Palm Network Strengthens Collaboration with Polygon, Introduces NFT Creator Roadmap July 28, 2023 July 28, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 28, 2023 by Kelly Cromley

Palm Network Strengthens Collaboration with Polygon, Introduces NFT Creator Roadmap

Palm Network intends to strengthen its collaboration with Polygon by introducing a comprehensive plan that seeks to reduce expenses for nonfungible token (NFT) creators venturing into the Web3 domain. The firm, supported by ConsenSys, holds the belief that this newly developed platform will significantly improve operational effectiveness, proving advantageous for both NFT creators and brands venturing into the realm of Web3.

The deployment of the roadmap on Polygon’s Supernet is scheduled for completion by 2024, encompassing two distinct phases. The initial phase is currently underway. Palm Network is planning to undergo a transition from its existing proof-of-authority (PoA) consensus mechanism to adopt the proof-of-stake (PoS) mechanism by August 1st. The upcoming phase, scheduled for implementation in 2024, entails a comprehensive transition to the Polygon platform.

Palm Network was initially established as an Ethereum sidechain, offering a range of indispensable resources for creators and artists to collaborate, generate, and market their tokenized assets. The network’s capabilities have been significantly enhanced through the recent merger with Candy Digital. This expansion has allowed the network to effectively host intellectual property from highly esteemed brands like Warner Brothers and Major League Baseball. Palm Network has played a significant role in supporting renowned artists such as Damien Hirst, notably through their involvement in the release of ‘The Currency’ in 2021.

In 2024, the transition to Polygon’s Supernet, known for its exceptional scalability, is intended to enhance the scalability of solutions and cater to a larger number of brands and artists who wish to participate in the Web3-based domain. Andrea Lerdo, an executive at Palm Foundation, highlights the network’s dedication to establishing itself as a highly desirable platform for creators. The foundation aims to offer fans distinctive chances to engage with their preferred brands, players, sports, and themes.

Polygon is set to undergo a significant network upgrade known as Polygon 2.0. This upgrade will introduce a new feature called Supernets, which specifically aims to cater to the needs of the financial markets. Additionally, Supernets will also facilitate the creation of niche use cases and support the development of Non-Fungible Tokens (NFTs). The network’s objective is to integrate zero-knowledge (ZK) technology by means of the Supernet.

The decision made by Palm Network to choose Polygon’s technology stack, instead of Linea Network, was driven by a request from Joe Lubin to enhance the network’s scalability in the face of a difficult market environment. Lerdo recognizes the importance of maintaining a harmonious equilibrium between competition and collaboration. In this regard, Polygon offers its expertise in technical support, while ConsenSys takes charge of marketing and business development. This strategic alliance proves to be highly advantageous for both organizations as well as the wider ecosystem they operate within.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.