The Pastel network (Pastel, for short) is a blockchain-powered platform for artists and collectors to publish and purchase digital art. The platform turns digital works into non-fungible digital assets so that you can freely trade them without the need for an intermediary.
Tokenizing digital assets has a few benefits. Besides lowing their trading fees, it gives them proven authenticity, a reliable provenance, and a censorship-free publication avenue. Let’s learn how Pastel is utilizing blockchain to bring these benefits to fruition.
In this Pastel guide, we’ll look at:
Editor’s Note: CoinCentral has an established relationship and strategic partnership with the Pastel team. All content in this article is objective and non-promotional.
Interestingly, Pastel draws architecture inspiration from several different cryptocurrency projects.
The team built the network on top of ZCash, a fork of Bitcoin. Therefore, it uses the EquiHash hashing algorithm, produces new blocks every two-and-a-half minutes, and implements Zk-SNARKs for private, on-chain transactions. Unlike ZCash, however, Pastel doesn’t have a founder’s reward to fund operations.
Instead, they’ve implemented a Dash-inspired system of Masternodes that vote on rewards.
Even though the Pastel network still has miners generating new blocks, Masternodes are the crux of the system. They inspect and store art images as well as facilitate trades between users. In return, they receive PSL token payments. Masternodes also get a PSL reward from each new block.
The Pastel network implements a ranking and reputation system to ensure that a malicious Masternode, or set of Masternodes, doesn’t compromise the blockchain. Without going into too much detail, the Pastel network implements the XOR distance metric to ensure that there’s no foul 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 includes several features that should benefit digital art provenance and trading. Most important is the registration of artwork on the Pastel blockchain. The process goes something like this:
The Pastel network has an unusual backstory. The project is a recent fork of Animecoin (ANI), a now-defunct project that with a similar digital art focus except, obviously, with much more anime.
Post-fork, only active ANI holders will be able to participate in the token swap. Therefore, if you’re holding your ANI in a wallet, you’ll 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 distribute a proportional amount of PSL. The Pastel team will announce the wallet address sometime before the swap.
During the token swap, the Pastel coin team will distribute half of the 21 billion PSL supply to previous ANI holders. The remaining tokens follow an emission schedule similar to Bitcoin/ZCash.
Initially, the block reward is set to 12,500 PSL per block and will halve every four years until all 21 billion PSL are in circulation.
CEO and Founder Jeff Emmanuel leads the Pastel coin team. As a contemporary art enthusiast with over ten years of experience as an investment analyst at various hedge firms, he has two of the three skillsets you’d expect to see in a project like Pastel.
Pastel network’s CTO, going by the name Airk42, fills the technology gap. Airk42 has worked on enterprise software for over 25 years, specializing in security and cryptography. He also contributed to the Bitcoin Private fork.
Pastel coin isn’t available yet, but if you’re looking to get involved, you can still purchase ANI before the swap. To do so, head over to Cryptopia and exchange either Bitcoin, Litecoin, or Dogecoin for Animecoin. Be sure to stay up to date with Pastel announcements to find out when you can participate in the token swap.
We don’t usually recommend storing coins on an exchange. However, with 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, be on the lookout for an announcement from the Pastel coin team about an official wallet to use.
Digital art and blockchain go together like Satoshi and Bitcoin. Although numerous blockchain projects are working with art provenance (Pepe Cash, Codex Protocol, Maecenas), Pastel coin is unique in its implementation of Masternodes in an attempt to create a completely decentralized system.
The project is still young with a lot to prove. But if the team can quickly and efficiently get their product to market, Pastel coin could become the new standard for rare, digital art.