Start Staking PSL on KuCoin

Start Staking PSL on KuCoin

Users can stake PSL with KuCoin Earn for as low as 1,000 PSL and receive similar staking incentives as operating a full Pastel SuperNode.

Please find more information on KuCoin Earn here.

PSL Staking Promotion

We are excited to announce that we have partnered with KuCoin to provide users with the ability to delegate their PSL and earn staking rewards.

The PSL Flexible Promotion program allows KuCoin users to earn up to ~42% APR of staking rewards earned by operating full SuperNodes, starting with as little as 1,000 PSL and a maximum of 1,000,000 PSL. The program has already commenced and will be running for ~360 days. Users are able to stake and un-stake at any time during the program(subject to a 1 day promotional period).

To participate, please register for a KuCoin account and then navigate to KuCoin Earn where you can find the PSL Staking Product.

Please learn more about the program here or at the link below.

PSL Flexible Promotionhttps://www.kucoin.com/news/en-psl-flexible-promotion

How does staking work on Pastel?

True decentralization & security is of the utmost priority to Pastel’s Layer-1 network. While delegated staking at the protocol level has become very popular throughout the community, it comes with a high costs and risks.

In many delegated staking models, users can simply ‘delegate’ their stake to an existing validator and earn the same rewards as operating a full validator (less any commission fees that the validator charges), without needing to worry about setting up and maintaining their own infrastructure. With little incentives in place to operate a full validator, delegation at the protocol level has led to many networks being operated by a concentrated number of validator leading to concerns around centralization and security.

The potential risks are a growing concern to the ecosystem, as we have seen as recently as in the case of the Ronin Network hack. Smaller validators operated by concentrated parties sacrifices decentralization and increases the likelihood for security exploits such as 51% attacks and chain rollbacks. It also opens the door for the formation of cartels where delegates can concentrate the role of validation and governance to a few parties.

We are not alone in this view. Ethereum has long taken a similar stance — to be sure, Ethereum 2.0 will be a pure self-staking network with decentralization and higher levels of security at the top of mind. By choosing to not apply delegated staking to the Pastel Network we are able to better prevent many lethal attacks by increasing the number of independent network operators. This also combats any incentives for users to form cartels and bribe other voters, thus, bolstering the network’s robustness, resiliency, and security in the name of decentralization.

Partnering with KuCoin gives us the ability to balance such risks at the protocol level, while simultaneously offering the community an opportunity to gain staking rewards without the arduous costs of running full nodes. Through this partnership, up to 20 SuperNodes (100M PSL in total) operated by the Pastel Foundation will allocate their staking rewards for up to 1 year to the KuCoin earn program.

About Pastel SuperNodes

SuperNodes are powerful validator servers backed by self-staked collateral held in PSL.

SuperNodes host full copies of the blockchain and provide a unique second layer of services to the network, processing advanced functionality such as NFT Registration & Activation, OpenAPI Sense & Cascade Requests, and cross-chain bridge relayers & orchestrators.

This interconnected layer provides an additional level of performance, functionality, and security to the broader Pastel ecosystem. Compute intensive operations can be conducted on high-powered nodes, who collectively verify the output and monitor the state of other SuperNodes on the network prior to data or information being submitted on-chain.

SuperNode operators must self-stake collateral denominated in PSL, and in return their operators receive regular payment for the services they provide to the network. As highly committed custodians and validators of the Network, SuperNode operators are also given the opportunity to vote on key ecosystem development and growth initiatives playing a fundamental governance role.

Additionally, you have the opportunity to participate in Pastel’s SuperNode Founder Program. The Founder Program is intended to incentivize early SuperNode operators with additional rewards for participating in the network, providing enhanced performance, ensure network security, and encourage long-term decentralization. The first 250 SuperNodes activated on the Pastel Network will become members of the Founder Program, tracked by their unique PastelID and Address. In addition to receiving Block and Transactional Rewards, Founder SuperNode operators will also become eligible for random PSL or NFT airdrops.

Learn more about running a SuperNode here.

SuperNode Overview: https://pastel.network/supernodes/

Pastel SuperNode Founder Program: https://medium.com/pastelnetwork/pastel-supernode-founder-program-9f3f814c5e2

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: 2021 in Review

Pastel: 2021 in Review & What’s to Come in 2022:

Pastel Transformed the NFT Ecosystem in 2021

After 3 painstaking years of development in stealth, we launched our Mainnet in January 2021. Our co-founders, Jeff Emanuel, Alexey Kireyev, and Anthony Georgiades had a vision stemming all the way back in 2018 of building a blockchain that was application-specific and purpose built for rare digital collectibles, a novel concept at the time. Rare digital collectibles, or NFTs, were brand new, but they saw that the current infrastructure — such as Ethereum and Bitcoin—were not built to handle the storage requirements and transaction sizes of this emerging ecosystem in order for it to thrive in the years to come.

Well, that dream came to fruition this year.

Pastel’s Preliminary Vision

We launched Pastel with the goal of building a marketplace so that creators, collectors, and builders could benefit from the world-class features and protocols that Pastel had to offer. At its core, it was to be a decentralized system that allowed for creators and collectors to trade NFTs in an entirely decentralized, peer-to-peer manner. A platform built purely to be the alternative to those running on Ethereum — offering a very intuitive interface, negligible fees, proven authentication of NFTs, and reliable storage.

With this objective in mind and our technical prowess already proven, we raised $5M in seed funding from Innovating Capital to continue refining the network and platform while simultaneously building out our marketing and business development program. We employed a less popular development model than most projects coming onto the market today. Unlike other projects who marketed their vision, raised capital, and then started building, we focused on perfecting the technology first.

Then the wheels started turning once again…

After a few months of developing the marketplace, we began to identify that certain gaps in the broader NFT ecosystem were growing larger and larger. We saw major issues not being solved but rather ignored. NFT scams and frauds were innumerable and asset loss due to antiquated and centralized storage solutions was dangerously high. But, again, nothing was being done about it.

We already built the protocols to solve these problems, but they were to be accessible only to those using the marketplace on our native blockchain. That did not sit well with our team because this ecosystem was built with collaboration, decentralization, and open-source in mind. The very nature of decentralization is that no one entity holds the keys to the castle. We had the tools to protect users from scams and asset loss with all the necessary infrastructure to work with layer-1 blockchains and layer-2 DApps.

Additionally, we had a number of layer-1 projects interested in utilizing our protocols on their own networks.

So, we opened our technology to the world.

Pastel Network: the World’s Preeminent Protocol Standard for the NFT Ecosystem

After this revelation, we focused all our efforts on becoming the infrastructure standard for the NFT space. We decoupled our protocols and features, modifying them to be standalone solutions easily capable of integrating across the ecosystem via open-APIs.

Core features are as follows:

Sense Near-Duplicate NFT Detection Protocol: Directly integrate Sense, a lightweight protocol on the Pastel Network, into any project to assess the relative rareness of a given NFT against near-duplicate metadata.

Cascade Protocol for Distributed Storage: Built for speed, scalability, and redundancy, Cascade is a fully distributed, permanent storage solution for on-chain NFT metadata.

Pastel Developer Modules: Develop on-chain marketplaces or third-party applications directly on the Pastel blockchain, supported by a series of protocols, well-documented APIs, and RPC functionality to help builders get started.

Agile Ticket Structure: Easily represent NFT data on the blockchain and add custom features or launch dedicated apps on Pastel using an innovative ticket schema built on intrinsic data integrity.

Sense and Cascade are Truly One-of-a-kind

Sense is a lightweight protocol on the Pastel Network, built to assess the relative rareness of a given NFT against near-duplicate data. Sense can recognize the most subtle similarities between two digital collectibles, even if one has been transformed. The protocol goes beyond the standard “digital fingerprint” approach to establishing the rareness of an NFT and actually looks at the rareness of the pixel patterns in data. While digital fingerprints do allow users to verify that an NFT was created by a particular creator, this is a fairly weak form of rareness. Sense solves this problem by assigning a ‘Relative Rareness Score’ to quantify how rare an NFT is relative to all NFTs in the underlying dataset.

How it works: The software leverages a number of deep learning models using Tensorflow with Keras Applications to transform each NFT into a fixed list of over 10,000 numbers (the ‘NFT fingerprint vector’). It then assesses the correlation between a given fingerprint and the database of all existing fingerprints on Pastel, other NFT marketplaces (e.g., Rarible, OpenSea), and open databases on the entire internet (e.g., Google) and outputs a relative rareness score — a number between 0% (i.e., the NFT is identical to a previously registered NFT) to 100% (i.e., the NFT is completely unique). The Sense Protocol “sees through” superficial changes in the same way as a human eye, and, like a human, can recognize even the most subtle change in an NFT.

Sense protects creators and collectors from fraud, scammers, and outright theft. While we verify the authenticity and provenance using the creator’s digital signatures (like all NFT systems in use), we go much further and assess how rare the underlying pixel patterns of the NFT’s data are. If value is largely a function of rareness, we believe that this additional layer of rareness authentication will result in better valuations for NFT creators. After all, if another creator makes a similar NFT in the future, they will still be able to register it, but it won’t achieve anything close to the rareness score of the original NFT. Platforms are also able to guarantee that any nefarious activity to produce counterfeits in the future will be futile, as any attempts to list duplicate works will result in low rareness scores or possibly flagged for removal.

Now to storage —

Cascade is a purpose-built distributed storage protocol for NFT metadata that is fully redundant, decentralized, and permanent. Pay once, store forever.

The current approach of relying simply upon a TokenID and external hyperlinks to centralized storage servers or unreliable external dependencies like IPFS leaves users highly vulnerable to the loss of assets and requires ongoing external maintenance. Pastel is the first NFT platform to have its own completely integrated, decentralized storage layer based on the advanced technologies of RaptorQ and Kademlia. We ensure that the underlying digital asset itself is uploaded, verified, and registered on Pastel’s Cascade Protocol — rather than just the token with which it is minted. Through a series of smart tickets living on the Pastel Network, creators can store their masterpieces in a distributed fashion that is tightly coupled and indelible from the NFT itself.

How it works: Cascade Storage Protocol, leveraging the RaptorQ fountain code algorithm, begins by breaking each asset up in a series of redundant chunks. Every chunk contains certain random fragments of the combined file which is distributed redundantly across participating SuperNodes running on the network. Two parameters that control how the data is encoded into chunks: 1) the size of each chunk and 2) the desired redundancy factor. The sets of chunks are then randomly distributed across network nodes using the Kademlia DHT algorithm. No complex or centralized system for deciding which node is responsible for which chunk, no iteration through SuperNodes to find one with the relevant chunk, and no complicated logic for handling chunk re-allocation in the case of SuperNodes entering and leaving the network.

These protocols are truly game changers. Sense is the first of its kind in the ecosystem, and Cascade is the true alternative to centralized storage.

Marketing and Business Development Recalibration for Pastel as the Layer-1 NFT Infrastructure Standard

With this new focus, we went heads down shedding light on these pervasive problems plaguing the NFT ecosystem, while making known that the solutions we created for these problems were easily accessible.

Our team traveled the world speaking at conferences and meeting with different projects and platforms in order to educate this ever-growing community on what Pastel has to offer.

Our team conducted countless AMAs and interviews to spread the word as well as wrote educational articles to provide a clearer picture on what the issues were and how Pastel solves them.

And, our efforts bore fruit.

We closed out 2021 by partnering with TomoChain — a native layer-1 blockchain — to integrate Sense and Cascade across its NFT standard.

But, we are not stopping there. 2022 is poised to be even bigger.

2022 Roadmap

Pastel will carry the momentum from 2021 and continue providing our world-class infrastructure to the NFT ecosystem.

In 2022, we are focused on:

  • Expediting development releases for a number of our internal projects — such as with versions Cezanne, Monet, Van Gogh, and Kubo;
  • Building stronger blockchain bridges, specifically with Ethereum, Solana, Avalanche, Polkadot, and Polygon;
  • Expanding our network of partners with more native layer-1s, layer-2 DApps, and third-party enterprises;
  • Delivering more user incentive programs; and
  • Launching user-focused products.

Continuous Development Releases

Coming into 2022, we have revamped our entire development cycle to allow for faster, more frequent releases. Given that we are a native layer-1 application-specific blockchain, this is now more critical than ever. Each release cycle is well-planned, methodical, and heavily tested prior to a full Mainnet release.

We have been working on our largest upgrade, Cezanne, since our initial Mainnet release went live in January 2021. We anticipate that Cezanne will be fully deployed to Mainnet by the end of Q1. Subsequently, we will be following tight, quarterly release cycles. Each upgrade is composed of 4 distinct 2-week sprints resulting in a Testnet launch, and then subsequently 4 individual 1-week sprints for further development, de-bugging, and testing towards a Mainnet release.

Our various release cycles are well-intended to lead to major on-chain Mainnet enhancements. Overall, the upgrades will result in improved performance, increased scalability, revamped reward / incentive mechanics, more paths to increase PSL burn, and numerous blockchain-level optimizations that will make the Pastel Network stronger than ever.

Core areas of focus include:

  • Sense and Cascade Open-API full Mainnet release
  • Sense Protocol upgrade to include sharding for increased performance and scalability
  • Cascade Protocol upgrade to include storage-challenges for enhanced incentive measures and security
  • NFT CDN and ‘hot file’ caching via SuperNodes
  • Upgrades to smart-ticket structure to add overall NFT functionality
  • Pastel Improvement Proposal #01 (PIP-01) resulting in SuperNode governance upgrades (bonded stake, slashed rewards)
  • Full release of Pastel Developer modules with well-documented APIs and gRPC functionality
  • PIP-02 resulting in an enhanced consensus mechanics
  • Security improvements to harden against attack vectors

More Bridges and Cross-Chain Integrations

Pastel Network was founded around the idea that multiple chains will thrive over time. As a result, our core infrastructure was designed in such a way that Pastel can interact with a variety of other crypto ecosystems in a seamless fashion.

Wrapped-Pastel on Ethereum is already enabled on the Pastel Network, allowing users to access native PSL and its diverse array of use-cases directly on Ethereum. This year, our community can expect to see many more integrations with other chains such as Solana, Avalanche, and Polkadot. As more networks are bridged to Pastel, users within other ecosystems (e.g., OpenSea), can directly benefit from the wide breadth of Pastel functionality such as storage and certification. This also will be to drive overall network acquisition growth.

Further Partnership Launches

We are intensifying our business developments effort in order to increase our footprint in the NFT ecosystem. Given the interoperability of the platform and the integrability of our protocols and solutions — including Sense, Cascade, and our Developer Modules — we can target all of the major verticals in the market: native layer-1 blockchains (e.g. Solana, Avalanche, and Flow), layer-2 marketplaces and DApps (e.g. OpenSea, Decentraland, and Metaplex), and third-party enterprises (e.g. DraftKings, Artsy, and WME).

We are positioned well to pursue these target verticals and build on our recent successes.

Ongoing Incentive Programs

In 2022, we are focused on increasing the overall network usage by further incentivizing and rewarding activity in a variety of formats. Initially, we will be launching an incentive campaign to catalyze staking interest and garner enthusiasm to operate SuperNodes. This campaign will be performance-driven and will include rewards, such as PSL airdrops and NFT giveaways.

User-Focused Products

Despite our strategic pivot to an infrastructure integration business model — servicing projects and platforms — we firmly believe that the individual user, or consumer, is a major priority. This year, we remain committed to launching various user-facing products. To start, we will be launching two products that will allow consumers to leverage the next-generation protocols and solutions we offer to our partners, but in easy-to-use and intuitive interfaces.

We are beyond excited to bring these products to market because they have the ability to carry the NFT ecosystem into a very prosperous future.

Closing Remarks

2021 was just a warmup. We expertly navigated this rapidly evolving environment making key strategic decisions for the betterment of the project and the market as a whole. And, now, we are positioned to make a very big splash.

We have never been more focused and inspired to make 2022 legendary. We will continue to push the boundaries of innovation and creativity in order to usher Pastel to the forefront of the ecosystem as the preeminent NFT protocol standard for NFTs.

We have no doubts this will happen, so come join us for the ride of a lifetime!

About Pastel Network

Pastel is the world’s preeminent protocol standard for NFT technology. Pastel also allows for the development of third-party applications 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 across any native L1 blockchains or L2 marketplaces.

Pastel is an entirely native blockchain supported by SuperNodes, which provides computational resources to the network to support asset registration, distribution, and permanent storage. 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.

“This article was first published by our team here: https://medium.com/pastelnetwork/pastel-2021-in-review-whats-to-come-in-2022-70032b6a75dd

NBA Top Shot: A Complete Guide to Basketball on Blockchain

NBA Top Shot is the hottest talk on the cryptocurrency of 2021 so far; the collectible, blockchain-based NFT release platform and marketplace enable users to purchase NFTs of NBA highlight reels, and some of them have sold for over $200,000.

It seems like basketball on the blockchain is a slam dunk. Let’s explore. 

NBA Top Shot History: A Dapper Labs Project

NBA Top Shot was launched in July 2019 by Dapper Labs, a blockchain startup specializing in digital collectibles.

Prior to Top Shot, Dapper Labs’ best-known project was the viral CryptoKitties– a staple of 2017 cryptocurrency culture. CryptoKitties is an NFT-based game where users can collect and “breed” collectible cats. 

NBA Top Shot’s Home Page

While NBA Top Shot and Cryptokitties share many similarities due to their non-fungible nature, CryptoKitties is unique in that each CryptoKitty is one-of-a-kind in its design. In contrast, NBA Top Shot sells thousands of copies of an individual moment, although each is marked by a unique-serial number. 

CryptoKitties were frequently being bought and sold for hundreds of thousands of dollars during the 2017/2018 bull run in secondary marketplaces. 

The Dapper Labs partnership team has been incredibly busy since CryptoKitties, forming partnerships with the NBA and NBPA, Warner Music Group, Ubisoft, and the UFC. 

“Dapper Labs’ innovation and expertise make them a perfect partner to introduce this groundbreaking game and what we believe will become coveted digital collectibles for basketball fans around the world,” said Adrienne O’Keeffe, NBA Senior Director, Consumer Products & Gaming Partnerships in a press release regarding the 2019 NBA partnership. 

Dapper Labs raised $52.5M from notable funds such as Andreessen Horowitz, Union Square Ventures, Venrock, GV (formally known as Google Ventures), and Samsung as well as the founders of AngelList, Reddit, Dreamworks, Coinbase, and  Zynga. The team recently announced it is raising $250 million in a Coatue Management-led round in 2021. 

Contrary to popular belief, Dapper Labs doesn’t use the Ethereum blockchain; it uses the Flow blockchain, citing Ethereum’s inability to cost-effectively scale as too significant an obstacle for the trading of digital collectibles. With Ethereum gas fees spiking as high as $150+, Dapper seems to have made a great decision before reaching a critical mass of users and virality.  

How Does NBA Top Shot Work?

NBA Top Shot is designed to emulate the exciting experience of buying packs of trading cards. 

  1. You can create an account at https://www.nbatopshot.com/
  2. You will be required to fill out some basic KYC profile information. You will also be asked to make a Dapper Labs profile, which facilitates the transaction process. 
  3. You will be given the option to select your favorite teams, which will help NBA Top Shot curate your home-page experience. 

Once you’ve created your account, you’ll likely need to wait for a new pack to drop. We recommend signing up for their email list to be notified as to when the packs will go live. 

They sell out very quickly, and showing up on time doesn’t guarantee you’ll get to purchase a pack. 

So far, it seems there are three standard types of pack available:

  • Base Set (Common): For $9, you will get nine common moments. Every moment has a production of 1000+ with no maximum cap. 
  • Premium: For $24, users will receive seven common moments, and one rare moment. The rare moments have a production max of 999 clips. 
  • Legendary: $230 gets you six common moments, three rare moments, and one legendary moment. The legendary moment has a production max of 99 clips. 

There are also pack drops outside of the standard pricing. For example, on March 6th, 2021, “Seeing Stars” packs dropped for $14. 

How Much are NBA Top Shot Moments Selling For?

Taking a gander at the NBA Top Shot Marketplace, you’ll see thousands of Moments being sold for anywhere from $5 to $250,000+. 

One user made waves by purchasing a LeBron James Lakers Highlight Moment for $208,000, citing that he is an enormous fan of James and believes the moment is worth $1,000,000+. 

Sold out packs on NBA Top Shot

There are over 8 NFT moments of James that sold between $48,500 to $100,000. Zion Williamson’s “Holo MMXX” Block Moment sold for $100,000. 

Final Thoughts

Are NBA Top Shot moments worth hundreds of thousands, or potentially millions, of dollars? Is it just a fad that will fizzle out once the hype dies down? 

We’ll let history decide, but for now, it’s worth exploring two antagonizing lines of thought:

  • “NBA Top Shot moments are pieces of sports history! You’ve seen trading cards sell for millions of dollars, this is just like that but maybe even better. Since these moments are NFTs, you can easily track ownership, propriety, and you can transact seamlessly with anyone all over the world. They’re digital, so you don’t have to worry about storing them or experiencing a situation like your mom throwing out your lucrative Pokemon card collection!” 

Well, yes. One can argue that value is determined by how much anyone is willing to pay for a specific item. It is difficult to gauge how well value is preserved in a purely digital ecosystem because it is so new. Speculating with NFTs is very risky, and every ounce of prudence may help in the long-run. 

  • “People are crazy to spend any amount of money on NBA Top Shot Moments. You can just save the video to your computer and watch the moment whenever you want, for free! The marketplace is highly speculative and the true value of NBA Top Shot Moments is probably much less than what people are trying to sell them for.” 

Well, yes. You can also buy a mock imitation of the Mona Lisa for about $100. Heck, the paint on it probably won’t even be chipping. The value of NBA Top Shot Moments and NFTs is in their scarcity and ownership features

In theory, more people watching and saving a particular moment will only increase the value of owning the original– it’s basically free advertising. 

Time will tell how far basketball on the blockchain will go, but it’s worth paying attention to for any sports fan or collector.

Introducing Pastel Network: a Provably-Rare, Decentralized Digital Art Exchange

We are excited to introduce to you Pastel Network — a new platform for creators and lovers of digital arts. We unlock the full potential of monetizing and owning provably rare digital arts by utilizing a fully decentralized blockchain technology. This unique Bitcoin-like protocol, built upon the core attributes of Z-Cash and Dash, enables a safe environment for digital arts exchange, while also allowing art collectors to purchase these artworks and “trustlessly” trade them among themselves without reliance on a central authority.

Background: What is wrong with the market for digital art today?
The future of digital art is a topic that has come up in recent media and the broader art world. As more and more artists make the switch to digital creation with the ever improving software available, so comes the need to monetize upon this art. Historically, however, digital art has been almost impossible to monetize. How can digital art be valued in a way similar to traditional art that is tangible when copies can be made or forged so easily? Indeed, with all of these copies, the digital artist cannot prove to collectors that they first created or uploaded the digital masterpiece. Collectors, conversely, would find little value in “owning” the original.

Addressing this dilemma is vital for digital artists and collectors alike. One just has to look at the physical art market in order to grasp the market potential of digital art. About $50 billion was spent on physical art in 2016. Even the contemporary art industry, a comparatively small niche market, is up to $2 billion a year. That being said, there are far more straightforward frames of reference when estimating the demand potential for digital art. Online art auctions are now smashing record numbers. A piece of digital art called “Picasso’s Bull” sold for a record breaking $55,555. Shortly after, “Right Place & Right Time,” a digital art piece based on Bitcoin’s fluctuating price action, sold for over $100,000. These are indeed very promising numbers.

Clearly, there is a real potential for the digital art market. It is also obvious, however, that in order to promote this market, one must ensure the value of digital art, so that artists can appropriately value their work, and buyers can prove their original ownership. The digital arts market needs a reliable platform where digital artists and collectors can exchange their works in a secure way.

The solution: Pastel Network
Pastel Network has created a decentralized system that allows for artists to upload provably rare artworks, while providing assurance to collectors that artworks cannot be copied and resold on the network.

So how does it work? Artists can keep their intellectual property secure, and buyers too are ensured that the artwork is original via a Pastel ID. Each user is required to create this Pastel ID to access the network. The ID is made of a private key and a public ID that can be connected to the public accounts of the artist, such as Instagram and a portfolio website, to further prove authenticity. The artist stipulates the number of copies available when artworks are uploaded to the network, and the system generates a unique “ticket” and data file which records their specifications, including the hash file in the actual image of the artwork. This file is “signed” with the artist’s private key, using the QR code. When the artwork is approved by the network, collectors are free to buy and sell! The native PSL token is at the heart of the registration and trading mechanism of art on the Pastel blockchain network. In doing so, Pastel resolves the issues of legitimacy and ownership previously faced by the digital art industry.

The platform essentially eliminates the need for intermediaries, such as appraisers, while producing a highly liquid market. Pastel.Network can help the digital artist and collector hold a lot more of the value of the art by minimizing the inefficiencies that occur in the physical artwork industry. This presents a unique opportunity In the case of conventional artists, who reside in expensive cities such as New York and Paris and network with the right people, digital artists from all over the world can now exhibit their arts on a single platform.

That’s Pastel Network in a nutshell. In our follow-up Medium article, we will go more in-depth about why we are confident that Pastel Network is the best blockchain solution for digital arts. As the works of Picasso and Bitcoin proved, the use of a blockchain or distributed ledger as a digital art register has already been tried and tested, and now, it will be revolutionized.

We are also the first to show some special characteristics never before seen:

  • True decentralization and trustlessness
  • Our innovative file storage system
  • Our revolutionizing near-duplicate image detection software!

We believe these features will provide the digital arts world the platform it has been waiting for for so long!

About Pastel Network
Pastel is an open-source, decentralized system allowing artists to register “provably rare” assets on a Bitcoin-like blockchain, while also allowing art collectors to purchase these artworks and “trustlessly” trade them among themselves without reliance on a central authority. The mission of the team is to develop the underlying infrastructure for a fully decentralized digital art platform, to better democratize the digital art world. The team behind Pastel Network is made up of an entrepreneurial team of developers, marketers and fund managers. With 2 years of development, Pastel has built a secure system, attributes of Z-Cash and Dash, that is able to identify network participants — artists, collectors, and Masternode operators — across all interactions. This attribute is essential for having a functional reputation tracking system and for detecting and mitigating hostile behavior by malicious users.

If you have comments or suggestions, feel free to contact the team.

Want to learn more about Pastel Network? Join the community via the channels below!

Pastel: Our Artist Onboarding Strategy

Pastel is designed to be the premier blockchain for digital artists and collectors. Just as a museum or gallery has no relevance without a substantial showcase of quality work for patrons and students to browse, we believe in the principles of freedom and permanence through the digital realm. Pastel has formulated a winning design for our proprietary network by focusing on ways to onboard collaborators, freelancers, and everybody else who believes in claiming their stake as a 21st century artist. We are targeting individuals who we can sponsor and incentivize to start building their reputation on the blockchain for long term storage and secure transfer of digital works. Are you an artist, illustrator, or freelance creative looking for a home that will outlast the buzz and speculation of the current cryptocurrency market? If so, we might have something for you.

Commissioned digital artwork has become both a more mainstream and practical market in many ways. From private illustrations of pop-culture and anime characters to the burgeoning scene for collectible non-fungible tokens on Ethereum, it’s quite clear that the preferences of the next generation are skewed towards a digital and infinitely reproducible format. Visual, audio, and other file types are hosted on either cloud or completely decentralized systems enabling what is called a “trustless” architecture. This means that there is no central authority who can decide whether your submission is approved for display and sale. In the case of Pastel, this also involves a commitment to file hosting that is more than just a monthly AWS subscription or private server. In other words, your work will be seen, heard and experienced as intended for the indefinite future.

In the coming months, we will be reaching out to artists on multiple platforms including leading digital collectible venues and more traditional showcase or marketplace platforms such as Etsy. Pastel will be sponsoring artists in a few exciting ways by deploying a fund specifically for artist onboarding. Those who are open to collaboration and commissioning works or who want to grow our community can be compensated with payment for providing us with exclusive content! In addition to this, we will be providing a digital artist scholarship. We want to incentivize the individuals with either the greatest curiosity or the widest reach. Popular digital non-fungible token (NFT) artists have already shown there is a huge economy for these collectibles and we wish to offer the sweetest nectar to the earliest participants on Pastel.

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Many art forums and platforms don’t have the funding to attract creative talent but Pastel is ready to start building our community! We will be offering up to $1,000 for commissioned pieces exclusive to the Pastel blockchain. In addition to this, there will be smaller commissions for .GIFs to help promote our service along with a targeted campaign to encourage Etsy shops to begin listing on a digital marketplace using our NFT creation suite. We understand that marketing is a huge undertaking and we want to build our network of artists! There will be some very special perks for popular artists who want to work with us as Pastel Ambassadors and spread the word.

Not to mention, the longer-term objective of these incentives are here to stay. Intrinsic to the underlying network is the Pastel Growth Fund, which receives 5% of every block reward produced. These rewards are in turn used to enhance the promotion of the network and its participants. Notably, this includes the enlistment of digital artists who could register their original works on the system or even the purchase of select rare artworks that are available on the network as a means of introducing liquidity and as an incentive for worthy submissions. In other words, our system was built with the long-term vision to support artists.

Pastel believes there are significant advantages to using a blockchain-based platform for artwork and other digital media sales. Pastel will begin our talent search in January. There is a world of illustrators, painters, visual storytellers and more who are ready to start selling their work on a digital platform, and we will be here to build the museum of the 21st century and beyond. If you’re interested in working with us, please visit our website and contact us through our formOur onboarding program will run through the month of January and we will be assessing each candidate on the quality of their work as well as the reach of their social accounts. Questions? Comments? Join the community via the channels below!