Launch of PAL Network Testnet Protocol - PALLAS

Published in

PAL Network

4 min readSep 29, 2018

Developing our own Protocol

PAL Network’s affiliate business, PolicyPal Singapore is the first graduate from MAS Regulatory Fintech Sandbox to receive insurance broking license. Having to run the business for the past two and half years, we understand the challenges of the insurance industry as well as its huge opportunity, with US$4.4 trillion dollars annual spendings.

Blockchain technology has huge potential to improve various industries. It revolves around the idea that both public and private blockchains can automatically solve the shortcomings of our current systems. However, there are major issues involving scalability, privacy and costs for the financial sector (e.g. dealing with massive transactions of policies distribution and claims payout during catastrophic disaster). That is how PAL Network’s dual-layered protocol (Private and Public network) helps solving the above issues by bridging the gap between consumers and financial partners, allowing them to customise new financial products on the decentralised protocol.

In a nutshell, the dual-layered protocol will solve the aforementioned problems

Security — Permissioned blockchain appoints only trusted partners on the network, ensuring high data integrity and security in the network
Privacy — The private network provides restricted access to data
Scalability — Faster block time and better throughput with appointed validators
Lower costs — No high transaction fees that are dependent on the network, no expensive mining rig required.

PAL Network’s Testnet Protocol Release: PALLAS

We are thrilled to offically announce the launch of PAL Network’s testnet protocol — PALLAS, which allows our community to have a first look and test out the dynamic dual-layered mainnet protocol that will be released later this year.

The testnet protocol is named after “Pallas”, one of the largest asteroids in the asteroid belt and the second such object to be discovered, by the German astronomer and physician Wilhelm Olbers on March 28, 1802. This asteroids is also named after Pallas Athena, the Greek goddess of wisdom, intelligence and healing.

Visit www.pal.network/pallas to check it out today!

PAL Testnet Wallet/Supernode Application

The Wallet enables users to connect to testnet protocol PALLAS and perform normal user transactions and wallet functions. It also incorporates Supernode functionalities.

Desktop Wallet: an interface for token holders to transfer their T(est)PAL tokens in our testnet.
Supernodes (SNs) functionalities: users can run SNs on our dual-layered testnet protocol by having a minimum balance of 100,000 TPAL. The main contribution of a SN is pre-verifying a transaction and filtering them before being sent to the private layer. They are also the ones who offload the private layer by adhering to a difficulty nonce set by the private layer, which dynamically adjusts the difficulty to attach transactions to the DAG. Find out more about Nodes Incentives here!

Wallet Guide

For a concrete guide on how to use the Desktop Wallet application on our testnet PALLAS, please refer to this article.

Download Wallet Application

You can download the latest version of the Desktop Wallet application for Windows and Mac OS at our Github page.

Report Issues and Bugs

In order to report bugs with the Wallet/Supernode application or the core testnet protocol, please file a report using this google form.

What’s next

As PAL Network is developing a dual-layered blockchain protocol for financial assets, we aim to build a decentralised ecosystem where partners and individuals can design and customise financial products. Being one of the first movers comes with hardships and requires constant hustle, but our team is committed to offer our blockchain network to the public and disrupt the traditional insurance and finance industry. The team continues to stay on track with the roadmap as we always have been, and will update the community on the progress as we go along.

About PAL Network

PAL Network is a decentralised dual-layered protocol for financial assets that uses data to bridge the gap between consumers and insurance providers by providing a new level of accessibility within the finance ecosystem. The company also works with insurers to provide CryptoProtect insurance coverage for digital assets and smart contracts. PAL Network is a member of Singapore Fintech Association and ACCESS. PAL Network’s affiliate entity, PolicyPal Singapore, has an active user base of 50,000 for its app, which helps users to manage, buy and optimise their insurance policies.

Currently, PAL Network has partnerships with insurance companies, FWD and Ergo, to explore potential use cases of our dual-layered protocol together. Furthermore, we have also established collaborations with blockchain projects NEM, QTUM, Sentinel Protocol, MediBloc, Digix and traceto.io, and Foundation X to offer CryptoProtect and mainstream insurance products for the projects themselves, along with their respective communities.