Pacific_NFT
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Pacific_NFT

Pacific: A Cross-Chain and Multi-Ecological NFT Aggregate Trading Platform and Financial Protocol

Preface

The emergence of NFTs at present symbolizes that mankind’s exploration of the blockchain field is not just building infrastructure and conducting market transactions, but also serves a higher purpose that more often than less is being deployed in the service of good and overall embetterment of human society as whole. Via the universe of new digital asset class represented by the “holy” NFT, we are front row seat active contributors as well as participants to the largest equitable redistribution of wealth in modern mankind. Make no mistake, lambos will be bought, yet we will see more of this wealth invested in progressive, futuristic, socially, economically, and ecologically sustainable growth projects

People are searching for higher calls to make the world a better place. It is the superstructure in Maslow’s demand hierarchy theory, and it is the historical necessity for the ancestors of mankind to walk out of cave and go farming in the farm land with sing pastoral rhymes and dancing near the bonfire. NFT helps you find your higher purpose to meet your spiritual needs and offer a better portfolio. As an important branch of human spiritual civilization, NFT assets may embrace the explosive of first year of NFT.

1. Opening — — Take Advantage of the Trend

NFTs (Non-Fungible Token) have been in relative niche existence within the crypto world. Just recently, the NFT artwork “Everydays: The First 5000 Days” created by the surreal artist Beeple was broadcast with a final sale of US$69.35 million, which undoubtedly once again pushed the NFT world to the mainstream horizon. The concept of NFT is proposed relative to the FT (FungibleToken). FT tokens are based on ERC20 as the basic standard. They are mutually replaceable and nearly infinitely split tokens, such as the cash we use daily. The NFT asset is a unique, undivisible token. Both FT and NFT as currencies are carriers of value and consensus. Compared with FT, NFT condenses more of a unique consensus, and just as many wonderful and valuable things in life are irreplaceable and scarce (artworks, cultivated plants, raised pets, objects and props blessed by celebrities) so arises the value proposition of the NFT.

At present, mainstream NFT projects are clustered on Ethereum. It seems that the thriving NFT industry has always been subject to the current crowded environment of Ethereum and its “difficult-to-advance” governance. Like a knuckle in the throat, it has at many times even chocked out any prospect of NFT project development. The experience becomes most unbearable during peak congestion period. At the same time, the cost of minting, purchasing, and complex smart contract deployment of NFTs is often ten times as much as the cost of Ethereum Gas, which ordinary retail investors typically either cannot afford,or uwillong to chuck out, resulting in frequent frustrations in smaller transactions.

Whenever the gas fee reaches its highest point, the transaction volume and the number of traders will plummet. As the gas fee gradually falls, the number of NFT traders will gradually increase in transaction volume. The recent Gas fee reduction measures have not been able to solve the problem of NFT. In the NFT transaction, if the Gas fee exceeds the NFT itself, then this transaction is meaningless. This kind of contradiction is the contradiction between the soaring handling fee caused by the bottom design problem of Ethereum, the largest public chain market at present, and the rising investment and sale of the NFT market. This contradiction is currently difficult to reconcile, so regardless of the value of the NFT asset High and low, the Ethereum ecology itself has restricted its development. High-value NFT assets, including valuable encrypted artworks, on-chain real estate warrants, on-chain antique warrants, etc., although they are well-known and exposed enough, but their liquidity is deteriorating day by day, and the value of assets often cannot be accurately estimated. At the same time, it is accompanied by market capacity and limited scale, slow transaction speed, high holding cost and difficult to ownership certification, most investors are unwilling to hold assets with low liquidity.

The core of the NFT market is artists, and an artist-friendly NFT market is the market with the most potential. Lower barriers to entry, transaction costs, faster confirmation with higher efficiency, and higher liquidity premium are the underlying needs of NFT artists. However, current Ethereum NFT users have to complete 5 steps before they can start NFT transactions. For ordinary people and NFT artists who do not want to learn these processes, they may give up using NFT, especially NFT creators and NFT artists. For artists, such an environment limits their productivity and motivation for production.

At present, the market needs an NFT platform that can achieve the aim of cross-chain and multi-ecologically compatible, has low handling fees, low user-friendly thresholds, and can continuously inject liquidity into the market. At the same time, such a project not only needs to be technically reliable, but also requires large institutions to continuously inject capital, media, and artist resources into its platform.

2. Design — — Break the Box

The NFT market is growing much faster than we expected. While many people are still discussing whether NFT art collections are pseudo-demand, as of early March 2021, the total market value of NFT has exceeded US$2 billion. The transaction volume is 2.7 times that of the whole year of 2020, which shows that the entire market is still in a stage of rapid growth. Pacific’s entry will continuously change and refresh people’s understanding of the NFT world from the following perspectives:

Liquidity

Pacific will first work to fundementally impact the current situation emodied in the lack of liquidity in the NFT field. Pacific will achieve price discovery of NFT assets and determine the value of NFT assets through parliament via self-governance and carry out dynamic price assessments. As for the DEX design, that is the basis of FT liquidity. Pacific will use similar technical means to become the basis of NFT liquidity. Pacific will 1) Mortgaging of NFT asset packages based on price discovery, 2) Release of liquidity, 3) usage for convertible bonds and over-collateralized loans, and 4) Application of derivative financial scenarios.

Pacific allows users to build their own NFT decentralized exchange-PacificStore (a module that was funded by the Web3 Foundation in wave 8). PacificStore provides developers with a set of powerful NFT DEX building tools, which will allow developers to use a blockchain-based digital asset application scenario to develop related Dapps and use blockchain-based digital assets to build projects. Project developers can directly add functions to their trading market applications on Pacific’s infrastructure, gain instant access to our full set of business functions, and earn revenue every time they sell. Pacific will provide an advanced NFT market function toolkit, which will provide consumers and users of PacificStore with a complete and reliable merchandising mechanism including auctions, bidding, binding, and naming.

At the same time, Pacific’s unique Liquidity Mining design will integrate innovative assets in DeFi and NFT, allowing more platform tokens as liquidity incentives. Pacific will play an aggregator role to allow users to collect more NFT assets that they really need, and further inject liquidity into the NFT market. Pacific’s platform currency will support the replacement of multiple resources including art collections, trading insurance policies, asset control rights, token bonds and more NFT asset packages. Participating in liquidity mining Pacific will provide a variety of rewards such as native tokens, stablecoins and Pacific exclusive NFT collectibles rewards, and the NFT collectibles obtained can be used as a mining improvement tool to stimulate liquidity, continuously providing liquidity for the project. Pacific will be committed to creating a NFT World with more liquidity and user-friendly experience.

Cross-chain & Compatibility

The blockchain industry is in an exponential development phase. Although we already know the many benefits of this technology, a key challenge that we can think of is the general lack of interoperability in current blockchain projects. As a result, if developers want to build dApps on any particular blockchain network, they will usually be locked on that platform and cannot take advantage of other blockchains. The various blockchain networks usually cannot communicate effectively with each other. This makes it very difficult and sometimes impossible for users to conduct transactions between different blockchain networks.

Pacific is supported by the Polkadot technology. Polkadot’s main value proposition is to solve this problem of lack of interoperability. Polkadot’s uniquely designed parachain and chain bridge technology will deliver communication and transactions between various of parachains and even the mainstream public chains. Pacific built on Substrate will be used as a Polkadot parachain or parathread to communicate with other isomorphic protocols, and use cross-chain bridges to realize NFT token transfers and cross-chain requires of NFT contracts between different main chains, and interact with heterogeneous public chains. PacificStore will be compatible and realize the ecology of purchasing and burning NFT collectibles on multiple blockchains such as Etheruem/Polkadot/Kusama/BSC/Heco/OKex Chain and make it more convenient and efficient. PacificStore aims to bridge the gap and provide more business use cases for collectible NFTs in the public chain ecosystem.

Lower transaction fees

As mentioned above, the current congestion of Ethereum has severely restricted the development of NFT. NFT smart contract deployment is not only difficult, but also the transaction fee is 20 times more than ordinary ERC20 transactions. At present, the transaction volume of some mainstream NFT trading platforms tends to decrease with the increase of gas fees on Ethereum. Pacific will remain the industry leader in reducing transaction costs, while reducing transaction friction in the NFT market, allowing more NFT artists and collectors to benefit and participate, seamlessly.

Out-of-the-Box

At present, transactions in mainstream public chains like Ethereum, the participants of NFT transactions are often artists or ordinary NFT enthusiasts, but the current use and deployment thresholds and transaction costs of NFT projects on Ethereum often limit their development. Pacific hopes to establish a hot-swappable plug-in usage model, which will greatly reduce the usage threshold and transaction costs for artists and ordinary NFT enthusiasts. It is also Pacific visions to allow artists to focus on artistic creation and to allow art works to enjoy more liquidity into the hands of every NFT collector and enthusiast.

While Pacific is deeply committed to the vision of Web3, our technology stack will focus firmly on bringing true decentralized applications, online autonomy and new business models to developers and users, opening up a new world of financial and other derivative instruments for these developers. The NFT created in Pacific will retain the advantages of Substrate while being compatible with Ethereum. DeFi will be the perfect testing ground for NFT assets. Pacific will provide a quick and easy way to get started for developers who are interested in the Ethereum and Polkadot ecosystems.

Realize and Improve the Autonomous System Based on DAO

Pacific’s superior governance module will help generate liquidity for more NFT applications. The Pacific governance module based on the Substrate chain will include the following advantages:

  • Nodes can use new proposals and on-chain runtime upgrades without restarting, technically avoiding hard forks.
  • Each stage of on-chain governance has a clear time limit to ensure the timeliness of governance proposals.
  • Parliamentary and Technical Committees: Every token holder can participate in governance. According to the degree of contribution can enter the technical committee and parliament to become a community of interests. Vote on various proposals (from specific NFT valuation to NFT transaction user management) through technical committee votes and parliamentary votes, and hold referendums on major issues ranging from parliamentary membership changes to on-chain runtime upgrades.

Pacific will be based on the evaluation system of parliamentary democracy and on-chain behavior user analysis system holder autonomy implementation. The Pacific technical committee will be set up based on blockchain management of the assets of NFT screening and parliament, introduction, ruled out, make sure you use the NFT NFT original assets conform to the standard of the financial scene, value judgment, apply to the value calculation model, long-term trading and liquidity, apply to the assets as collateral to conduct a vote evaluation.

Summary

As a parachain on Polkadot, Pacific is able to simultaneously communicate with other protocols in Polkadot’s ecosystem. Pacific implements cross-chain technology to realize token transfers of different public/main chains as well as bridging between different tokens of different chains. Different from others, Pacific is compatible for Polkadot, BSC, Ethereum.

Mining by providing liquidity on Pacific platform token allows users to redeem NFT collections or token packages, and derivatives.

The PacificStore is dedicated to providing more business use cases and also to enhance the liquidity for NFT properties or collectibles in the Polkadot’s ecosystem. The PacificStore is also introduced as a minting/burning NFT portal for easier trades on the Ethereum/Polkadot/BSC blockchain.

3. Vision — The Ideal of Pacific

Pacific is committed to building an NFT liquidity aggregation platform, and currently has a multi-level design on the NFT infrastructure including the underlying protocol, including decentralized NFT exchanges, on-chain NFT governance modules, dynamic NFT interactions and multi-ecological NFTs cross-chain interoperability has become the cornerstone of NFT liquidity.

Cross-chain and Multi-Ecological Aggregation

Pacific will take advantage of the liquidity, NFT transaction activity and user adoption rate of a large number of standard NFT assets such as ERC721 and ERC1155 in the Ethereum platform. Pacific will build an NFT art and collectibles exchange in the Ethereum ecosystem and enrich the NFT application scenarios with several key technology modules. With respect to Polkadot Ecology, Pacific will leverage the governance module and interoperability of Substrate’s technology to implement the NFT liquidity base protocol with rich NFT asset liquidity and an effective value pricing mechanism.

Low Cost

Pacific will work to reduce the handling fee and cost of all NFT transactions, so that every NFT artist and NFT collector will become the real beneficiary of every NFT transaction.

Multiple liquidity incentives

The NFT decentralized exchange (NFT DEX) Pacific Store on Pacific has an advanced NFT market functionwhich will provide our users with a powerful mechanism for buying and selling commodities,including auction, bidding, binding, and naming. All developers have immediate access to our marketplace suite of features. Listed assets can be sold and given away for a fixed price, or they can be auctioned Dutch or eBay. Pacific Liquility Mining will integrate the innovative assets of DEFI and NFT, allowing more platform coins to function as liquidity incentives and allowing users to collect more NFT assets that they really need.

4.Latest Events

  • Web3 Foundation Grants won the eighth quarter of the Web3 Foundation funding project, and will soon submit W3F funding milestones
  • Time: Wave 8-Fourth Quarter 2020
  • Polkadot Panel theme AMA: the builders of Polkadot’s prosperous ecology
  • Time: 2021.03.19
  • Organizer: Polkabase
  • NFT Theme Panel: Dynamic Assets Protocol Definition NFT Ecology 2.0
  • Time: Stay tuned
  • Organizer: NFTbase&Chain Reading
  • Candaq TopVoice Open Days
  • Time: 2021.03.28~2021.03.30
  • Address: The Azure Qianjiang, a Luxury Collection Hotel, Hangzhou, Greentown
  • Organizer: Candaq&ChainInside

5.End

Pacific, as a cross-chain and multi-ecological NFT aggregation trading platform and financial basic agreement, is committed to building a NFT liquidity aggregation platform. At present, Pacific has designed multi-level NFT infrastructure including the underlying protocol, including decentralized NFT exchange, on-chain NFT governance module, dynamic NFT interaction and multi-ecological NFT cross-chain interoperability, and is committed to becoming an NFT The cornerstone of liquidity.

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