Q1 2024 Update & Q2 Look Ahead

Pastel
PastelNetwork
Published in
9 min readApr 3, 2024

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Q1 2024: A Journey of Ambition and Achievement

In Q1 of 2024, Pastel Network embarked on an ambitious journey, marked by groundbreaking technical enhancements, strategic business developments, and dynamic community engagement. Anchored by its 2024 roadmap, Pastel set its sights on rapid innovation and expansive growth.

Technical Developments:

  • 2024 Roadmap Execution: Pastel advanced its ecosystem with faster Testnet and Mainnet upgrade cycles, notably through the Vermeer 2.1 release, improved cross-chain connectivity with major blockchains, and further development of user-centric applications such as a Web Wallet, Pastel Portal, and various SDKs.
  • Vermeer Mainnet 2.1: A pivotal upgrade that introduced Supernode-exclusive mining to align mining incentives with network longevity, Vermeer 2.1 also included enhancements to Pastel Node software and functionality improvements across Supernodes & Walletnodes.
  • Innovations and Optimizations: We pushed the boundaries with token economics, AI/ML technology for discerning AI-generated content, and SmartMint technology for a vibrant NFT minting experience, alongside efforts to foster Layer-2 collaborations and expand Layer-1 associations.

Business Development:

  • Partnerships: Our collaboration with SenseiNode enhances blockchain infrastructure and staking services across LATAM. Simultaneously, our exploratory partnership with MyGeoTokens is set to disrupt Geospatial NFTs with enhanced file storage & digital asset authentication.
  • Ecosystem Expansion: Pastel is actively engaged in discussions with projects across AI solutions, wallet features, telecommunications, and creator-oriented products, aiming to diversify and enrich its ecosystem.

Community Engagement:

  • Our network has seen a surge in activity, with over 1.25 million on-chain transactions processed and significant growth in our Discord and X/Twitter communities. Engagement initiatives like the SmartMint Art Contest and participation in ETHDenver 2024 have strengthened our community bonds and visibility.

Looking Ahead: Q2 and Beyond

The Pastel Network team is gearing up for a successful Q2, focusing on rolling out its most powerful user-products to date, establishing more robust partnerships within the Web3 ecosystem, and launching a significant community campaign to set the tone for the rest of the year.

Strategic Priorities

As we navigate through 2024, our strategic priorities are crafted to usher Pastel Network into its next growth and innovation phase, aiming to surpass our community and stakeholders’ expectations:

  1. Streamlining Development Processes: Accelerate Testnet and Mainnet upgrade cycles to introduce Matisse and Rembrandt releases, focusing on performance, scalability, and incentive mechanics. This will power a more robust, scalable, and user-friendly network that caters to both current and future demands of our users and developers.
  2. Enhancing Cross-Chain Connectivity: Develop interoperable bridges for seamless asset and data transfer, enhancing user experience across blockchains with an initial focus on the Solana ecosystem. As a result, users will enjoy greater flexibility and accessibility, leveraging Pastel’s unique offerings alongside other blockchain ecosystems.
  3. Expanding User-Centric Applications: Broaden our user base by introducing applications like the Web Wallet, Pastel Portal, and advanced SDKs. These tools are designed to make interacting with Pastel’s ecosystem intuitive and straightforward for a wider audience.
  4. Optimizing Token Economics: Implement strategic initiatives, including modifications to the consensus algorithm and strategic token burns, to strengthen PSL tokenomics.
  5. Leading with AI/ML Innovations: Advance our deep-learning capabilities for detecting AI-generated content and extend SuperNode functionalities for AI services to establish ourselve as a market leader in AI. This includes localized LLMs for content generation and analysis.
  6. Ecosystem Growth: Broaden our network with additional partnerships and integrations, fostering a vibrant and expansive Web3 ecosystem. This will create a richer, more diverse ecosystem that drives innovation, attracts new users, and strengthens the network’s position in Web3.

Matisse 2.2: The Next Chapter

We’re thrilled to announce the upcoming Matisse 2.2 Mainnet upgrade, set to introduce new functionalities to streamline user experience across Pastel’s services. Key features include:

  • Pastel Light Wallet: Revolutionizing PSL custody and management with a secure, user-friendly interface to generate wallets and manage (e.g., send / receive) PSL balances directly in the web.
  • Pastel Portal: An intuitive web application facilitating direct interaction with PSL (including wallet access, delegation, & bridging) and network activities (such as NFT minting, Sense, & Cascade), designed to empower every users . Pastel Portal will pave the way for higher user adoption, increased accessibility, & more engagement.
  • AI Solutions and Services (Inference): Enhancing our AI-based technology for sensory and duplicate detection technology, with Supernodes offering advanced AI/ML services such as localized LLMs for content generation, analysis, and more.
  • Cross-Chain Connectivity: Developing interoperable & decentralized bridges for seamless asset and data transfer to extend Pastel’s reach and utility across other ecosystems. Starting with the Solana integration, we will be able to handle Smart Contract requests for Pastel services and introduce a Pastel-Solana Oracle to monitor / verify Solana.

Get ready!

2024 is on track to be an extraordinary year for Pastel, and we’re grateful to our community and stakeholders for being part of this incredible journey. Stay tuned for more updates, join our community on Discord and X/Twitter, and be part of our exciting next chapter!

Please see below for recaps of the quarter by month.

You can stay up-to-date on Pastel’s development progress very easily — just check out the Pastel Github. New code is being written everyday.

January Recap

Pastel Network started off the new year with a bang and shared not one but two major announcements that is shaping the trajectory of Pastel Network in 2024.

Technical Development

2024 Roadmap: Pastel Network published its Roadmap for the year. In 2024, Pastel Network has embarked on a phase of growth and innovation, building upon past achievements to expand its technological capabilities and deepen community engagement. This includes accelerating Testnet and Mainnet upgrade cycles, enhancing cross-chain connectivity with platforms like Solana, Ethereum, and Polygon, and introducing user-centric applications such as the Web Wallet, Pastel Portal, and Gateway & Client SDKs to broaden the user base.

Efforts also extend to optimizing token economics through consensus algorithm adjustments and strategic token burns, advancing AI/ML capabilities for discerning AI-generated content, improving user and partner experiences with advanced technical resources, and evolving SmartMint to revolutionize the NFT minting landscape. Additionally, Pastel is focused on ecosystem growth by fostering Layer-2 collaborations, integrating with more wallets, exchanges, and applications, and expanding native Layer-1 associations.

Business Development

SenseiNode Staking Partnership: Pastel Network proudly announced a partnership with SenseiNode, a move set to influence blockchain infrastructure and staking services across LATAM. With SenseiNode’s renowned expertise in delivering robust solutions, this collaboration marks a significant milestone for Pastel Network, boosting its security and decentralization efforts. This partnership not only empowers Pastel Network’s community to actively participate in network growth and earn rewards through staking but also serves as a gateway to unprecedented exposure in the LATAM region.

Community

In January, Pastel Network witnessed remarkable growth and engagement within its community across various platforms. With over 1.25 million on-chain transactions processed, the network demonstrated its increasing activity and utilization. The Pastel Discord and X/Twitter communities surged to 2,700 and 18,000 members respectively, reflecting a vibrant ecosystem that continues to expand. The team also launched its Zealy rewards program to incentivize further participation.

Additionally, community members actively engaged in events like Quizzos, AMAs, and Art contests, accumulating over 290,000 PSL in rewards. One of the main events was an in-depth discord AMA about Pastel’s roadmap where members asked many important questions to the Pastel Team. The team also released its 2023 Q4 NFT Trends video delving deep into industry trends and the future of Web3.

February Recap

Pastel Network carried the momentum from the start of the year for another great month with several updates across technical development, BD, and community.

Technical Development

SmartMint Rainier Upgrade: The SmartMint Rainier Upgrade was released, marking a significant milestone in NFT creation and management. With this release, SmartMint introduces support for minting NFTs on Binance Smart Chain (BSC), expanding its reach and accessibility. Additionally, all NFTs minted through SmartMint will now be backed by both Sense and Cascade, enhancing their reliability and security. For a comprehensive overview of the update, interested parties can watch the informational video provided at https://www.youtube.com/watch?v=ON53D5t1PMU.

PNIP-002 (Pastel Network Improvement Proposal) — Mining System Overhaul: Pastel Network has proposed a significant overhaul to its consensus mechanism through PNIP-002, aimed at addressing challenges posed by free-riding miners and market pressure, which have undermined network sustainability. The solution involves implementing a Supernode-exclusive mining system, requiring operators to stake 5 million PSL as collateral, operate designated Supernodes, and create PastelIDs to participate. This approach ensures commitment and valuable resource contribution, fostering a secure and decentralized network environment.

Measures are in place to prevent mining power domination and maintain fairness, with enhancements for security and backward compatibility. Currently active on Testnet, the system is slated for Mainnet activation after further stress-testing, promising a more sustainable and secure Pastel Network ecosystem. For comprehensive details, the full proposal can be accessed here.

Business Development

Exploratory Partnership with MyGeoTokens: MyGeoTokens (MGT) and Pastel Network have embarked on a potential partnership to revolutionize Geospatial NFTs, aiming to enhance file storage options and authenticate digital assets. This collaboration, reflecting a shared vision to expand NFT capabilities and security, sees MyGeoTokens intending to integrate Cascade for long-term storage and security while introducing relative rareness scoring to authenticate the originality of geospatial artworks, including paintings, drawings, and photographs.

Community

In February, our community experienced a flurry of exciting updates. Pastel kicked off the month with the SmartMint Art Contest, celebrating the talents of NFT digital art creators on its Discord channel. Participants had the chance to showcase their original works, with winners announced at the beginning of March. Simultaneously, Pastel joined Arena Game’s Weekly Roundtable X Spaces, contributing insights to the digital gaming landscape, fostering connections, and gaining valuable knowledge.

Additionally, the team attended ETHDenver 2024, where they met community members, delved into business development activities, and immersed themselves in the event’s vibrant atmosphere. From discovering new projects to participating in insightful workshops, ETHDenver proved to be an invaluable experience.

March Recap

In March, Pastel Network reached a massive development milestone with its Vermeer Mainnet 2.1 release and continued its BD efforts.

Technical Development

Vermeer Mainnet 2.1 Upgrade: Pastel Network recently released its Vermeer Mainnet 2.1 upgrade, marking a significant step in its ongoing journey towards a more robust, secure, and decentralized network infrastructure. The upgrade introduces several key enhancements aimed at revolutionizing consensus mechanisms, notably through the introduction of Supernode-exclusive mining. This update bolsters network security and decentralization while addressing the PSL free-rider issue by restricting mining to committed network participants.

Additionally, critical improvements have been made to the Node Software (Pasteld), including the resolution of a security vulnerability and the introduction of new RPC endpoints. Advancements in Supernode and Walletnode (goNode) functionality include the implementation of self-healing for data redundancy and recovery, an enhanced storage challenge system, and improved reliability of the Walletnode messaging system, along with support for Webp image format.

The Pastel Gateway has also undergone significant improvements, including full support for Pastel Mainnet, performance enhancements, and integration with SmartMint, along with the introduction of a new Python Gateway SDK. Furthermore, the upgrade introduces new miscellaneous libraries such as a NodeJS library and a REST RPC Wrapper library in Python FastAPI, enhancing interaction and functionality within the network ecosystem.

A detailed article for a comprehensive understanding of the Vermeer Mainnet 2.1 upgrade and its impact on the Pastel ecosystem can be found here.

Business Development

Significant progress has been made towards establishing a diversified Pastel ecosystem. The team is actively engaged in discussions and negotiations with several projects interested in integrating with Pastel Network and leveraging its range of innovative solutions and services. While specific names cannot be revealed at this stage, these projects offer a wide range of services, encompassing AI-driven solutions, wallet features, telecommunications, and products tailored for creators.

The community will be updated as these relationships mature.

Community Update

Pastel Network’s Co-Founder Anthony recently joined Jill Malandrino at Trade Talks to discuss the value proposition of Non-Fungible Tokens (NFTs) compared to traditional goods in the physical world. He emphasized how NFTs have the potential to maintain their value over time far more effectively than typical tangible goods. Unlike physical items that may degrade or depreciate, NFTs, thanks to their unique digital nature and blockchain-backed authenticity, can sustain their value for extended periods. Anthony’s insights underscored the significance of NFTs in reshaping notions of asset longevity and investment sustainability in the digital realm.

About Pastel Network

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

Pastel powers layer-1 & layer-2 blockchains, decentralized applications (”dApps”), or third-party enterprises with next-generation infrastructure including NFT copymint protection, permanent data storage, and more. Lightweight protocols delivered via Web3 open APIs like Sense and Cascade can be easily integrated across existing ecosystems. A wide range of applications can be built directly on Pastel, enabling developers to enjoy the NFT primitives, composability, plug-and-play modules, and security of the broader network.

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.