Pastel’s AMA at Coinsuper Answering 6 most Concerned Questions
PSL is a token based on the Pastel protocol (based on Bitcoin, Dash and ZIP) that allows digital artwork to be traded uniquely on a decentralized platform. Pastel is a new world for creators and lovers of art. A novel platform powered by a secure blockchain, where artists can publish and collectors can purchase rare digital art like never before.
On April 3, 2021, Pastel CEO & founder Jeff and Pastel co-founder & early investor Anthony came to the Coinsuper English Telegram community to answer the most concerned questions of the community users.
The following is a transcript of the AMA’s key issues:
1. Please introduce the Pastel project and its development history.
Jeff: My name is Jeff Emanuel. I studied math in college and have been working in the hedge fund industry since 2008, doing basic and quant investing. I first came into contact with Bitcoin in 2013 and have been hooked ever since.
Pastel started when I first learned about an old project called Rare Pepe, which was the first NFT system built on top of Bitcoin. Since then, it has been in continuous development for three years.
We are now aiming to launch our NFT creation and trading system in the next 2 months, so it has been in the works for a long time!
2. What are the difficulties in Pastel development?
Jeff: Pastel has been in development for 3 years. From a technical perspective, the most difficult part was to integrate the Dash masternode logic from Zcash in a secure way, along with the development of the DUPE detection functionality. This is still considered an open research question, so it’s pretty incredible that we invented a system that really works.
The design and creation of our proprietary storage layer was also challenging. There are other projects like Filecoin and SIA that do just that, but for us it’s just an added feature to the whole system. We still think our storage layer will work better in NFT use cases than these other projects, and certainly better than IPFS, which we think is broken.
Anthony: Apart from development, one of the biggest challenges at the time (in the early years) was the “feasibility” and even “demand” for such platforms. Who wants to buy or sell rare digital art? Who created these things? We think we need to create a new market. Of course, with the recent spate of nonfunctional testing hype, we’ve seen this concept at least commercially validated.
3. Why do you choose NFT project based on Bitcoin source code?
Jeff: We realized that the problem with other projects is that they are built on top of blockchain and they have no control over it. For example, none of the Etherium-based NFT platforms control how Ethereum works. In addition, they have to compete for network resources with other projects on Ethereum.
And by building a blockchain for our own purposes, we can keep costs low. But more importantly, we can add features that can’t be done on Ethereum or Binance smart chains, such as natively storing image files in the network or repeating image detection code, which is incredibly computationally intensive.
If you try to do this on ETH, with gas charges, it will cost hundreds of thousands of dollars per image. But in Pastel, these calculations are done “on metal” by Pastel Masternodes, which can take advantage of the speed and cheapness of today’s computers. We believe that NFT is one of the most important applications for blockchain, second only to currency (i.e. Bitcoin).
4. What is the team’s plan for the future?
Jeff: We have very big plans. We’ll support a wide range of media types and integrate physical frame screens so people can display their color art in their homes. We will work with agencies and celebrities to help them create NFT on Pastel. We’ll continue to add exciting features to Pastel. Ultimately, our goal is to change the way artists make a living, increasing access to art by breaking down barriers, reducing costs and increasing transparency.
By the way, we’re about to release Wrapped Pastel (WPSL), which will be an ETH-20 token that can be “unrolled” to convert WPSL to PSL via our website wrappedpastel.com(not online yet).
5. How did Pastel attract artists?
Jeff: We’re doing some things to attract artists. One is to reach out to successful NFT artists such as Rekodi and get them to commit to publishing NFT at Pastel.
Another approach is to reach out to successful artists who have a following on social media (Instagram, etc.) but have never done non-functional testing before. We help these people learn how to make a soft NFT and provide them with the PSL they need.
Finally, we try to work with celebrities who have millions of followers to unleash the energy of their art. These celebrities will build demand for their artwork. If they are only available at Pastel, then the only way their fans will get these NFTs is if they buy the PSL first so they can bid for it.
6. Why did the team choose to launch the PSL at Coinsuper?
Jeff: We like Coinsuper’s web interface, great trading experience, and its strong position in Asia.
We want Coinsuper to replace Bitcoin.com as our primary PSL trading platform. We look forward to hosting various events on Coinsuper, such as trading campaigns.
The PSL trading campaign is already open. For more details, please refer to the announcement on Coinsuper website.
Founded in 2017, Coinsuper is dedicated to opening up the channel between USD and cryptocurrency transactions. Currently, it supports dozens of cryptocurrency and USD trading pairs, as well as USD deposit and withdrawal services.