Negligible Fees with Anthony Georgiades

Fortune Teller Podcast

Today on the Fortune Teller Podcast, we have Anthony Georgiades Co-Founder of Pastel Network. The Pastel Network is a peer-to-peer decentralized platform to securely register, trade, and collect NFTs. One of Pastel’s core features is the Negligible Fees. With the high gas costs on the Ethereum Blockchain, some have to spend $500 worth of ETH to make a single artwork NFT, which ends up excluding most digital artists in the world. The Pastel Network keeps the cost to register an artwork minimally below $.05, ensuring that transacting is affordable irrespective of network exhaustion or the underlying price of PSL. We ensure low fees in Pastel with a mechanism that automatically adjusts the required registration fees based on how much the mining difficulty has increased for PSL over time. Users incorrectly believe that NFTs are minted and exist in a decentralized manner on the blockchain. However, NFTs are really only non-fungible to the extent they refer to the actual token, not ownership of the rare asset itself. Storing an NFT’s metadata and assets on a centralized server or using IPFS for the maintenance of files makes any creator or owner vulnerable to the loss of assets if the centralized entity shut down or if the protocol links were to go dead. Pastel ensures that the digital asset itself is uploaded, verified, and registered on the Pastel blockchain — rather than just the token with which it is minted. Via smart tickets on the Pastel ledger, one can store their masterpieces in a distributed fashion across Supernodes, as opposed to just ensuring the token is non-fungible. The sophisticated storage layer, leveraging the RaptorQ fountain code algorithm, breaks an asset up in a series of redundant chunks. Each chunk has certain random fragments of the combined file and is distributed redundantly across participating Supernodes. Pastel is user-friendly, with a PastelID, a system that ensures creators and collectors can share their PastelID key on their website or various social media account, as opposed to the confusing string identifiers associated with pub/priv key pairs. Every aspect of Pastel was carefully designed to account for intuitive user-flow and understanding. Pastel uses the zk-SNARK system introduced by Zcash, allowing for provably secure “shielded” (private) transactions that can be validated by the network without disclosing the receiving address. PSL is the native cryptocurrency on the Pastel Network, allowing participants to securely register and store their assets on the Pastel Network. The data written inherits all the security properties of the Bitcoin-like cryptocurrency, providing a solid foundational layer. For more, visit https://pastel.network/ -- The Fortune Teller podcast is a discussion between industry leaders in blockchain and financial technologies. The podcast focuses on the development of blockchain-based financial services and outlines the current state of the industry and future predictions for the adoption of decentralized finance. Go to www.teller.finance/