Pastel Network: Building a Layer of NFT Ecology on Top of Bitcoin Code

Pastel wants to be an NFT trading platform, but more than just trading. In Pastel’s vision, it’s a platform that integrates services such as creation, verification, and trading.

What Is An NFT? How Do NFTs Work? – Forbes Advisor

Investors who are deeply involved in the industry will remember Blockstack, the first project in the US to complete token funding under SEC regulation. this network focused on the Web3 world has a very alternative consensus mechanism: building consensus based on the Bitcoin network.

In their consensus, Bitcoin is the most decentralized and at the same time the most secure network in the world, a network whose code and security have both been tested for over a decade and are impeccable. They wanted to somehow make it possible for Bitcoin to participate in the Web3 world as well, and created a Bitcoin-based consensus.

Similarly, the DeFi space is trying to get bitcoin into the financial space, and the wild rise in WBTC and renBTC lockups shows the financial demand for bitcoin from investors.

So when the hot spot comes to the NFT space, how does NFT fit in with bitcoin? Again, some NFT platforms are looking to leverage the security and reliability of the Bitcoin code to create a platform that is different from all markets. Take Pastel, for example.

Platform Benefits
Security
Pastel wants to be an NFT trading platform, but more than that – in Pastel’s vision, it’s a platform that combines services such as creation, verification, and trading all in one. Unlike typical NFT platforms on Ether or new public chains, Pastel has chosen to make a new network of its own based on the Bitcoin code.

As the absolute core of cryptocurrency, there is no doubt about the security of Bitcoin, and Pastel forks the Bitcoin code to ensure the security of Pastel’s network.

At the same time, Pastel also introduces zk-SNARKs (succinct non-interactive zero-knowledge proofs) from Zcash into the network.

Zero-knowledge proofs are often found in various ecologies, but this is the first time they appear in the NFT domain. In short, zk-SNARKs consensus proofs allow users to transfer money with fully encrypted information and guaranteed verifiability of transactions for nodes to verify. Specifically, Zcash addresses are divided into hidden addresses (z-addresses) and transparent addresses (t-addresses), and transactions between hidden addresses also appear on the chain. . The owner of the address also has the option to disclose the hidden address and transaction details to a trusted third party to address audit and regulatory needs. Transactions between two transparent addresses are no different from Bitcoin transactions, and funds can be transferred between the hidden and transparent addresses.

The zk-SNARKs are introduced to ensure the privacy of transactions in NFT transactions in a targeted manner.

Decentralized authentication
If you have used the existing mainstream NFT trading platform, you will find that sometimes you will doubt the identity of the other party’s creator. For example, the Foundation platform, the creator’s account is tied to Twitter, as long as Twitter confirms that it is the real identity, then the identity of the platform account can be recognized, but the premise is that we need to trust the platform.

Pastel, on the other hand, has a more blockchain logic.

In the Pastel network, the team designed an application system that sits on top of the Bitcoin code and can store transaction-related information directly into the network via UTXO.

In Pastel’s network, each person is a PastelID, which includes a public and private key. In the NFT realm, this means that artists and collectors have a unique identity in the network, they can sign transactions using a private key that only they know, and other players in the network can check the signature with the public key to verify the authenticity of the transaction.

For example, you see a work in the Pastel network that claims to be created by Beeple, but you are not sure of the authenticity of the account. But if Beeple shares his PastelID public key in public channels, then you can verify to see if the work belongs to Beeple by using the signature.

Distributed Storage
There are basically two types of storage for NFT, in cloud servers like AWS, or in decentralized storage systems like IPFS. But this is not completely safe, AWS can also have problems, and IPFS miners also have the probability of problems, Pastel network comes with a storage system that hopes to completely solve the problem of NFT storage.

Pastel’s storage layer uses a RaptorQ code based algorithm to disperse NFT file fragments in different blocks, which are packaged by super nodes out of blocks. These blocks are automatically distributed in the network and the fragments can be composed into complete NFT files if needed.

Checking
A problem that many NFT platforms encounter is copyright, and although NFT itself represents copyright, this still does not prevent copy from appearing in the NFT space.

For example, one of Beeple’s works on Opensea, some people can save the image and upload it to the NFT platform on the BSC chain. And on the BSC chain, the piece is brand new, in the sense that it’s a counterfeit, but that’s really hard to solve.

Pastel has also given its own solution to this problem.

Pastel uses Tensorflow with Keras application to detect the uploaded works and check the weight of the works within the network comprehensively. Among them, it is divided into 3 rarity levels.

In the Pastel network, works are rated as “unknown rarity”, “normal rarity”, and “high rarity” based on factors such as whether they have a signature, whether they have similar images, etc. Works rated as “high rarity” are in a sense rarer and may represent a higher value.

Token Economy
PSL is Pastel Network’s native circulation of value, and in the ecosystem, PSL can be used not only for payments, but also for collateral and verification of resource services in the ecosystem.

PSL holders can use PSL for staking node services and storage services, and creators receive 10% of the sales of NFT works, and purchasers pay with PSL. PSL is required for the creation of PastelID, NFT registration, NFT transactions, node services, network governance, etc.

Also, PSLs have a destruction mechanism, where a portion of each PSL transaction is destroyed, reducing the total supply of PSLs.

In the network, a block is created every 2.5 minutes with 6,250 PSLs per block.

At this rate, the PSL will be distributed in 2044, by which time it will have been halved six times, yielding 97.66 PSLs per block.

Pastel Network: Building a Layer of NFT Ecology on Top of Bitcoin Code

Of PSL’s token allocation, 30.97% goes to the foundation, 24.25% to eco-development, 24.29% to team development, 10.79% to major investors, 7.84% to small investors, and 1.86% to community distribution. pastel has closed a seed round of funding of over $5 million with participation from Innovation Capital and others. Innovation Capital and others have participated.

Pastel is a completely independent NFT world where all users, whether creators or collectors, have an independent ID and can identify each other when trading, where PSL is the only circulation of value, and where multiple issues exist in the current NFT space, including network security, identity verification, and storage and copyright issues, are addressed in this network. Let’s wait and see what kind of experience Pastel can bring to users.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/pastel-network-building-a-layer-of-nft-ecology-on-top-of-bitcoin-code/
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