This NFT blockchain protects your digital assets from NFT scammers – TechCrunch

Through Anthony Georgiades, co-founder of Pastel

NFTs can no longer be viewed as the next phase in the ever-changing cryptocurrency landscape – the unique approach to owning digital assets is now well established and has the potential to develop a market as large or even larger than Bitcoin. NFTs create new opportunities for digital asset ownership by providing a unique opportunity to improve control over traditional liquid assets. Since NFTs can be used to track ownership of everything, including digital land purchases in virtual worlds, music and game releases, the possibilities for NFT use cases are rightly endless.

Millions of NFT users see the recent proliferation of the NFT market and mainstream adoption as just the tip of the iceberg for NFT expansion, but for hackers and fraudsters, the NFT industry is a gold mine for rug pulls and an easy option To facilitate hacks. Even the most famous NFT collections like Bored Ape Yacht Club and CryptoPunks, which boast some of the highest minimum prices in the industry, have fallen victim to the predatory tactics of these scams. With this in mind, the Layer 1 NFT blockchain is Pastel network Developed novel technologies that have been proven to provide any user with access to a secure solution for storing and authenticating NFTs.

Pastel Network has developed its own blockchain specially designed for NFTs, which offers improved reliability, sustainability and transparency for the NFT ecosystem. Any NFT application launched on Pastel benefits from the network’s innovative protocols. These include Sense, a sophisticated verification system that can detect subtle differences in NFTs, and Cascade, a distributed storage protocol that provides a permanent on-chain solution for NFTs.

pastel Co-founder Anthony Georgiades believes the ecosystem needs a platform that can provide secure, trustworthy, and reliable services to really tackle this looming problem of security hacking that NFT marketplaces, developers and collectors are still struggling to overcome.

Though some implement NFT marketplaces Prohibitions With collections floating between plagiarism and parody, there are still many instances where NFTs are sold with mirrored and identical properties, leaving collectors wondering if they really own a rare digital asset. Pastel colors sense The protocol was created to assess the relative rarity of a given NFT versus nearly duplicate metadata. Sense, a near-duplicate detection system, quantifies the rarity of NFTs and provides insights into the rarity of a digital artwork by giving it a rarity value between 0% (completely a duplicate) and 100% (completely unique) comparing each asset with a digital fingerprint . The Sense protocol provides any user, regardless of the source of the asset, with a trusted method of verifying authenticity by comparing it to others across the ecosystem.

Through this protocol, Pastel Network NFTs converts NFTs into a fixed list of over 10,000 numbers using deep learning models, algorithms and statistical techniques. The protocol can then determine the relationship between a particular “fingerprint” and a reference database of all existing fingerprints on the Pastel platform, Web2 databases, and NFT marketplaces such as Rarible. Using SuperNodes or independently operated supercomputers running powerful software on the network, Pastel can perform various checks on the database and can be integrated into any third party network such as Solana via a light open API.

Credit: Pastel network (opens in a new window)

In the first few days of the new year, the trading volume of NFT marketplaces grew exponentially, with marketplaces like OpenSea having their best day in Ethereum trading volumes and the industry hitting record highs. However, to sustain the industry’s long-term growth, users need platforms that offer a comprehensive solution for unlimited storage.

For those familiar with the field, IPFS is the most popular digital asset storage solution in the chain, removing external dependencies and providing decentralized digital asset storage solutions. However, this model was not designed specifically for NFTs, so it is still flawed.

Since IPFS owners are also responsible for maintaining the data, the NFT disappears when the owner stops maintaining the data. Pastel’s Cascade protocol breaks the NFT data into pieces, replicates and finally redistributes it to each SuperNode on the network. This decentralized distribution ensures that the NFT stays on the network forever, so there are no concerns about memory or security breaches. In addition, users can be assured that NFTs will be fully recoverable even if a network disruption causes most SuperNodes to fail.

Pastel Network’s state-of-the-art, open source protocols provide the best protection against the fraud and rug pull threats creators and collectors are constantly exposed to. These outstanding protocol standards are essential to the sustainability of the NFT ecosystem.

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