Palette, what is it? It’s a blochchain network to mint, manage and trade digital content as NFT. Get all the relevant information and the direct link to the official website.
Palette is a blockchain network for issuing, managing and distributing digital items. Users are free to transfer ownership of digital items and utilize them in applications.
In the past, the advent of the Internet brought information into the digital space, and now with the advent of Bitcoin, the digitization of currencies is about to be realized. Furthermore, with the advent of Ethereum, various values beyond currencies have begun to circulate on the Internet. On the other hand, since Ethereum is used in various business areas and business models, issues such as soaring gas fees and instability due to fluctuations in supply and demand are also recognized.
Palette allows digital items to be handled as Non-Funjible Token (NFT) on its own blockchain, Palette Chain.
The Palette Chain is a blockchain specifically designed for the issuance, management, and distribution of digital items in the entertainment field, and has been designed to fit business models.
Furthermore, Palette Chain can be connected to multiple blockchains, including Ethereum, and can function as a crosschain platform that serves as a hub for the issuance and distribution of NFTs.
Palette token: PLT:
Palette Token (PLT), a cryptocurrency, will be issued to ensure the stable operation of the ecosystem as a decentralized platform. By developing foundations for NFT and cryptocurrency, we aim to bring an update to the content industry which Japan takes pride in with blockchain technology.
PLT holders can delegate their PLT to specific members of the Palette Consortium and participate in the governance of the Palette Chain.
Delegation refers to locking your PLT to a specific node. As explained in detail in Chapter 5, the ecosystem rewards that nodes participating in the Palette Consortium receive in PLT are proportional to the amount of PLT each node has. That is, a node can earn more rewards by being delegated a PLT from a PLT holder.
PLT holders can evaluate the nodes participating in the consortium and distribute more rewards to specific nodes through a delegation mechanism. Therefore, PLT holders, including users, act as auditors of the consortium and promote the sound operation of the entire ecosystem.