Pastel Network: Build a layer of NFT ecology on the Bitcoin code

Investors with deep knowledge of the industry may recall that Blockstack, the first U.S. project to complete token financing under SEC supervision, was the first to do so. The web focused on the Web3 world has a very different consensus mechanism: building consensus on the Bitcoin network.

Their consensus is that Bitcoin is the most decentralized and secure network in the world, with impeccable code and security that has been tested for more than a decade. They wanted to somehow make Bitcoin a part of the Web3 world, and they created a Bitcoin-based consensus.

Similarly, DEFI field is also trying to let bitcoin into the financial field, WBTC, RenbTC lock up the crazy rise also shows the financial demand of investors for bitcoin.

So, when the hot spot comes to NFT, how does NFT integrate with Bitcoin? Similarly, some NFT platforms hope to leverage the security and reliability of Bitcoin's code to create a platform that is different from any other market. For example, Pastel.

Platform advantage

security

What Pastel wants to do is to be an NFT trading platform, but not just trading. In Pastel's vision, it is a platform integrating creation, verification, trading and other services. Instead of the usual NFT platform on Ethereum or the new public chain, Pastel chose to build a new network of his own based on the Bitcoin code.

As the absolute core of cryptocurrency, the security of Bitcoin is beyond doubt, Pastel forked the Bitcoin code to ensure the security of Pastel network.

At the same time, Pastel also introduced Zk-Snarks (concise non-interactive proof of zero knowledge) in Zcash into the network.

Zero-knowledge proof often appears in all kinds of ecology, but this is the first time in the field of NFT. To put it simply, ZK-Snarks consensus proof allows users to transfer money under the condition of complete encryption of information, and guarantees the verifiable nature of transactions for nodes to verify. Specifically, Zcash addresses are classified as "z-addresses" and "t-addresses", and transactions between those addresses appear on the chain, so everyone knows that a hidden transaction has taken place and a fee is paid to the miners. But the address of the transaction, the amount of the transaction and the note field are all encrypted and invisible to the public. Owners of addresses can also choose to disclose hidden addresses and transaction details to trusted third parties to meet audit and regulatory needs. A transaction between two transparent addresses is no different from a Bitcoin transaction, and money can be transferred between a covert and a transparent address.

The introduction of ZK-Snarks aims to ensure the privacy of transactions in NFT transactions.

Decentralized validation

If you've ever used any of the major existing NFT trading platforms, you'll find that sometimes you doubt the identity of the creator. For example, on Foundation platform, the creator's account is bound to Twitter. As long as Twitter confirms the real identity, then the identity of the platform's account can be recognized. However, the premise is that we need to trust the platform.

Pastel's logic is more blockchain.

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

In Pastel's network, everyone is a Pastelid, which includes a public key and a private key. In the NFT world, this means that artists and collectors have a unique identity in the network, and that they can sign transactions using a private key known only to themselves. Other players in the network can check the signature with the public key to verify the authenticity of the transaction.

Say, for example, that you saw a painting on the Pastel Network that claimed to be by Beeple, but you're not sure about the authenticity of the account. But if Beeple shares its Pastelid public key in a public channel, then you can verify it by signing it to see if it belongs to Beeple.

Distributed storage

Currently, NFT is stored in either cloud servers such as AWS or decentralized storage systems such as IPFS. But this is not completely safe, AWS will also have problems, and IPFS miners will also have the probability of problems, Pastel network's built-in storage system hopes to completely solve the storage problem of NFT.

Pastel's storage layer uses Raptorq code based algorithm to scatter NFT file fragments in different blocks and pack them out of the blocks by super nodes. These blocks are automatically distributed across the network and can be fragmented into complete NFT files if needed.

rechecking

A lot of NFT platform will encounter the problem, is the copyright, although NFT itself represents the copyright, but this still does not affect copy in the NFT field.

For example, when Beeple works on OpenSea, someone can save the picture and upload it to the NFT platform on the BSC chain. And on the BSC chain, the work is brand new, and in a sense, it's a counterfeit, but it's really hard to fix.

On this issue, Pastel also gave his own solution.

Pastel used TensorFlow and Keras application to detect the uploaded works, and comprehensively checked the works in the network. Among them, there are three kinds of rarity.

In the Pastel network, works are rated as "unknown rarity", "common rarity", and "high rarity" by factors such as whether there is a signature, whether there are similar pictures and so on. Works rated as "high rarity" are rarer in a sense and may represent higher value.

Scrip economy

PSL is the original value circulation of Pastel Network. In ecology, PSL can not only be used for payment, but also for mortgage and verification resource services in the ecosystem.

The PSL holder can make the PSL a node service or a storage service. The creator gets 10% of the sales of the NFT work, and the buyer pays with the PSL. PSL is required for the creation of Pastelid, NFT registration, NFT transaction, node service, network governance and other aspects.

At the same time, PSL also has the destruction mechanism, each PSL transaction will have a part of the PSL destroyed, reducing the total PSL supply.

The total number of PSL was 21 billion, and the initial supply was 10,750,192,399 PSL. In the network, a block is produced every 2.5 minutes, each block 6,250 PSL. PSL has the same halving mechanism as the Special Currency, which happens every 840,000 blocks.

At this rate, the PSL distribution will be completed in 2044, by which time it will have halved six times, producing 97.66 PSLs per block.

Of the PSL token allocation, 30.97% is for foundations, 24.25% for ecological development, 24.29% for team development, 10.79% for major investors, 7.84% for small investors, and 1.86% for community issuance. Pastel has raised more than $5 million in seed funding, with backing from Innovation Capital and others.

Pastel is a completely independent NFT world, whether it is the creator or the collector, all users have an independent ID, can confirm each other's identity in the transaction, here, PSL is the only value circulation, this network to solve the current NFT field of many problems, including network security, identity verification, And storage and copyright issues. What kind of experience Pastel can bring to users, let's wait and see.

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