications and we already have a notification mechanism in this space.
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But, what about Web3 applications?
Well, back to that example and the world you just imagined. Annoying and not so comfortable? Yes, same. In the Web3 space, your applications don't talk to you. You do not receive any notifications from your favourite MetaMask or Trust Wallet. Debts on Defi can expire and you won't even know. If your portfolio suddenly collapses, you won't know. There is no alert on your wallet when the Ethereum gas fee is low. You are just expected to check regularly.
Why don't we get notifications on Web3 Activity?
The communication layer is missing in web3 applications and now you know why it is so important to have it. No one has focused enough on the communication layer. The Ethereum Push Notification Service (EPNS) is the world's first decentralized notification protocol on Ethereum. This is a solution that the crypto world has been demanding for a very long time. It is a protocol for blockchain-based information.
Problem
- -Services expect users to check their actions frequently.
- -Wallet addresses do not receive alerts from any web3 activity.
- -Disconnection leads to poor user experience, communication, and engagement.
Solution
A decentralized middleware for all DAPPS/Smart contracts/Web3 services. - Content Freedom The protocol does not determine what content may or may not be delivered to service users. Only services can decide what to communicate to their users.
They have enabled encrypted transactions and will play a vital role in empowering the Defi ecosystem if we have an OTP blockchain in the future. - user-centric The user always opts in for alerts from the service before notifying you.
Indirect consent, whereas a choice would require the service to reward you first! - incentive alerts EPNS are a Defi protocol but different! EPNS uses Staking by Service, which lends to Aave to generate interest which is distributed among the subscribers of the service.
The founders of the project believe in game theory big time and strive to create a win-win situation for all. They want the channel or the sender of information to get the same benefit as the recipient or user of EPNS.
$PUSH Token - Usage
$PUSH is the native governance token of the EPNS protocol. PUSH provides two primary benefits to its holders: governance rights and reward accrual. Following the network token generation event, PUSH holders will be able to participate in the development of the EPNS protocol and earn rewards from fees paid to the network. The fact that you may be encouraged to receive notifications is very exciting in itself. The way they have done it is similar to a no-loss lottery in the Defi ecosystem.
When services establish a channel, they must deposit at least 50 DAI into a common staking pool. The common staking pool is the aggregation of fees from all the channels of the EPNS protocol. The common staking pool is then staked in AAVE, where it earns value. The earned DAI is distributed to the subscribers of EPNS channels in proportion to how quickly they joined. Fees are applied when channels of the Services are closed to discourage gaming.
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Buy or Sell: My Verdict
EPNS is a decentralized Defi information protocol that can send push notifications to users' wallet addresses in a platform-agnostic manner (eg: mobile, tablet, Chrome, Firefox, Wallet, etc.). The project has real-time use cases and is something the crypto world has been asking for a long time.
EPNS is a protocol that practically all blockchains will need in the future. Whether projects are on EOS, Cardano (ADA), Tezos (TEZOS) or any open blockchain network, they will all feel the need to send notifications and have to cooperate with EPNS. All these DApps will require EPNS and hence, the future of the project is very bright.
They have just completed a few months from the day they were launched and they already have some big names like Aave, Polygon, Gitcoin, Frontier, Unilend, and Ceramics to name a few. It talks about the strength of the project. Another thing you need to note is that this project has a team of some amazing people like Harsh and Richa who are the founders of the venture. EPNS is also the only project in which Nishal Shetty (founder of WazirX) is an advisor.
Lastly, you have to look at the people who have invested in the project. One name that stands out here is Binance Labs. If that doesn't give you enough confidence, you should check out the list of backers of the project which includes prominent names in the blockchain ecosystem like Balaji Srinivas and Sandeep Nelwal.
You are considering a project that will completely revolutionize the blockchain space and activities on Web3 applications. If you want to invest in this project, you can buy their native $PUSH token from Uniswap, Paraswap, or Wazirx. It is available at a good price point. Again, this is not financial advice and just my personal views.
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Please do research before investing in any project or cryptocurrency. You can visit their website or follow them on social media to read more about EPNS. The links for the same are given below:
Article Credit: Uma Upadhyay
