Web3 Communication Protocol Push Protocol: A New Star in Decentralization Push Services

In the Web3 ecosystem, effective communication mechanisms are crucial. Without smooth node interconnections, the network will degenerate into information islands. The social domain especially requires secure and reliable information transmission, as this is the foundation for deriving social assets and financial attributes.

The user scale and activity of traditional social media giants remain astonishing. However, current Web3 social communication still mainly relies on traditional tools, such as a well-known messaging platform and a certain instant messaging application. Among these tools, there are very few protocols that can support internal communication within DApps and perform excellently, not to mention the ability for cross-protocol and cross-chain social communication.

It is worth noting that message pushing has been widely used in Web2 for various scenarios such as instant messaging, news, and various types of marketing. In contrast, although there are many scenarios in Web3 that require notifications, such as DeFi price fluctuations and voting result reminders, most applications still use traditional methods like email to meet notification needs.

The main reason for this situation is that most DApps still exist in the form of PC web pages, while the development on mobile devices is relatively lagging. Due to the high demand for immediacy in message push notifications, this reality limits their widespread application in Web3, contrasting sharply with the development path of large-scale popularization of message push notifications after the rise of mobile internet in Web2.

At the Web3 infrastructure level, message pushing is indeed a weak link in development, and mature solutions are rare. This article will introduce a decentralized communication protocol specifically designed for Web3: Push Protocol, which enables smart contracts, DApps, and even traditional services to send notifications to wallet addresses, suitable for various scenarios such as DeFi asset liquidation, domain expiry reminders, media news pushing, and more.

Push Protocol Overview

Push Protocol is a Web3-based communication protocol that enables various forms of communication, including notifications, chats, and videos sent to wallet addresses, through a decentralized approach. The protocol aims to address the communication gaps in Web3 applications, significantly enhancing user experience and promoting the widespread adoption of a decentralized web, providing important infrastructure support for the blockchain ecosystem.

As of April 2024, Push Protocol has sent over 6 million notifications, with a total of 74 million notifications since its launch, making it a leading project in the field of Decentralization communications.

The core advantage of the Push Protocol lies in allowing any dApp, smart contract, or backend service to interact and communicate directly with users' wallet addresses. This includes various application scenarios such as DeFi protocols sending transaction-related information, DAO organizations conducting governance and voting, GameFi platforms providing user incentives, and data analysis protocols achieving real-time user notifications. The protocol's revenue mainly comes from service provider fees and node participation rewards, and this model effectively incentivizes the development of the ecosystem and user participation.

PUSH serves as the governance token of the Push Protocol, used to protect the network, reward nodes, promote the protocol's utility, and facilitate the operation of Push DAO. Currently, the circulation rate of PUSH has reached 60%, with a circulating market value of approximately $12.6 million. Future release plans and community governance will be key to driving the long-term development of the protocol.

Team Background and Development History

Push Protocol is led by Indian founder Harsh Rajat, along with co-founder Richa Joshi and a team of experienced developers and executors. The advisory team includes founders of a well-known exchange, co-founders of a crowdfunding platform, and co-founders of a well-known public chain, providing extensive strategic support and industry insights for the project.

Since its establishment in 2020, Push Protocol has completed multiple rounds of financing, raising a total of 11 million USD, with a valuation of up to 130 million USD. The investors include several well-known investment institutions and individual investors.

In terms of technological development, Push Protocol has undergone several significant technical and strategic evolutions since its launch on the Ethereum mainnet in early 2022. After officially rebranding in September 2022, the project expanded to support multi-chain communication, achieving seamless expansion from Ethereum to other Layer 1 and Layer 2 networks. In 2023, Push Protocol was selected as an integration project by a well-known wallet, further enhancing its influence and utility in the Web3 ecosystem.

Core Technologies and Application Scenarios

Push Protocol verifies and indexes communication content in an open, gasless, multi-chain, and platform-independent manner, ensuring the decentralization, immutability, and traceability of messages. Its messaging mechanism, based on IPFS for storage and sharing, provides users with a secure, private, and efficient communication solution.

Application scenarios include:

1. DeFi protocol notification: Send transaction-related information, such as user education, dynamic pool status, etc.
2. DAO Governance and Voting: Provide end-to-end reminders to enhance participation in Decentralization Autonomous Organizations.
3. GameFi user incentives: Support for NFT airdrops, rewards, and upgrade progress notifications to encourage users to participate in the gaming platform.
4. Data Analysis Protocol Notification: Provide timely user notifications, such as tracking NFT trading volumes on specific trading platforms, monitoring trading pairs, etc.
5. Alternative to Web2 Messaging Notification Services: To meet the demand for real-time notifications to users during legal protocol signing, exchange events, and other timely notifications.

Message Push Architecture

The Push Protocol utilizes three core concepts in message push services: users, channels, and subscribers.

1. User (User): including communication entities such as contracts, wallets, and individuals. Users can choose to join or exit channels and become subscribers of the channel by signing to receive messages from specific channels.

2. Channel (: A logical container for message sending, requiring users to subscribe to receive messages. It is divided into public channels and private channels. Sending messages on the channel requires payment in ETH or DAI to prevent spam messages.

3. 订阅者)Subscriber(: Users who have subscribed to the channel can receive messages published within the channel and participate in interactions. Supports receiving different types of messages such as broadcast notifications, targeted notifications, and subset notifications.

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Core Advantages

1. Decentralization and immutability: By adopting a subscription model, the messages are on-chain ensuring data traceability, immutability, and decentralization.

2. Multi-chain compatibility: Supports messaging services across multiple chains, adapting to the needs of different blockchain ecosystems.

3. Open network access: The push node is an open part of the network that any cryptocurrency wallet can interact with, without the need to pay Gas fees.

4. Rich integration cases: Integrated with over 400 projects, including well-known DeFi protocols, social platforms, and NFT markets.

5. Strong technical support and development roadmap: Continuously advancing technology development and product optimization, future versions will support non-EVM chains, further expanding its cross-chain capabilities and service scope.