What is Pastel?

Introduction

Pastel is a pioneering platform for blockchain and NFTs. Do blockchain technology and digital art attract you? Pastel brings these two bright worlds together, providing one-of-a-kind and imaginative solutions. This detailed guide will walk you through Pastel’s creative approach to NFTs, its solid blockchain infrastructure, and its potential as an investment.

Our article, designed for blockchain enthusiasts and newbies, will deeply explore Pastel’s main features, strategic goals, and how it alters the digital landscape. From its inception to its most recent advances, we’ll cover everything you need to know about Pastel. So saddle up and prepare for an illuminating adventure into Pastel’s universe, where technology and art collide in the most thrilling ways!

What is Pastel?

The Pastel Network is a next-generation blockchain focused on NFTs and Web3 technologies. It is a layer-1 blockchain that is entirely decentralized and intended to be developer-friendly. Pastel distinguishes out for its emphasis on certifiable authenticity, long-term storage, and low prices. Its infrastructure facilitates integration with existing blockchains and decentralized apps while protecting producers and collectors.

Pastel’s main features are its purpose-built nature for NFTs, permissionless network, low costs, dependable storage, cross-chain interoperability, and safe foundation. It provides Open-API protocols, a flexible Smart Ticket Structure, and development tools for on-chain marketplaces and third-party apps.

History of Pastel, Origins and Key Persons

Pastel Network’s adventure began in 2018 when NFTs were still new concepts in the IT industry. It was developed by Anthony Georgiades, Jeff Emanuel, and Alexey Kireyev, three visionaries who saw the value and necessity of a blockchain designed expressly for NFTs and Web3.

Their primary purpose was to solve the issues and limitations of existing blockchain platforms, particularly those involving NFTs. They noted concerns such as high transaction costs during peak NFT minting periods, which might often reach hundreds or even thousands of dollars, posing challenges for creators and collectors. They also recognized the need for a platform that could provide both ease of use for artists and robust security measures to defend against fraud and counterfeiting in the NFT industry.

This resulted in the creation of novel protocols such as Sense and Cascade. The Sense protocol, a fundamental component of Pastel, combats fraud and copyright issues using advanced machine learning algorithms and provides a system for determining the rarity of NFTs. This ensures that creators receive a fair price for their unique digital assets. Cascade, a decentralized storage layer, tackles the issue of NFTs’ permanent and secure data storage, ensuring that digital assets are safely stored indefinitely.

Pastel has always prioritized building an easy-to-use environment for NFT creation. This is shown by their SmartMint platform, which streamlines the NFT minting process by allowing producers to effortlessly upload their work and mint NFTs without requiring extensive technical knowledge.

Pastel has formed partnerships with a variety of native layer-1 blockchains and layer-2 decentralized applications as a result of their innovations and the increasing popularity of NFTs, including well-known entities such as Parity Technologies (Polkadot), Ava Labs (Avalanche), Polygon Studios, onXRP.com, Nervos, and TomoChain.

The success of Pastel Network demonstrates the growing importance and growth of the NFT and Web3 area. By addressing fundamental difficulties in this area, the Pastel Network and its founding team have made significant contributions to the blockchain ecosystem, paving the door for further acceptance and innovation in digital art and asset management.

How Does Pastel Work?

Pastel Network is a specialized, decentralized network for creating, validating, and trading provably rare digital assets, particularly non-fungible tokens (NFTs). Its distinct functions and protocols have transformed how digital assets are managed on the blockchain.

Dynamic Smart Ticket Standard: This feature represents NFT data on the blockchain. It also supports the inclusion of custom features and functionality upgrades using a smart ticket layer that maintains data integrity.

Source: PSL website

Developer-Friendly Infrastructure

Pastel’s developer-friendly infrastructure includes composable developer modules that allow for the development, iteration, and deployment of decentralized apps (dApps) and marketplaces directly on the blockchain. This is provided by plug-and-play modules and protocols, which allow builders to create third-party apps on the Pastel Network.

Web3 Open-API Infrastructure

The network integrates native protocols such as Sense and Cascade across several ecosystems using lightweight APIs. This capability is required for integrating Pastel with layer-1 networks and third-party apps.

Sense and Cascade Protocols

Pastel’s Sense protocol detects near-duplicate NFTs, and provides a rarity score and authenticity certification. In contrast, the Cascade protocol provides a decentralized storage layer that ensures the permanent storage of NFT data and metadata.

SuperNodes

The network is based on a scalable layer of powerful validators known as SuperNodes. These are responsible for validating NFT transactions, running the Sense and Cascade protocols, and controlling the overall network.

SmartMint Platform

SmartMint makes it easy to create custom NFTs by allowing developers to upload assets, add custom properties, and select the network that will mint the NFT. This technology streamlines the NFT minting process by automating smart contract deployment and incorporating additional capabilities such as permanent data storage and authenticity checks via Pastel protocols.

Economic Model: While SmartMint now provides free membership to creators, they are responsible for network gas expenses when deploying contracts and NFTs. In addition, SmartMint receives a tiny share of main and secondary NFT sales.

Pastel Network offers a complete and unique approach to digital asset management, particularly NFTs. It tackles major NFT-related issues, such as excessive fees, data permanence, and validity, by providing a decentralized, efficient, and user-friendly platform.

Pastel’s Main Features

Pastel Network has various distinguishing features that make it a leading NFTs and Web3 technology platform. Here are some of its main features:

Multi-Layer Structure with Pastel Chain

Pastel Network’s foundation is built on the Pastel Chain, a layer-1 blockchain. This foundation ensures optimal security, dependability, and decentralization. The Pastel Chain uses cryptographic advancements like zero-knowledge proofs (zk-SNARKs) to ensure that transactions are proven to be secure.

Smart-Ticket System

Pastel Network’s infrastructure is lightweight and versatile, allowing for effective blockchain storage. It is critical for recording NFT-related data, making the network adaptable to diverse NFT functionalities.

SuperNodes

Source: Pastel Website

SuperNodes serve as the Pastel Network’s backbone. These high-powered instances are linked to the Pastel Chain and are in charge of validating NFT transactions, executing numerous duties, and managing the entire network. Their scalability enables consistent performance throughout the network.

Cost-Effectiveness and Accessibility

Pastel Network is noted for its low transaction fees, greatly reducing the friction in standard general-purpose layer-1 networks. This feature makes it a cost-effective platform for both users and developers.

Cross-Chain Interoperability

Pastel allows cross-chain interoperability, which enables smooth integration with different blockchain ecosystems. This capability is critical for increasing the adoption and accessibility of NFTs across several blockchain platforms.

Robust Security and User-Friendly Design

The network’s multi-layer architecture was designed to maximize network security. Pastel is also developed with the user experience in mind, making it simple for developers and normal users to interact with its features.

NSFW Detection

Pastel has tools to scan NFTs for NSFW (Not Safe For Work) content using complex models such as OpenNSFW.

These qualities combine to offer Pastel Network a versatile and secure platform for processing NFTs and meeting the expanding needs of the Web3 environment.

Sense Protocol

SuperNodes runs Sense, a unique system for detecting near-duplicate NFTs. It employs deep learning models to generate a unique ‘NFT fingerprint vector’ for each NFT, which aids in determining the rarity and legitimacy of the NFTs by comparing them to a database of known fingerprints.

Cascade Protocol

This protocol serves as a storage layer managed by SuperNodes. Cascade ensures the long-term and decentralized storage of NFT data and metadata. It employs the RaptorQ fountain code method to partition the NFT metadata into redundant chunks dispersed across SuperNodes, improving data dependability and security.

Is Pastel a Good Investment?

The project’s technical improvements, market trends, and individual investment strategies all play a role in determining whether Pastel Network (PSL) is a suitable investment. Pastel Network has made great progress in the blockchain and NFT space, particularly with features like the Sense and Cascade connections. These characteristics increase NFT rarity and ensure secure storage, making the platform appealing to NFT developers and collectors.

Pastel’s optimized smart contracts also promise to improve efficiency and lower gas fees, democratizing NFT generation. This emphasis on technological improvement and user experience implies a solid basis for growth and innovation in the blockchain industry. However, it is critical to remember the volatile nature of the cryptocurrency market and the specific risks connected with blockchain investments. Pastel Network has seen some increasing trends, but like with any investment, it is critical to develop a proper exit strategy and speak with a financial advisor before making decisions.

How Can You Own PSL?

Going through a centralized cryptocurrency exchange is one approach to acquiring PSL. The first step is to create a Gate.io account and complete the KYC process. Once you have deposited money into your account, follow the instructions to purchase PSL on the spot or futures market.

Tokenomics

Source: PSL documentation

PSL is a native token with a capped quantity of 21 billion units. The network’s initial overall supply was around 10.76 billion PSL. PSL coins are generated at a rate of 6,250 PSL for each block, lasting 2.5 minutes. The block prize is halved every 840,000 blocks. The inflation rate was initially about 12%, but it is expected to fall to less than 1% over time.

Miners safeguarding the network via Proof of Work receive 80% of the block rewards. SuperNode operators, who stake collateral and provide critical network functions, receive 20% of block rewards. Pastel promotes network participants to participate in governance decisions, particularly those involving resource distribution for the network’s viability.

News on Pastel

Anthony Georgiades on SmartMint Launch

CoinCentral’s story includes an interview with Pastel Network co-founder Anthony Georgiades about the debut of SmartMint. Georgiades emphasizes SmartMint’s user-friendly approach to NFT minting, which leverages Pastel’s technology to make the process easier for producers.

Georgiades on NFT Market and US Economy

Anthony Georgiades, co-founder of Pastel Network, discusses the present NFT industry, the function of NFT-native blockchains, and the consequences for the United States economy. He examines the problems and opportunities in the rapidly changing landscape of NFTs and blockchain.

Pastel Network’s Vermeer Mainnet Release

The Pastel Network’s Vermeer Mainnet Release is a big update that marks a significant milestone for the network. This release includes numerous new features and enhancements that considerably increase the platform’s capabilities and user experience. It is a watershed moment in Pastel’s evolution, demonstrating its dedication to innovation in the blockchain and NFT spaces.

SmartMint Rainier Release by Pastel Network

Pastel Network’s SmartMint Rainier release is now online. This substantial update expands the SmartMint platform’s capabilities, making it more useful for NFT users. It marks a significant advancement in Pastel Network’s dedication to offering powerful and user-friendly NFT authoring tools.

Conclusion

Pastel Network is a pioneering force in the blockchain and NFT space. Its emphasis on innovation, usability, and seamless interaction with Web3 technology distinguishes it as a key participant in the digital art and blockchain spaces. The network’s commitment to addressing basic difficulties in NFT development and management, as seen by the latest Vermeer Mainnet and SmartMint Rainier releases, reflects a constant effort to advance the ecosystem. Pastel, with its strong technological basis, strategic vision, and increasing community, is not only revolutionizing the current environment of digital assets but also creating the future of how we interact with, produce, and value digital art and collectibles.

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