NEW YORK, March 2, 2021 / PRNewswire / – Pastel network, the first truly decentralized and scalable blockchain project designed specifically for rare digital art, has officially announced its pending listing on Bitcoin.com, scheduled for March 5th2021
Pastel Network is a blockchain for rare digital art (also known as “NFTs”) based on the secure, battle-tested code bases of Bitcoin, Dash and ZCash cryptocurrency projects. Pastel introduces several important innovations to the blockchain art world, such as the decentralized storage of art image files in the network, as well as a decentralized validation process to register new works of art that prevent almost duplicate images from being added to the system. Pastel’s almost duplicate detection algorithm is based on robust image fingerprints generated with state-of-the-art deep learning image models and introduces a new form of digital deficiency that makes pixel patterns themselves “rare”.
Pastel has a different technical approach than competing blockchain projects for digital art, which are mainly built on top of the Ethereum platform. Because Pastel is an integrated platform specifically designed for the application of rare digital art, it has its own domestic Bitcoin-like currency (called PSL coin). Having a built-in currency sign makes Pastel Network fees for registering, storing and trading rare works of art very low, making it affordable for artists and collectors worldwide. In addition, the system includes an integrated mechanism based on changes in the mining difficulty of Pastel’s proof of work to keep these charges at affordable levels well into the future – although PSL appreciates significantly in value. This is in stark contrast to Ethereum-based art projects, where the cost of creating new artwork is currently hundreds of dollars, creating unnecessary financial risks for artists and making these other platforms out of reach for all but the richest artists and the most expensive digital artwork. Even if an artist can afford to pay these serious fees, the cost of simply transferring the artwork to the users is incredibly high. Pastel offers digital artists a secure and robust environment to register their rare digital artwork with very low transaction costs, make digital art available to artists from anywhere in the world and allow a different business model for artists where they can sell larger numbers of their limited – edition digital art “print” to a price point below $ 5, while making a good profit margin
At the same time, Pastel allows art collectors and fans to buy rare digital artwork directly from their favorite artists – with most of the value to the artist instead of being wasted on unproductive network fees and overhead. This enables fans to participate in the long-term success of their favorite artists and create a reciprocal relationship that turns an artist’s fans into partners who have a financial interest in marketing the artist’s work. In addition, buyers of rare artwork at Pastel can trade their owned artwork with other pastel users in a decentralized exchange native to the platform, while paying modest trading commissions and transaction fees closer to the ~ 2% paid by payment processors such as Paypal and Stripe than the 15% or more that art dealers and auction houses and other NFT platforms charge. Pastel Network’s low trading fees will lead to a much more dynamic and fluid marketplace for rare digital works of art that have the potential to radically change the way art is created and collected. Best of all, trade fees are sent by buyers and sellers to an unused PSL address, which “burns” them and removes them permanently from circulation. Over time, this natural deflation will compensate for the new PSL created through the mining process, making PSL scarcer and more valuable.
As the founder of Pastel Network Jeff Emanuel explaining, “Today marks an exciting milestone for our project, which has been continuously developed since 2018 with the sole mission of serving the world’s artistic community. We have created an open platform that frees artists from the constraints of the traditional art market with its outrageous commissions and reseller fees, as well as its elitist “gatekeeping” mentality that excludes the vast majority of talented artists around the world from making money as an artist.With the listing of Pastel on the Bitcoin.com exchange, as well as the public launch of our wallet software for artists and collectors in the coming months is Pastel 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 originated as a fork from the Animecoin blockchain project that was originally introduced in 2014. Animecoin was based on a modified version of the Bitcoin code and was distributed fairly with zero “pre-mining” to thousands of users around the world. After the fork, the Pastel team rose $ 3 million from Innovating Capital and other blockchain investors to fund the development of Pastel software and to promote the project’s goals through community engagement and exchange announcements, culminating in Pastel’s pending listing on Bitcoin.com.
About Pastel Network
Pastel is a decentralized, open source system that allows artists to register “demonstrably rare” assets on a Bitcoin-like blockchain, while art collectors can purchase these works of art and “trust” trade them with each other without relying 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, creators, marketers and fund managers. With over two years of continuous public development (fully documented in Pastel’s public Github repository), Pastel has built a secure system that solves the major problems of existing blockchain art projects: high fees, poor scalability, no internal embedded network file storage and no way to prevent almost double images from being registered in the network, introducing a new standard for digital scarcity for NFT.
Pastel Network announces the list of PSLs on the Bitcoin.com Exchange