Palm is an NFT-optimized blockchain that is fully interoperable with Ethereum network and allows the deployment of any Ethereum EVM-compatible smart contracts. The Palm ecosystem, based on the PALM token, allows artists to create NFTs with low gas fees and fast transaction completions.
Palm’s development started in 2021. It was created by a team of Ethereum protocol engineers led by Daniel Heyman, former co-founder and CEO of the ConsenSys protocol development division. The Palm team aims to provide the artists, creators, and other Ethereum users with a solution that will spare the users from having Ethereum-related issues, such as paying high fees. At the same time, this solution allows the users to stay in the Ethereum community, rather than seek out other networks or communities.
The Palm network uses the IBFT 2.0 consensus for authority validation (PoA). The initial group of validators for the Palm network will expand over time as additional validators are added, further enhancing the resilience of the network. However, in the first phase, the validator nodes will be managed by key stakeholders and technical partners.
The PALM token is a proprietary token for the ecosystem and is needed to cover transaction fees the Palm network requests. Also in the future, the PALM token will also carry management rights, allowing community members to participate in the development and growth of the Palm network.
PALM will be distributed free of charge to users, creators and partners who bring activity and value to the Palm network. The tokens, in turn, provide recipients with the opportunity to make further transactions and participate in the management of the network.
Palm's blockchain development and maintenance are handled by the Palm NFT Studio, made up of representatives from the technology, entertainment, crypto-art and art industries. In addition to direct blockchain development, the studio provides customized creative services to artists and rights holders who want to create NFT trading platforms and work on Palm. Palm NFT Studio was founded by ConsenSys founder and Ethereum co-founder Joseph Lubin; film producer and Heyday Films owner David Heyman; and world-class art-house founder HENI Group Joe Hage. The team is led by co-founder and CEO Dan Heyman, former general manager of ConsenSys.
Why did Bitcoin Pass $47,000 in Early January?
Jan 09, 2024
How Did the CertiK X(Twitter) Hack Happen?
Jan 06, 2024