The Pastel network is a blockchain driven platform for artists and collectors to showcase, publish and purchase digital art. The platform transforms digital works into a non fungible token so that you can easily and freely trade them without the need for a third party. Tokenization of digital assets carries some few benefits. Apart from lowering their trading fees, it provides them with proven authenticity, a reliable provenance, and a censorship free publication avenue. Let us talk about how Pastel is utilizing blockchain to bring these benefits to reality.
HOW DOES IT WORK?
The network was built on top of ZCash, which is a fork of Bitcoin. And so, it makes use of the EquiHash hashing algorithm, produces new blocks every two-and-a-half minutes, and implements Zk-SNARKs for private, on-chain transactions. Unlike ZCash, Pastel does not have a founder’s reward to fund operations. Rather, it has implemented a Dash-inspired system of Masternodes that vote on rewards.
THE PASTEL MASTER NODES
Despite the fact that the Pastel network still has miners generating new blocks, Masternodes are the basic(crux) of the system. They inspect and store art images and also facilitate trades between users, which in return they receive PSL token payments. Masternodes also get a PSL reward from every new block. The Pastel network implements a ranking system to ensure that a malicious Masternode, or set of Masternodes, does not alter the blockchain. The Pastel network implements the XOR distance metric to ensure that there is no malicious play between Masternodes. The XOR distance metric was first popularized by Dash and effectively ranks Masternodes in the order of which one should receive the next block reward.
THE PASTEL NETWORK PROCESS
The Pastel Network has many unique features that benefits digital art provenance and trading. Most important is the registration of artwork on the Pastel blockchain. The process moves in a pattern like this;
- As an artist, you create a Pastel ID that uniquely identifies you.
- And with that ID, you upload image files for your digital art using the Pastel platform.
- You sign this file with the private key of your Pastel ID. The signature authenticates that another party, like one of the Masternodes, cannot tamper with your artwork.
- The Pastel network utilizes the XOR distance ranking system to know which Masternodes receive your piece of art.
- The Masternodes then checks the artwork for an indecent content or plagiarism and in return for this service, you pay them a registration fee.
- Once three Masternodes accept your registration, the highest ranking Masternode will write your ticket to Pastel blockchain.
- And lastly, the art ticket becomes active on the network once the associated transactions are completed and confirmed.
THE TOKEN SWAP ANIMECOIN(ANI) TO PASTEL (PSL) COIN
The Pastel project is a recent fork of Animecoin (ANI), a defunct project with a similar digital art focus except, with a lot more anime.
Post-fork, only active ANI holders will be able to partake in the token swap. Therefore, if you are still holding your ANI in a wallet, you will need to send one ANI to an unspendable PSL wallet address no later than midnight UTC on April 1, 2019. At that time, Pastel will take a snapshot of each participating holder’s wallet address and share a proportional amount of PSL. The Pastel team will likely announce the wallet address sometime before the swap.
PASTEL COIN DISTRIBUTION
The Pastel coin team will distribute half of the 21 billion PSL supply to previous ANI holders during the token swap. The remaining tokens follow a pattern somewhat similar to Bitcoin/ZCash. The block reward is set to 12,500 PSL per block and will halve every four years until all 21 billion PSL are in complete circulation.
THE PASTEL TEAM
The Founder and CEO Jeff Emmanuel leads the Pastel coin team. As a contemporary art enthusiast with over 10 years of experience as an investment analyst at many hedge firms, he has two of the three skillsets needed to see in a project like Pastel. Pastel network’s CTO, who goes by the name Airk42, fills the technology gap. Airk42 has worked on enterprise software for more than 25 years, specializing in cryptography and security. He is also a contributor to the Bitcoin Private fork.
WHERE TO BUY PASTEL (PSL)
Pastel coin is not available at the moment but if you want to get involved, you can still purchase ANI before the swap happens. To get that, head over to Cryptopia and exchange either Litecoin, Dogecoin or Bitcoin for Animecoin. And be sure to stay up to date with Pastel announcements to know when you can participate in the token swap.
WHERE TO STORE PASTELCOIN (PSL)
We don’t normally recommend storage of coins on an exchange. But, due to the upcoming fork and lack of a reputable wallet, it may be best to keep your ANI on Cryptopia until the token swap. From there, and always try to be on the lookout for any announcement from the Pastel coin team about an official wallet to use.
It can be said now that Digital art and blockchain go together like Satoshi and Bitcoin. However, numerous blockchain projects are working with art provenance (Codex Protocol, Pepe Cash, Maecenas), Pastel coin is very unique in it’s implementation of Masternodes in an attempt to create a completely decentralized system. However, the project is still young with a lot of promises. If only the team can efficiently and quickly get their product to market, Pastel coin could become the new standard for digital art.