Ethereum Push Notification Service – EPNS (PUSH) is a protocol for blockchain-based notifications that are agnostic and rewarded. Agnostic means that they can communicate with different blockchains. EPNS aims to create a decentralized middleware for all dApps, smart contracts and web3 services by using 3 different components, which will be further elaborated in this article.
EPNS fills a gap in ”Web 3.0”. The services (dApps, services, smart contracts) still leverage benefits from Web 2.0, but lack a real and organic communication medium with their users; which is currently filled by alternative communication media such as Twitter or email.
However, for Web 3.0, there is still no notification mechanism that notifies users (wallet addresses) of essential updates, events, actions, etc. This flawed mechanism has already led to several pain points and side effects. Examples include an important event or information that requires user action (Think trade completed on DEX, liquidation alert on DeFi protocols etc). We will discuss this in more detail below in the use case section.
As elaborated in the general information section, EPNS aims to create a decentralized middleware by using 3 main components
1. Content independent
3. Stimulated alerts.
Content independence is important in today’s world and therefore a vital component for EPNS.
EPNS lets services decide what to communicate to their users rather than a protocol that dictates what can and cannot be delivered to service users.
In addition, EPNS is user-centric. Users always first ”opt-in” to the service alerts they want to be informed about. There is indirect consent, but necessary to make good use of the services. In addition, you can earn rewards by using the DeFi feature. However, it is also a unique way to earn rewards by using the strike service. This allows YOU to borrow Aave to generate interest distributed among the subscribers of the service ( see image below).
The EPNS protocol requires services that want to send notifications to their subscribers to deploy ”DAI”.
This deployment is lent by the protocol to the ”Aave DeFi protocol” to generate interest (revenue), which is then distributed in a ”weighted ratio” to all subscribers who have signed up to receive notifications. Early subscribers are rewarded a little more because they are the ”early adopters.” Click here for the EPNS white paper.
The EPNS protocol allows notifications to be unencrypted or encrypted. As a reward for integration, the fees paid by the service for these notifications are distributed to all wallets and infrastructure providers that enable the delivery of notifications to user portfolios.
In addition, it is possible to store and send a notification as a ”JSON payload”, which is transformed according to the rules of the different ”carriers” when the notification reaches them.
EPNS has many more use cases, but the most important one is visualized in the video above.
As mentioned in the use-case section, PUSH is used in different ways throughout the ecosystem. Currently, there are 8,345,748 million PUSH in circulation. A total of 100 million PUSH will be in circulation. At the time of writing (17-08-2021), the current market cap of PUSH is approximately $15,228,280.-.
You can find the entire team on the EPNS website, along with their experience.
The project is supported by many partners, including Binance Labs.
Initially, I didn’t know anything about EPNS until I came across an article explaining how EPNS aims to address various problems. After doing some deeper research, I came to the conclusion that I would love to see this protocol go live on several decentralized exchanges, as it would incredibly benefit my trading experience.
Personally, I have invested part of my portfolio in EPNS because I believe that once Web3.0 becomes more widely used, this protocol will definitely become a standard for most crypto projects and dApps.
I am certainly curious to see how this project will eventually work out, as it is now difficult to conclude whether they will be successful, partly because they have only recently been launched.
We will certainly continue to follow this project and their developments.
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