A Deep Dive into Pastel Network

Ima-Abasi Pius Joseph
3 min readJun 1, 2023
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Introduction

The blockchain and NFT space has rapidly evolved, and Pastel Network is at the forefront of this revolution. As a fully decentralized, developer-friendly layer-1 blockchain, Pastel is redefining the way we think about non-fungible tokens (NFTs) and Web3 technology. In this article, I will take a deep dive into the Pastel Network, exploring its advantages, features, and the innovative Pastel Token (PSL) that powers it all.

Why is Pastel Network Different?

Pastel Network offers several distinct advantages that set it apart from other blockchain platforms. Firstly, it is an application-specific layer-1 blockchain purpose-built to handle the unique demands of the NFT and Web3 ecosystem. This focus on specific use cases ensures efficient and secure operations.

Permissionless Protocol

Pastel is entirely permissionless, providing an open network of peer-to-peer nodes. This means anyone can participate in the consensus process, validating transactions and data. This democratized approach fosters a decentralized and inclusive environment.

Low Transaction Fees

One of the major pain points of traditional blockchain platforms is high transaction fees. Pastel Network addresses this issue with a dynamic fee function that supports negligible transaction fees. This reduction in fees removes friction and opens up new possibilities for creators and collectors.

Reliable Storage System

Another key advantage of Pastel is its reliable storage system. With a highly redundant and distributed infrastructure, the network achieves permanent storage. Users can pay once and store their data forever, ensuring the long-term integrity and accessibility of their assets.

Cross-chain interoperability

Cross-chain interoperability is crucial in blockchain, and Pastel Network excels in this area. It natively integrates Open-API standards and enables the trustless bridging of assets across different chains. This interoperability expands the reach and utility of NFTs built on the Pastel Network.

Secure Foundation

The multi-layer architecture of Pastel Network has been designed to maximize network security. By implementing robust security measures, the network ensures the integrity and safety of the assets stored and transacted on its platform.

Pastel Network Offers a Secure Foundation and Development Opportunities

Pastel Network offers a robust architecture that ensures the protection of assets and the stability of the overall ecosystem. Developers can build on this secure foundation using Pastel’s open-API protocols.

Two notable protocols available for integration are Sense and Cascade. These lightweight open web APIs enable developers to add unique features and enhance functionality on their own native blockchains or applications. This flexibility empowers builders to create innovative NFT-based solutions tailored to their specific requirements.

In addition to open-API protocols, Pastel Network provides developer modules that facilitate the creation of on-chain marketplaces and third-party applications. Well-documented APIs and gRPC functionality support developers in getting started and unleashing their creativity within the Pastel ecosystem.

About Pastel Native Token (PSL)

At the heart of the Pastel Network lies the Pastel Token (PSL). As the native utility token, PSL serves as the foundation for accessibility in the NFT and Web3 economy. Its purpose-built blockchain ensures efficient operations and supports a wide range of use cases.

PSL has multiple use cases within the network. Users can generate a PastelID, mint NFTs, submit tickets, and perform open-API requests using PSL. Additionally, stakeholders can operate a SuperNode and stake collateral to provide computational resources, validation, and security services.

PSL Governance Model

Governance is an integral part of any decentralized network, and PSL holders have the power to initiate and vote on various proposals. This ensures that the community has a say in the future direction and development of the Pastel Network.

To combat inflation and promote scarcity, a deflationary mechanism is in place. A percentage of each transaction fee is burned, reducing the overall supply of PSL. This “Proof of Burn” mechanism helps maintain the value and utility of the token.

Final Thoughts

Pastel Network offers a compelling solution for the NFT and Web3 ecosystem, providing a secure and developer-friendly platform for creators and collectors to interact with digital assets. Pastel Network is fostering innovation and expanding the possibilities of NFTs and Web3 applications. With the PSL token at the core, Pastel Network aims to create a vibrant and sustainable ecosystem that caters to the evolving needs of the blockchain space.

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Ima-Abasi Pius Joseph

Research Writer ǀ Web3 Marketer ǀ Petroleum Engineering Graduate ǀ Part-time Journalist