Pastel Network — making NFTs outside of Ethereum possible
With over $60 Billion in sales last year, the traditional art market continues to thrive even today. But as we enter the 2nd year of the pandemic, both artists and collectors have been forced to stay home, giving way to market for digital art.
This growing market for digital art has come of age at the same time that Non-Fungible-Tokens have gained serious traction in the gaming sphere.
A Non-Fungibe-Token is a special cryptographic token that represents a unique entity and is therefore not interchangeable with any other token. As such, NFT’s are a great tool used to verify ownership and create digital scarcity– something that’s crucial for digital artists to monetize their work.
Earlier in February, a collector bought a piece of art depicting the famous Nyan-cat meme in form of a digital asset, paying nearly $600,000 worth of Ethereum for the work. Up until recently, the vast majority of NFTs have been running off of the Ethereum blockchain. With the recent bull run on ERC-20 assets, gas fees, transaction fees on the Ethereum network, have also increased substantially.
To address network congestion and ever-increasing fees, Pastel Network was born.
Pastel Network is a platform created to bring both artists and art lovers together. Working diligently for 2 years, the team behind Pastel envisioned a platform that would enable an artist to turn digital works into Non-Fungible-Tokens to eliminate middlemen from art transactions and create a liquid art market.
With Pastel Network, both artists and art-lovers can transact on a decentralized, reliable platform with lower transaction fees and a public track record of all transactions.
Unlike NFTs built on the Erc-721 standard, pastel network has developed a unique blockchain technology that draws inspiration from different blockchains in existence today. The core of the technology is built on Zcash, a Bitcoin fork that uses equihash as a confirmation algorithm. With this architecture, confirmation times are much faster than on the Bitcoin blockchain, and blocks are confirmed every 2.5 minutes.
Explainer: Equihash is a variant of the traditional Proof-of-Work algorithm developed to be Asics-resistant, and prevents centralization of mining power.
At the core of the Pastel Network are masternodes, inspired by the cryptocurrency Dash. Masternodes on Pastel not only inspect and store digital art, but also facilitate trades between creators and collectors. They are then awarded a PSL token, the native currency of Pastel Network, as a reward for completing this task.
In addition to incentivizing masternodes for good work with the PSL token, Pastel Network also leverages a reputation system that ranks masternodes to eliminate fraudulent or malicious acts.
To get started, artists can visit Pastel Network and create a Pastel ID. Once registered, artists can upload digital art to the platform and sign it with the private key of their Pastel ID. Private key signatures preserve the integrity of files and protect artwork from forgery.
After files have been uploaded and signed, masternodes check the artwork for plagiarism. Once 3 masternodes confirm authenticity, the art ticket is activated, and the artwork can now be viewed and bought by other network participants.
Whether you’re an artist looking to monetize your work, an art collector, or someone who simply loves art and wants to learn more about this exciting project, you can read more about Pastel on their Wiki, or by visiting their website.
PSL, the token powering Pastel Network has been listed on Bitcoin.com Exchange and is available for trading against BTC, USDT, and ETH.