Pastel Network FAQ

The Pastel Network provides a simple solution to a very complex problem, while creating a new market for artists and collectors anywhere in the world. We provide some answers to complex questions.

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Help

You have questions? We have (some) answers!

BUYING PSL / EXCHANGES

PSL

Go to exchange.bitcoin.com (Unfortunately, U.S. residents cannot use this exchange) or to coinsuper.com We are working on adding more exchanges and alternative sources of liquidity in the near future.

Yes. We are working on 3 more exchange listings right now, so it should be soon. We are also working on a wrapped PSL that we can list on Uniswap. At the moment, the only exchanges PSL is listed on are exchange.bitcoin.com and coinsuper.com . You can read about an alternative idea we are working on now here.

You need to go to exchange.bitcoin.com to find PSL. It is only listed on the exchange. Here is a link: https://exchange.bitcoin.com/psl-to-usdt

Yes. We are working on a wrapped PSL that we can list on places like Uniswap, Pancake, and 1inch hopefully in the upcoming weeks. (It’s taking more time for this to happen because it’s not an Ethereum token, so it requires a 3rd party custodian to hold on to the PSL.)

The ETH/PSL pair is not very liquid at the moment. The best way to buy it on the exchange is with USDT.

For any exchange issues, please submit a support ticket and they will get back to you in a timely fashion. https://support.bitcoin.com/en/collections/2060823-bitcoin-com-exchange-support-centre

If they don't, please let us know in our Telegram group.

Right now, the fee to withdraw your PSL from Bitcoin.com’s exchange is 80 PSL. So if you do a small test withdrawal, it will seem like a large percentage, but it’s not really a large percentage. If you withdraw a large amount, it will still be only 80 PSL. If you use the Pastel wallet, the transaction fee is .001 PSL instead of 80 PSL.

If you are using Bitcoin.com’s exchange, it depends on how much PSL you are trying to withdraw. If it’s a small amount, it should be pretty quick. If it’s a large amount, it can take more time because Bitcoin.com’s exchange has some compliance process and they use a 3rd party custodian with hot/cold wallet (which they say is why they have never been hacked). The slow withdrawal times are not related to Pastel’s blockchain. If you use the Pastel wallet, the transaction speeds are much quicker-- almost instant if you are using a transparent address, and a few minutes if you are using a shielded address.

TOKENOMICS

There are 10.9 billion coins in existence. Most of them are locked up though – we think the true circulating supply is less than 2 billion. If you take the full 10.9 billion and multiply it by the price (for example: $0.003 per PSL), then you get a 10.9 billion x $0.003 = $32.7 million market cap. However, if you take just the circulating supply (2 billion), you get $6 million circulating market cap, or float.

21 billion is the maximum supply. However, all of those coins won’t be mined until 2050. Furthermore, every time a Pastel artwork is traded, both buyer and seller burn a percentage of the sale price (1% from the buyer, 2% from the seller), therefore the real maximum supply will be significantly less than 21 billion. (FYI: As of March 12th, the numbers on coinmarketcap.com and coingecko.com are incorrect, we are working now to get those fixed (they are using the maximum total supply of 21b coins, which would take 50 years to get to, and never would be the real total supply, because some PSL is constantly destroyed every time someone trades artwork.)

 Part of why we made the max number of coins so large is that it looks silly to say "hey look, my artwork just sold for 0.000234 coins!". We want people to say "I just sold my work for 44,000 PSL". Also, coins will be continually burned or destroyed as NFTs are traded on the exchanges, since 3% of every NFT sale is burned.

You can find it here: https://explorer.pastel.network/richlist (it doesn’t show the total supply on mobile devices), but it is around 10.9 billion.

The listing price was $.0025 per PSL (one fourth of a penny)

10% discount to the listing price of $0.0025. The lockup was 3 months from the listing date (March 5th, 2021) for the first 25% of coins, then 3 months later for the next 25%, and so on.

Less than $500k was raised during the presale, because we decided not to aggressively push the presale. We didn’t need the capital early on (our current backers can fund our needs). But our group internally has been funding the project for the last 3 years and has over $2.5mm invested in total.

No, there was not a premine. It was a fork of ANI which started in 2014 with zero premine.

It’s a little under 2 billion PSL, at most (out of a total existing supply of 10.9 billion PSL).

Yes, there is a coin burn. Every time someone buys artwork on Pastel, they have to burn 1% of the purchase price, and the seller has to burn 2% of the price.

We can’t say for sure, because it’s a function of the market. But there won’t be much available supply for sale in the beginning because most of the existing coins are subject to a multi-year lockup agreement. There is very limited circulating supply, so we are hoping and expecting the price action will be positive, but obviously all investments in altcoins are inherently risky, so don’t invest more than you can afford to lose.

WALLET

You can download the latest release of the wallet software here from Windows/Mac/Linux: 

https://pastel.network/wallet/

No, the wallet cannot register and trade art yet, but we plan to have a version that can very soon in a couple of months. Right now the wallet can send and receive PSL coins at both transparent and shielded addresses. (WARNING: When you are trying to withdraw from the exchange to your wallet, be sure to use a transparent address and not a shielded address!)

No, currently the only ways to store the coin are on the exchanges or using our wallet software available here: https://pastel.network/wallet/

Yes, the current wallet as of April 2021 is basically a Zcash wallet that we repurposed. So it has a good architecture based on React, so it has a good skeleton to build out the rest of the functionality. But we recommend 1) backing up the wallet.dat file periodically to a secure location, and 2) if you have any particularly big addresses, you can export the private keys and put them in a password manager like LastPass (but only if you use a very secure LastPass master password AND 2-factor authentication (e.g., with the Google Authenticator app). You can just create a new password and make the username the address and the password the private key. That way even if your machine is lost or stolen or breaks, you will always be able to recover your coins.

Try uninstalling it in Add/Remove programs and reinstalling. When first running it, don't select TOR or the fast loading stuff, just use the defaults. Let it download all the files it needs (this takes a while, especially if you have a slow internet connection!) and start to sync up the blockchain. You won't be able to do anything until its says it is 100% synced. Also, make sure you don't have other crypto wallets running on the same machine that would use the same port number and create a conflict.

If you are still having issues, try the following:

You can try downloading the pastel "param files" (e.g., "sprout-groth16.params") manually from http://bit.ly/PastelParamFiles and copying into the appropriate folders (replace "bobsmith" with your user name):

on Mac, these files are supposed to be in:
/Users/bobsmith/Library/Application Support/PastelParams/

on Windows they are in:
C:\Users\bobsmith\AppData\Roaming\PastelParams\

 

The other thing you can do is go to where the blockchain files are located and delete the folders "blocks", "chainstate", and "database" and then restart the software so they are regenerated (just make sure you preserve your wallet.dat file if you had coins in the wallet!!). On windows, these are located in:

C:\Users\bobsmith\AppData\Roaming\Pastel\

Yes, on Ubuntu 20. With Ubuntu 18 there is a glibc error, but we are working to get an Ubuntu 18 build that works.

There is no mobile wallet yet, but there are desktop wallets for Windows/Mac/Linux. They don’t have NFT functionality yet though – they are just for the native currency (PSL). Making a mobile wallet is on the roadmap, but it is not as high priority as the wallet software with NFT features. But we do want to have the mobile wallet as soon as possible.

PROJECT/TEAM

Pastel is a platform for creating, storing, and trading rare art on the blockchain, also known as NFTs. So yes, Pastel is an NFT.

In short, it is a decentralized cryptocurrency project for the creation, validation, and trading of provably rare digital artworks. The same basic idea is commonly referred to as NFT. Unlike most NFT projects, Pastel is actually built on its own blockchain with its own native currency token (PSL), and it has its own storage layer where the art is stored in the network. Other NFT projects don’t actually include the art images on the blockchain – they just have a link to some Google/Dropbox/etc. server that will probably go dead in 10-20 years (like almost all links do on the internet eventually). Also, other NFT projects are built on Ethereum which has terribly expensive fees, and Pastel has a system in place to keep fees as low as possible for buying and selling art on its network. Pastel also has a unique duplicate detection system to prevent people from stealing other art and reselling it themselves. Visit http://pastel.wiki to read more about the project and how it works.

At this time, only the wallet to send and receive PSL coins is available as a working product, but the fully functioning wallet that can buy and sell art will be available sometime in the next few months.

There is no hard limit on the file size, but there is an economic limit, because the registration fee is based on the file size. So it is pointless and expensive to use a higher resolution than required for the image.

To start, it will be able to handle PNG and JPG files (and theoretically others, but we would suggest those at the best choices, with JPG better for photo based content, and PNG better for line art/illustration). Our goal in the initial release is to also support other file types and short videos/moving images.

Yes, Doug Polk is one of our major investors and is helping us with strategy on things like exchange listings and marketing. You can see his recent tweet about the project here: https://twitter.com/DougPolkVids/status/1367188862510923777?s=20

You can contact @Kevinvanalles or @TheUnnamed1 on Telegram.

We are still fleshing out the details on this. The goal is to make it as easy and user-friendly as possible, since most artists are not particularly tech savvy.

Anime Coin (ANI) was not designed specifically for NFTS. It was originally just a bitcoin clone launched in 2014 for anime enthusiasts. It didn't really do anything besides being a currency token. Then we got involved in 2018 and attempted to change the direction of the project to make it more about NFTs for anime art. But then we decided we wanted to create something for all art genres, and not just anime art, so we forked the coin into PSL, changed the name to Pastel, and basically started from the Zcash codebase. It took a long time to port over the Masternode logic from the Dash codebase. That alone, btw, would make for a compelling cryptocurrency, because no other Masternode projects have shielded transactions using zsnarks. but that was just to create a basic platform for us to make the art specific functionality, using our ticketing system to write art related tickets (like registration tickets and trade tickets that govern how artworks work in the pastel system) directly to the blockchain in the form of coin transactions.

Read http://pastel.wiki , this explain everything.

Yes, we have people on our team who are friendly with some of the big names, and we have been reaching out to other well-known artists on Twitter and Instagram. We are waiting until the software is usable and tested before bringing it to these people though. In the meantime, we have been approaching digital artists we like who are new to the NFT space but who we think would work really well in that format, and we are trying to work out some hybrid arrangement where they can be a kind of "beta tester" but also a kind of ambassador, and we can give them PSL with a lockup to motivate them to tell their fans and other artists about the project. We want to ensure that the platform can scale and work flawlessly before getting any big name artists on board though, since you can only make one first impression.

MASTERNODES/MINING

Yes. You need 5 million PSL to set up a masternode. Masternode setup instructions can be found here: http://pastel.wiki/en/home/how-to-start-mn

Yes, it uses the equihash PoW algorithm.

We are setting up mining pools. For now you could set up your own if you know how, or do solo mining.

There is a new block every ~2.5 minutes on average. The current block reward is 6,250 PSL per block. Of this, 20% goes to the Masternodes as a group, 10% to the foundation, and the rest to the miners. The block reward declines over time similar to Bitcoin (it halves every 840,000 blocks). Here is an example block reward: https://explorer.pastel.network/tx/2b27e82a159be4a0c1d7e4aa08447f161d959bd2c940605fde2bc3982aecef2e