What Is Pastel (PSL)?

Pastel is a platform that supports all non-fungible tokens (NFTs). It is a decentralized peer-to-peer forum that securely trades, registers, and gathers NFTs. The platform aims to provide an opportunity for its users to launch applications, incorporate them directly with new protocols, or build and collect on the platform’s native marketplace. In other words, the platform acts as a native decentralized ledger created only for the NFT ecosystem.

Pastel enables the advancement of third-party decentralized applications (dApps) to be placed on top of its network, allowing developers to benefit from the scalable registration features, security of the ecosystem, and storage processes. Pastel seeks to provide creators a platform on which restricted edition NFTs can be traded and registered on the blockchain and where creators can build loyal fans and receive royalties on future trades.

The platform provides average costs on transactions and reasonable gas fees. Pastel has a distributed storage system that maintains NFT data. Moreover, the platform has been designed to be intuitive and navigable with very little effort. Pastel is considered a completely green platform with an intention to contribute to carbon offsetting. Pastel also leverages the unconventional consensus mechanism, cybersecurity standards, and cryptography techniques.

PSL is the digital, native cryptographically secured utility token of the platform. The PSL token functions on a purpose-built blockchain and forms the basis for accessibility. The PSL token empowers a borderless, permissionless economy for NFTs. The token has been designed to enable NFT transactions such as trading or minting and power validation, staking, and governance.

Users can use PSL tokens to generate Pastel IDs, submit tickets, mint NFTs, and perform open API requests. Moreover, users can initiate and vote on different proposals using PSL tokens.

History of Pastel (PSL)

Pastel is developed by an entrepreneurial group of blockchain developers, cryptographers, marketers, fund managers, and digital artists that have been working on the Pastel platform for over two years. Jeffrey Emanuel is the founder of Pastel Network. He has a bachelor’s degree in mathematics from Reed College. Alexey Kireyev and Anthony Georgiades are the cofounders of the platform. The total supply of PSL tokens is 21 billion.