Pastel Price

Pastel Network (PSL) is a blockchain platform focused on digital art and NFTs. It uses a unique blockchain to allow artists to securely register and trade their digital artworks as NFTs. The native token, PSL, serves multiple purposes within the network, including payment for services, staking, and governance.

The network features a decentralized infrastructure with Masternodes that validate transactions and store data. These Masternodes help ensure the security and integrity of the artworks registered on the blockchain. PSL tokens are used to pay fees for creating and trading NFTs, running SuperNodes, and participating in governance decisions.

Pastel Network aims to provide a secure, cost-effective, and scalable solution for digital art and Web3 applications. It supports permanent storage of digital assets and offers interoperability with other blockchain networks through open APIs​.

Pastel Network provides a decentralized platform for creating, trading, and securing digital art as NFTs. Artists first create a unique Pastel ID. This ID includes a public key and a private key, ensuring secure identification and verification of the artist’s work. Artists upload their digital artwork to the Pastel platform. They sign this artwork with their private key, preventing tampering and ensuring authenticity.

The network uses Masternodes, powerful servers that validate and store the artwork. These Masternodes inspect the art for indecent content or plagiarism. If three Masternodes approve the artwork, it gets recorded on the blockchain. Once registered, the digital art is securely stored on the blockchain. Collectors can then trade these NFTs directly on the Pastel platform without intermediaries.

Pastel Network uses a combination of Proof-of-Work (PoW) and Proof-of-Stake (PoS) mechanisms. Miners use PoW to validate transactions and secure the network, while SuperNodes, using PoS, provide additional services and governance functions.

Both artists and collectors use PSL tokens to pay for services, and Masternode operators earn PSL tokens for their validation work. These tokens also enable users to participate in network governance by voting on proposals.

Pastel Network (PSL) was founded by Alexey Kireyev, Jeffrey Emanuel, and Anthony Georgiades in 2018. The mainnet officially launched on March 13, 2021, providing a system for artists to register and trade digital artworks securely.

Pastel Network Roadmap Highlights

2023 Initiatives

• Mainnet Upgrades: Several key releases including Monet and Van Gogh, aimed at improving network functionality and performance.
• Cross-Chain Bridges: Enhanced interoperability with Ethereum, Polygon, and Polkadot.
• SmartMint Enhancements: Added features for easier NFT creation and management.

2024 Vision

• Web3 Interoperability: Focus on native bridges for seamless cross-chain transactions.
• User-Centric Applications: Introduction of a Web Wallet and Pastel Portal for easier access to network services.
• PSL Token Economics Optimization: Improving PSL’s market value through strategic burns and new staking initiatives.
• AI/ML Advancements: Extending SuperNode functionalities for AI-based services and content verification.

Pastel Network's PSL token is used for several key purposes within the ecosystem:

1. Network Operations: You use PSL to create a PastelID, mint NFTs, submit tickets, and make Open-API requests via protocols like Sense and Cascade.
2. $PSL Staking: By staking PSL, you can operate a SuperNode. This involves providing computational resources, validating transactions, and enhancing network security.
3. Governance: PSL allows you to participate in the governance of the Pastel Network by voting on various proposals and decisions.
4. Deflationary Mechanism: A portion of transaction fees in PSL is permanently burned (sent to an unspendable address), reducing the overall supply over time. This occurs during key operations such as NFT registration, activation, and trading​.
5. Trade PSL on KuCoin: Trade Pastel Network tokens on the KuCoin Spot Market after doing your own research. Buy or sell $PSL against other cryptos or HODL if you believe in the future potential of the Pastel Network project.

The tokenomics of Pastel Network (PSL) revolve around several key aspects:

Token Type and Supply

• Max Supply: 21 billion PSL
• Initial Supply at Genesis: Approximately 10.76 billion PSL
• Decimals: 8

Emission Schedule

• Block Reward: 6,250 PSL per block
• Block Time: 2.5 minutes per block
• The block reward halves every 840,000 blocks, reducing the rate of new token creation over time. Initially, the block reward was set to 12,500 PSL, but it decreases as the network grows.

Distribution

• SuperNode Operators: Receive 20% of the block rewards.
• Miners: Receive 80% of the block rewards. This distribution incentivizes both the maintenance of the network and the provision of computational resources.

Deflationary Mechanism

A portion of transaction fees in PSL is permanently burned, reducing the overall supply over time. This occurs during key operations such as PastelID creation, NFT registration, activation, and trading. This mechanism helps manage inflation and potentially increases the token's value over time.

Investing in Pastel Network can be beneficial due to its strong focus on security, interoperability, and innovative NFT solutions​:

1. Decentralized and Secure: Pastel Network is a fully decentralized blockchain. It ensures high security and reliability using advanced cryptographic techniques and consensus algorithms like zk-SNARKs and Equihash.
2. Interoperability: Pastel Network seamlessly integrates with popular blockchains like Ethereum and Solana. This interoperability allows for easy asset and data transfers across different networks.
3. NFT Protection: The network features AI-powered technology through its Sense protocol. This ensures the authenticity of NFTs, detects counterfeits, and protects intellectual property.
4. Permanent Storage: Using the Cascade protocol, Pastel provides distributed and permanent storage for NFT metadata, ensuring that data remains accessible and secure indefinitely.
5. Low Fees: The platform operates with negligible transaction fees, making it cost-effective for users to create, trade, and store digital assets.
6. Staking Rewards: By operating SuperNodes and participating in network validation, you can earn PSL tokens through staking and transaction fees.
7. Growth Potential: As a platform dedicated to digital art and NFTs, Pastel Network could benefit from the growing interest in and adoption of these technologies.

While we cannot offer a reliable PSL price prediction, here are several factors that influence the price of Pastel Network crypto:

1. Market Demand and Supply of PSL Tokens: The basic economic principle of supply and demand significantly affects the Pastel Network price. Higher demand for PSL tokens increases the PSL to USD price, while higher supply without corresponding demand decreases it​.
2. Network Adoption: The more artists and collectors use the Pastel Network for creating, trading, and storing NFTs, the higher the demand for PSL tokens, which can drive up the PSL crypto price. Increased adoption of Pastel's protocols like Sense and Cascade also contributes to higher demand​.
3. Technological Developments: Innovations and improvements in the network’s technology can positively impact the PSL token price. Enhancements in security, scalability, and new features that attract more users can increase PSL’s value.
4. Market Sentiment: The overall sentiment in the cryptocurrency market influences PSL's price. Positive news, partnerships, and developments in the broader crypto ecosystem can lead to increased investor confidence and higher PSL coin price​.
5. Deflationary Mechanisms: PSL has a built-in deflationary mechanism where a portion of transaction fees is permanently burned, reducing the overall supply. This reduction in supply can help increase the token's value over time as demand grows​.
6. Pastel Token Staking and Rewards: The ability to earn rewards by staking PSL and running SuperNodes encourages holding rather than selling tokens, which can reduce supply on exchanges and support higher prices​.

By staking PSL and operating a SuperNode, you contribute to the network’s security and decentralization while earning rewards. Here’s how PSL staking works:

1. Create a Pastel Wallet: First, you need to create a wallet that supports PSL tokens. You can download and set up a Pastel wallet from the official Pastel Network website.
2. Acquire PSL Tokens: Purchase PSL tokens from supported exchanges such as KuCoin. You can also bridge PSL to Wrapped PSL (WPSL) if you prefer using decentralized exchanges like Uniswap.
3. Set Up a SuperNode: To stake PSL and become a SuperNode operator, you must run a full node and stake exactly 5,000,000 PSL. SuperNodes validate transactions, secure the network, and earn rewards through staking and transaction fees.
4. Stake Your PSL: Staking involves holding 5,000,000 PSL in a single UTXO (unspent transaction output). You can do this by configuring your wallet and node to meet the staking requirements. Once your PSL is staked, your SuperNode becomes part of the active set that validates blocks and earns rewards.
5. Maintain and Operate Your SuperNode: Regularly maintain your SuperNode to ensure it remains active and continues to validate transactions. This includes performing any required updates and monitoring the node’s performance.