PRESS RELEASE. Pastel network, the first truly decentralized and scalable blockchain project designed specifically for rare digital art, officially announced its upcoming listing on Bitcoin.com Exchange, planned for March 5, 2021.
Pastel Network is a blockchain for rare digital art (also known as “NFTs”) based on the secure, battle-tested code bases of the cryptocurrency projects Bitcoin, Dash and ZCash. Pastel is introducing some major innovations into the world of blockchain art such as: B. the decentralized storage of art image files natively in the network as well as a decentralized validation process for the registration of new works of art, which prevents that almost duplicate images are added to the system. Pastel’s novel recognition algorithm is based on robust image fingerprints created with the latest deep learning image models and introduces a new form of digital scarcity that makes pixel patterns themselves “rare”.
Pastel takes a different technological approach than competing blockchain digital art projects, which are primarily based on the Ethereum platform. Since Pastel is an integrated platform specially designed for the use of rare digital art, it has its own Bitcoin-like currency (PSL coin). With a token in local currency, the Pastel Network’s fees for registering, storing, and trading rare artwork are very low, making it affordable for artists and collectors around the world. Additionally, the system includes a native mechanism based on changes to the Mining Difficulty of the Pastel Proof-of-Work algorithm to keep these fees affordable in the future – even if PSL appreciates significantly. This is in stark contrast to Ethereum-based art projects, where the cost of creating new artwork is currently hundreds of dollars, introducing unnecessary financial risks for artists and these other platforms for everyone but the richest artists and the most expensive digital ones out of reach brings works of art. Even if an artist can afford to pay these tremendous fees, the cost of simply transferring the artwork to users is prohibitive. Pastel provides digital artists with a safe and robust environment for registering their rare digital works of art with very low transaction costs, makes digital art accessible to artists from all over the world, and enables artists to have a different business model where they can sell a larger number of their limited-edition works of art Edition Digital Art “prints” a price below 5 US dollars and still achieves a healthy profit margin.
At the same time, Pastel enables art collectors and fans to buy rare digital works of art directly from their favorite artists – with most of the value going to the artist rather than being wasted on unproductive network fees and overheads. This allows fans to share in the long-term success of their favorite artists and forge a mutual relationship that turns an artist’s fans into partners who have a financial stake in promoting the artist’s work. In addition, rare artwork buyers on Pastel can trade their own artwork with other Pastel users in a decentralized exchange typical of the platform, while paying modest trading commissions and transaction fees closer to the ~ 2% calculated by payment processors like PayPal and Stripe than the 15% or more charged by art dealers and auction houses as well as other NFT platforms. Pastel networks Low trading fees will result in a much more dynamic and liquid rare digital artwork market that has the potential to radically change the way art is created and collected. Best of all, the trading fees from buyers and sellers are sent to a non-spendable PSL address, “incinerating” them and permanently removing them from circulation. Over time, this natural deflation will offset the new PSL created by the breakdown process, making PSL scarcer and more valuable.
As Pastel Network founder Jeff Emanuel explains: “Today marks an exciting milestone for our project, which has been continuously developed since 2018 and serves the unique mission of serving the artistic community of the world. We have created an open platform that frees artists from the constraints of the traditional art market, with their outrageous commissions and dealer fees, as well as their elitist “gatekeeping” mentality that keeps the vast majority of talented artists around the world from making a living as an artist. With Pastel listed on the Bitcoin.com exchange as well as the public launch of our wallet software for artists and collectors over the next few months, Pastel is now ready to disrupt the NFT space with a radically better network design that solves the high transaction fees and scalability issues plaguing existing Ethereum-based NFT marketplaces and platforms. ”
Pastel Network was created as part of the Animecoin blockchain project, originally launched in 2014. Animecoin was based on a modified version of the Bitcoin code and was distributed fairly to thousands of users around the world with zero “pre-mine”. After the fork, the pastel team gathered over 3mm from Innovating Capital and other blockchain investors to fund the development of Pastel software and advance the project’s goals through community engagement and exchange lists, culminating in Pastel’s pending listing on Bitcoin.com.
Via Pastel Network
Pastel is an open source system that allows artists to register “proven rare” assets on a Bitcoin-like blockchain. In addition, art collectors can buy these works of art and trade “trustlessly” with one another without having to rely on a central authority. The team’s mission 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 consists of an entrepreneurial team of developers, developers, marketers and fund managers. With over two years of continuous public development (fully documented in Pastel’s public Github code repository), Pastel has developed a secure system that solves the main problems of existing blockchain art projects: high fees, poor scalability, no internal native network file storage and no means of preventing near duplicate images from registering on the network, introducing a new standard for the digital scarcity of NFTs.
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