The need for decentralized communication protocol ft. EPNS
With the development of blockchain technology and crypto, Web3 is growing at a crazy rate and is starting to cover almost every part of Web2. If you’ve been trading or investing in crypto for a long time, there’s a good chance you’ve lost money because you and the service provider (DeFi protocol, DEX, or whatever platform you were using) didn’t communicate well enough.
Think about what would happen if every time the market goes green or the coin you invested in pumps, you missed the chance to get out of the market at the right time, or if your collateral gets liquidated on a Defi protocol, or if you trade in futures and the coin moved against you.
Now think about how much you would have saved and even made more money if you had known about each of these things before they happened.
Sounds Like Fun!
Before the launch of EPNS, also known as the Ethereum Push Notification Service, Web3 was lacking in the area of decentralised communication, which was one of its biggest problems. When engagement on a platform is low, the user experience is bad.
Rise of EPNS & decentralized communication system
Push notifications were started back in 2008 and it became a masterstroke for companies, as it became the hub for creating engagement. The major success behind the push notification was the smooth process, push notifications to come on the screen and as you close the message your work resumes while in-app notifications require you to open the app to see the full story. Push notifications grew really quickly and soon people started to dislike them because companies started to send irrelevant messages to the users.
Web3 was lacking this feature of a decentralized push notification system but EPNS built this and filled the gap via their decentralized communication protocol. A user can subscribe to the desired channel and will be able to receive decentralized push notifications.
In the Web2 ecosystem, the push notification services were industry-centric i.e. companies hold the power to send the notifications while in EPNS it is user-centric i.e. users hold the power to subscribe to the channel and only receive the notifications they opted for, decentralization is the base that means giving power back in the hands of the users.
Do we really need a decentralized push notification protocol?
The short answer is yes, we really need a decentralized means of communication. EPNS fills the gap of communication that users of web3 were facing for a long time. Getting a useful notification on time surely solves a number of problems and can save millions of dollars.
- No notifications on decentralized exchanges of order completion, every time you need to check that of your own.
- No notifications for loan liquidations on Defi protocols, lack of notifications.
- Future trade liquidations, assuming that you are not using a stop loss.
- NFT drop from your favorite artist, you missed a deal.
- Sudden market crashes, portfolio down by 30%
- Web3 domain name expired, lack of notification.
There are numerous use cases for push notifications in the Web3 ecosystem & EPNS is building for the future.
In the end what matters is the user experience, engagement matters and that is the result of a better user experience. The wide acceptance of web3 cannot rely on the communication services provided by web2. EPNS is working hard to set up its protocol as the first choice for a decentralized communication system, a one-stop solution for the whole communication department of the web3 ecosystem.
How EPNS works
EPNS is built on the top of the Ethereum blockchain and using this any dApp, smart contract, or centralized exchange can communicate with their users via push notifications in a privacy-centric & decentralized fashion.
So it is basically more or less like YouTube, for example when you subscribe to a channel you get all the notifications from that channel, whenever the channel admin uploads something new.
There are two things, the first is the channel [ service provider ] and the second is the users [ wallet address ]. Users can subscribe to the channels to receive decentralized notifications and at the same time will get incentivized.
Any dApp, server, or smart contract [ service providers ] can create a channel on the EPNS protocols and will be able to send notifications directly to their subscribers [ wallet addresses that opted in to receive notifications ]. Push notifications can be in the form of plain text, links, videos, images, etc.. say goodbye to the traditional web2 push notification system.
EPNS acts as the middle layer that is privacy-centric, platform agonistic & ensures a free of spam, user-centric, subscriber system, transparent environment for the services [ dApps, exchanges or smart contracts ], and users to communicate.
The native governance token is $PUSH that has multiple functionalities on the protocol and is also used for voting on the protocol. For example, the protocol fees are charged in $ETH or $DAI within the EPNS protocol, but the $PUSH token holders can change this by voting to change these fee parameters.
Users get incentivized
If you missed this in the above paragraph, if not, I am sure that you must be eager to learn more about this. So when a user subscribes to any channel to receive notifications, they also get incentivized for receiving those notifications.
There are two ways via which you can get subscribed to a channel on the EPNS protocol, one is that you directly subscribe to a channel and the other is that channel adds you as their subscriber without your consent. In both of these cases, users are incentivized & that is awesommeeee…
Major Showrunners of EPNS
Showrunners are basically the channels that are created by the team EPNS which provide push notifications to the community and the users and helps users to demarcate between the traditional web2 notifications & EPNS. Few examples of the major showrunners which we will be running -are : Liquidation alert on compound, Wallet crypto movement tracker, Eth Gas alert, ENS domain expiry, etc.
Growing Web3 ecosystem requires its own communication medium, which is extremely important for widespread adoption. Better communication leads to a better user experience and that reduces the bounce rate, as stated earlier, a useful notification can save a whole ecosystem and EPNS is dedicated to providing the best in class service to all the users in a privacy-centric & decentralized fashion.
August 27, 2022 @ 12:52 pm
Top ,.. top top … post! Keep the good work on !