March 2021 is off to a momentous start on Bitcoin.com Exchange as we continue to add to our ever-expanding coin and token portfolio. Today, we’re excited to announce that Pastel Network (PSL) will be available for trading on the platform on Friday this week, 10:00 am UTC.
What is Pastel Network?
The Pastel Network is a blockchain-powered platform that allows artists and collectors to publish and purchase art in digital form. The platform turns digital works into non-fungible digital assets so that users can freely trade works without intermediaries or risk of fraud. The native token of the network is built on the Pastel Protocol, a blockchain-based on Bitcoin, Dash, and ZCash. With PSL, users can trade artwork quickly and transparently, within a decentralized, peer-to-peer platform.
How does it work?
Like many contemporary cryptocurrency projects, Pastel Network draws inspiration from several pre-existing blockchains. The project was initially built upon ZCash, a fork of Bitcoin, and uses the EquiHash algorithm to produce new blocks every 2.5 minutes. For private on-chain transactions, the network implements Zk-SNARKs, a novel form of zero-knowledge cryptography.
What are the benefits of Pastel?
Pastel was created to address long-standing issues that have plagued artists and collectors alike. By leveraging blockchain technology, Pastel gives creators and enthusiasts the ability to trade art on a transparent, decentralized platform that has automated curation rules and ensures permanent digital provenance.
This means that artists can rest assured that they’ll be compensated for their work in a timely fashion, and buyers can be sure that they’re receiving genuine goods.
To learn more about Pastel Network and their technology, visit their Wiki.
Pastel launches on Friday, March 5th at 10:00 AM UTC. Join our Telegram community to stay updated!