February 2024 Community Update

Pastel
PastelNetwork
Published in
5 min readMar 1, 2024

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We carried the momentum from the start of the year for another great month with several updates.

For a recap of February, see all the exciting news below!

Business Development and Technical Updates

Exploring Collaborative Opportunities with MyGeoTokens to Revolutionize Geospatial NFTs

MyGeoTokens (MGT) and Pastel Network are exploring a partnership to transform Geospatial NFTs. This collaboration aims to improve file storage options and authenticate digital assets using Pastel Network’s innovative technology and MyGeoTokens’ unique platform.

The potential partnership reflects a shared vision to expand the capabilities and security of NFTs. MyGeoTokens plans to enhance their storage solution by utilizing Cascade for long-term permanent storage and security for NFTs on their platform. They also aim to introduce relative rareness scoring for users creating Geospatial NFTs, verifying the authenticity and originality of paintings, drawings, and photographs.

SmartMint Rainier Upgrade

We’re thrilled to share that the SmartMint Rainier Upgrade is now live! This release brings a host of enhancements to SmartMint, solidifying its position as a premier NFT creation and management platform.

  • It now supports minting NFTs on Binance Smart Chain (BSC).
  • All NFTs minted through SmartMint will be supported by both Sense and Cascade.
  • For an overview of the update, watch here: https://www.youtube.com/watch?v=ON53D5t1PMU

PNIP — 002 (Pastel Network Improvement Proposal): Mining System Overhaul Explained

Pastel Network is undergoing a significant transition in its consensus mechanism. This change aims to enhance the alignment between miners and stakers with the network’s long-term health. The transition is complex, but we’ll break it down into digestible pieces below.

The Problem: Free Riders and Market Pressure

In the past, Pastel Network faced challenges from participants seeking quick profits, which undermined the network’s sustainability. Short-term focused miners acted as free-riders, diluting the network token’s value by rapidly selling off rewards.

The Solution: Supernode-Exclusive Mining

To address this, Pastel Network is proposing a significant change: restricting mining to Pastel Supernodes (SNs). Unlike ordinary nodes, Supernodes are robust machines that perform mining and offer advanced services like data storage and executing AI/machine learning operations.

Becoming a Supernode: Skin in the Game

To be eligible to mine, operators must stake 5 million PSL as collateral, operate the required Supernode, and create a PastelID. This demonstrates commitment and ensures valuable resources are contributed to the network.

The Process: Secure and Decentralized

In this revamped system, only SNs meeting these criteria can participate in the Proof-of-Work component of the consensus mechanism and mine new blocks. They must prove their contribution by signing the block with their PastelID. This ensures that only committed participants can mine, the process is secure, and decentralization is maintained.

Addressing Potential Issues: Fair Play and Network Stability

The proposal includes measures to prevent any one entity from dominating mining power, ensuring fairness for all SNs. A proportional relationship between hash power and Supernodes is established, and a cool-down mechanism prevents dominance by any single Supernode.

Security and Backwards Compatibility

The new system comes with security enhancements and a smooth transition plan. It is currently active on Testnet and is slated to be activated on Mainnet this quarter after continued stress-testing.

Conclusion

The proposed mining system overhaul aims to create a more sustainable and secure environment for the Pastel Network, benefiting both users and the network itself. For more details, visit the github link for the full run down of the improvement proposal.

Community Updates

Quarterly SmartMint Art Contest

We hosted the SmartMint Art Contest this month! The SmartMint Art contest celebrates talented creators and nurturing the NFT digital art community. Hosted on our Discord channel, participants have the opportunity to showcase their original NFTs every quarter, with the community voting for their favorites. Now the anticipation builds as we eagerly await the results of the winners for this month. Stay tuned! Winners will be announced on March 4th, 2024. Vote for your favorites here.

Arena Game X Space!

We had the privilege of joining Arena Game’s Weekly Roundtable, where we shared insights and perspectives on the evolving landscape of digital gaming. It was an enriching experience for all involved, providing valuable knowledge and fostering connections within the community. Tune in here.

ETHDenver Conference

The team recently attended ETHDenver 2024, and what an adventure it was! They had the pleasure of meeting many of our community members in person, engaging in valuable business development activities, and immersing themselves in the vibrant atmosphere of the event. From discovering new projects to participating in insightful workshops, ETHDenver proved to be an invaluable experience for our team.

About Pastel Network

Pastel Network is a fully decentralized, developer-friendly layer-1 blockchain serving as the preeminent protocol standard for non-fungible tokens (“NFTs”) and Web3 technology.

Pastel allows for the development of third-party decentralized-applications (“DApps”) to sit on top of its Network, enabling developers to enjoy the scalable registration features, storage processes, and security of the broader ecosystem. Lightweight protocols such as Sense — which was built to assess the relative rareness of a given NFT against near-duplicate metadata — and Cascade — which conducts permanent, distributed storage of underlying NFT data — can be integrated cross-chain across various layer-1 blockchains, layer-2 protocols, or other third-party apps.

Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.

For more information on Pastel Network, visit https://pastel.network/.

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Pastel
PastelNetwork

Next-gen NFT focused blockchain. Certifiable authenticity. Permanent storage. Negligible fees. Build, secure, and scale your Web3 ecosystem with Pastel.