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About PLT
- Palette: a blockchain network for issuing, managing, and distributing digital items as Non-Fungible Tokens (NFTs) on its own blockchain, Palette Chain.
- Palette Chain: a blockchain designed for the entertainment field, connectable to multiple blockchains, including Ethereum, and functioning as a crosschain platform.
- Palette Token (PLT): a cryptocurrency ensuring the stable operation of Palette as a decentralized platform.
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Four major issues in the current NFT market:
- 1. Instability of gas fees
- 2. Deterioration of user experience due to gas fees
- 3. Lack of cross-chain infrastructure
About PLT: Unlocking the Power of Decentralized Finance
“Palette” is a decentralized blockchain network designed for the issuance, management, and distribution of unique digital assets. Users are empowered to seamlessly transfer ownership of these digital items and leverage them within various applications.
Palette enables the handling of digital items as unique, non-fungible tokens (NFTs) on its proprietary blockchain, Palette Chain. This bespoke blockchain is specifically designed to facilitate the issuance, management, and distribution of digital assets within the entertainment sphere, with a focus on accommodating diverse business models. Notably, Palette Chain can seamlessly integrate with multiple blockchains, including Ethereum, thereby functioning as a cross-chain platform that serves as a central hub for the creation and distribution of NFTs.
Palette Token (PLT), a cryptocurrency, will be introduced to ensure the seamless operation of Palette as a decentralized platform. By establishing foundations for NFTs and cryptocurrencies, we aim to revolutionize Japan’s esteemed content industry through the innovative application of blockchain technology. The market potential of NFTs is vast, but in the entertainment sphere, where Palette is focused, several hurdles hinder further market expansion. Specifically, four key challenges persist, exemplified by Ethereum: 1. Unpredictable gas fees, 2. Deterioration of user experience due to gas fees, 3. Inadequate cross-chain infrastructure, and 4. Governance on blockchain.
To mitigate these issues, Palette proposes the utilization of a private chain, specifically designed for NFTs, as an alternative to issuing NFTs on Ethereum. A private chain, by definition, refers to a blockchain network with limited administrators. At Palette, the Palette Consortium, a collective of diverse companies, will establish and operate a consortium-type private chain, dubbed “Palette Chain”. This bespoke chain will prioritize:
1. Stabilization of gas fees
2. Gasless design for general users
3. Development of cross-chain infrastructure
4. Governance by consortium