Phase II (update to the project) This is the revamped and upgraded plans for the Portal Project. In keeping with the spirit of transparency in blockchain, we've kept the details for Phase I so that you can see where the project started and where the project has progressed to.
Ekta Portal was meant to be a hardware device, but with the situation surrounding global components sourcing and logistics, we've decided to explore cloud-based options to fulfill the promise of what Portals were designed to be, especially for the benefit of the Portal holding community.
In the meantime, we've been distributing Portal rewards to holders, ensuring that the community is being rewarded for their faith in the product and in us.
We will update Phase II with details when a new solution is confirmed.
Phase I This was the original project, which has since been upgraded to Phase II
Ekta Portal is the world’s first fully pre-manufactured endpoint node, built to plug and play (“plug to earn”) for individuals with little to no technical background. The device is a small, powerful mini PC that serves as an RPC endpoint that helps communicate and validate data on the EktaChain network.
These endpoints will benefit EktaChain by improving privacy, increasing network uptime, and further decentralizing EktaChain. Portal also benefits the broader appeal of Ekta ecosystem participation by giving its owners automatic whitelist to Ekta’s sought after flagship NFT projects that seek to accomplish Ekta’s mission of connecting blockchain to the physical world.
Ekta rewards Portal operators for strengthening the network by emitting rewards to Portal operators in the form of $EKTA tokens. By purchasing more Portal NFTs, the owner of the device can immediately earn more rewards. While this technology in of itself is not innovative, and has been used in some form by other blockchains, Ekta is the first to bring an out of the box “plug and earn” device.
The goals of the Ekta Portal initiative are:
- 1.Reward early adopters to the Ekta community
- 2.Improve network security, uptime, privacy, and decentralization
- 3.Give an entryway to web 3 for the crypto curious and less tech savvy individuals
- 4.Grow the Ekta community globally
- 5.Raise funds for development and $EKTA buybacks
The Ekta Portal tech specs:
- quad core Cortex-A72 (ARM V8) 64-bit SoC processor at 1.5GHz
- 8GB of memory (LPDDR4-3200)
- 4 USB ports (USB 2.0 and 3.0 supported)
- 2 micro HDMI ports (up to 4kp60 supported)
- USB-C power supply
- touchscreen display
The electricity cost to operate the device 24/7 for 12 months is approximately $8 (USD) per year, based on $0.14 per kWh (the current average price of electricity in the United States and many other countries). Operators and many other countries are likely to pay even less for electricity used by the device. On average, the Ekta Portal consumes 75 times less electricity than comparable node programs that require a desktop PC to operate.
Ekta Portal was conceptualized, developed, configured, and built by some of the brightest minds in web 3, including industry veterans of 10+ years who have made significant contributions to the development of notable projects such as Cosmos (the network of the $ATOM token), Pancake Swap (one of the world’s largest decentralized exchanges), and several other successful blockchain projects. The device aims to ship to consumers in Q4 2022.
Using Ekta Portal
Users who participate in securing the Ekta network with Portal can do so by purchasing the Portal NFT (which grants them the physical endpoint node device), connecting their Portal device to an internet connection via wifi, and using the touch screen to connect their wallet which holds their Portal NFT.
As long as the device is receiving power from a standard electrical source and has an internet connection faster than 10 mbps, Portal will function effectively and benefit EktaChain in the aforementioned ways (privacy, uptime, security, decentralization), and the operator of the node will receive continuous $EKTA rewards 24/7.
Operators may purchase more than one Portal NFT and receive the corresponding rewards based on the number of Portal NFTs owned. For example, owning two Portal NFTs will generate double the rewards for the operator while still only using one single device. The same can be extrapolated for a larger number of Portal NFTs owned.
There is no limit within the supply cap (10,000) of how many Portal NFTs an operator can buy, but those purchasing over 100 Portal NFTs may be subject to KYC and larger orders may be subject to executive approval to prevent excessive price volatility (except when purchased on the secondary market via the decentralized Ekta NFT Marketplace).
Ekta Portal Rewards and Emissions
Regardless of how many Portal NFTs have been sold, traded, or previously active, Ekta will emit 10,000 $EKTA tokens per day, executed via smart contract, and distributed proportionally to the current active operators in a given day.
If the devices in operation on a given day host all 10,000 NFTs (regardless if split across 10,000 individual devices or less), then each NFT will generate 1 $EKTA in rewards for that day. If only 1,000 Portal NFTs are being utilized by operating nodes in a given day, then each NFT will generate its owner 10 $EKTA in rewards for that day. If one operator owns 100 Portal NFTs and there are only 1,000 operating across the entire network in a given day, then that operator would earn 1,000 $EKTA for that day.
All network activities including rewards and number of active operators can be verified in real time using the EktaScan block explorer (ektascan.io). A total of 10,000 $EKTA per day will be disbursed as rewards from genesis date for 10 years, or a total of 36,500,000 tokens total. The source of these tokens is primarily from unused staking rewards and a small percentage allocated from the Ekta treasury.
Future Applications on Ekta Portal Device
In early 2023, Ekta plans to upgrade the Portal system by adding peer-to-peer file sharing, EVM chain compatibility, upgrade to serve as ETH PoS nodes, and improved reward structure to offer further incentives driven from P2P file sharing. Ekta will continue to develop Portal further with network security, decentralization, community growth, and rewarding early adopters at the top of mind.