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The project was launched in 2020 with the aim of decentralizing the internet to bring free and equal access for all by developing local ISP networks where large corporations currently under-served people. Although built using Bitcoin’s codebase, PKT uses its own PacketCrypt to replace the SHA-256 hashing algorithm. It also processes transactions 10x faster than Bitcoin with very little fees.
PKT plans to integrate Lightning Network for transactions to provide near-infinite transactions per second and near-instantaneous settlement. As there is no central authority, the project economically incentivizes members of its community to support access to the internet for the good of all.
The Network Steward is funded by 20% of the coins mined per block which is used to fund open source development. There is also a partnership with NLNet Foundation, a project that supports open-source internet technology. PKT envisions a future in which large corporations, governments, and other forms of censorship are irrelevant. This will give internet users unrestricted access to everything they want online with no form of discrimination or control from others.
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