Introducing Palm Sidechain - Dan Heyman

so very quick just intro as to as to who i am as as luke said i'm the co-founder of nft studio i'm nifty studio develops uh nft projects on the palm side chain and today i'm mostly going to talk about the palm side chain why i think it's interesting who some of our partners are in that effort including protocol labs how you might perceive building on it then i'll talk a little bit about the studio because i'm a co-founder it can help a little bit of shameless self-promotion by way of background so as luke said i spent the last four years at consensus i sort of grew the protocol engineering group there from about two people to 60 65 where it is today we have an ethereum one implementation called hyperledger basu hyperledger base is actually the foundations foundation of uh palm as well we have an ethereum two implementation called taku which i also encourage you to check out and then we have an enterprise ethereum implementation called consensus quorum that has something like thirty percent of the overall enterprise launching market and when i was a consensus building these sort of production grade enterprise grade solutions for jpmorgan or mastercard or some of the other clients it occurred to me that that same technology exposed publicly could solve some of the challenges that nfts have in the ethereum ecosystem i'm a big believer in the ethereum ecosystem they want to keep projects similar to your ecosystem and so as that background and consensus has led to the creation of palm and common energy studio before before getting more technical i think it's always interesting to stop and think where nfps are today where they might be going a lot of people have different views on the future of nft is going to be valuable we've seen some incredibly successful projects from crypto native art to sort of nba top shops top of the list in terms of capturing existing ip and leveraging this new technology expanded we've seen some really exciting projects like maxi infinity and zed runs do native games with blockchain i think there's a ton of innovation and a ton of uncharted territory still ahead for us my personal belief is that in three to five years the vast majority of nfts will be given away for free there will be fan activation and engagement and rewards and we're going to use nft's still as collectibles a little bit and sort of crypto art will still be important and always be important but the thrust of it will be really the connection point between creator fan and the activation point between creator and fan and that that looks a bit different than the way nfts are largely uh thought about today or at least implemented today and it also premises on the fact that it's uh just as important for existing brands as crypto native brands and so a lot of what we do at palm nft studio is trying to work with leading artists creators brands and how they can use this technology and evolve so you know palm is that that's sort of the background in our thesis um we launched palm the side change or a soft launch eight weeks ago now it's gotten increasing usage over the last couple weeks uh in particular last week we saw the first major projects on it um sort of got to see some major throughput on the system which is exciting there were a few fundamental design principles that we wanted to solve with bom and the first of course the scalability everyone needs a scalable solution particularly if we think you know high volume nft is going to be the future gas fees are of course a challenge with ethereum but the the one that surprised me most in terms of customer feedback or what brands and ip owners and creators are looking for is the environmentally friendly angle if i've sort of been ted's deep in the crypto space for a while and in the crypto space we talk about sustainability we talk about the importance of it but it's sort of a it generally seems like it's more of a secondary concern but for creators for artists for brands for consumers it's very much rightfully solar primary concern and so we wanted to design a chain that could sort of meet the needs of sustainable brands and sustainable customers that said we wanted all this to live within the ethereum ecosystem so i believe deeply in ethereum i think that is my bias i think ethereum brings the most innovation the most developers the most tooling the most existing projects so we also wanted to make sure everything was as compatible as possible with ethereum so that's that's sort of what we set out to do um in in practice what this means is we set up a network based on hyperledger basin hyperledger basu is a ethereum client you can use it to run the theory of mainnet nodes if you want and a number of people do but it also has a consensus mechanism that you could swap out for alternative purposes one of the consensus mechanisms you can put in place for proof of work is a variant of the pbft families this one is called ibft or qbft and to skip the jargon it's rotating proof of authority so it requires a trusted validator pool that's sort of the downside in terms of in terms of decentralization and for that downside you get a number of benefits you get a chain that's fully evm compatible you get a chain that has long predictable gas fees high throughput at around 100 to 300 transactions per second per day today but we we know how to scale that much more we've scaled the solution all the way up to 10 000 transactions per second um and then fast deposit withdrawal from ethereum so our bridge which is live has sort of hit some production like speed bumps in the last few days but the fastest transactions are going over the bridge in under 15 minutes even under five minutes and we're targeting all transactions going in the bridge and you're 15 minutes moving forward and so these are these are all nice properties the other nice property and the thing that's sort of implicit in all this is that the technology is not brand new this isn't sort of technology we're testing so to speak this is the core protocol is something that we've deployed a number of times in production which is which is pretty awesome and the other point here is this this is a collaborative effort uh with a number of folks so palm nifty studio is obviously uh invested in the success of the network we're far from the only one here's just a few a few projects i wanted to call out because another dev tools are super important protocol labs has been a supporter of bomb from day one all the nfts you currently out on palm are stored via ipfs and filepoint and we're continuing to sort of our collaboration for decentralized storage solutions infuria hosts palm and hosts you know ipfs and instance and so you can use uh inferior's pinning service and other things like nft.storage on today consensus is one of the leading validators on the network through fira which exposes the apis truffle integrates very nicely into the bomb as well i don't want to go too deep here but there's about a dozen sort of key projects that are already launching upon so as we roll out our network it's really exciting and validating our hypothesis that staying as close to the ethereum ecosystem is really important and we're starting to see that take up uh at the beginning and so you know what do i mean by inferior compatibility so there's a there's a bunch of layers of the stack probably one if we're being honest missing from this diagram in terms of data apis maybe but the the nice thing about pom since it runs hyperledger basu it's like literally the same evm it could process net so all the app codes are supported it's the same api interfaces it's also hosted by inferior so we have the same infrastructure we've had projects tell us it's a matter of an hour and a half to fully transition their project their product from ethereum to pom that's that's pretty remarkable so you can redeploy your smart contracts the solidity code will work you can connect to the same inferior api endpoints from chain id and then just as importantly the nfts that you mint on one chain can move across the other and vice versa currently our bridge only supports 721s and we're planning to add additional support on the bridge and so that's an ongoing effort until it's really important to us so i've said this a few times with that sort of high level compatibility with ethereum is like absolutely core design principle for us and something we think is super important um you know so just to reiterate this if you want more info there's docs.pom.io that's for getting started you can also join our discord which is available via our website io the the concept behind palm and for the tech stack is really really simple you know it's an evm compatible side chain it's uses rotating proof of authority to get scalability it's hosted by infira it's kind of rich back to mainnet and we're having an increasing number of third-party projects deploy there's one thing i mentioned uh or should have mentioned that i didn't yet it's also really important to us uh palm the side chain requires you know a native token palm to pay gas but we we're not selling it we're not trying to make money off it we're giving it away for free to developers and projects who need the token to do things on cheap and we're also asking those partners to give it away for free to load their users so they can do things the real the real goal of this token is to be a utility token to pay gas in the future govern the network it is not something that we're trying to monetize and so if you want access to that faucet or or want any information about any access to that you can find some information on docs.com i'll also give out my email at the end of this so you can get started yeah so that's that's sort of the whirlwind pretty brief technical overview stepping away from the technical bit i wanted to talk also a little bit about palm nifty studio which is sort of the company i lead you know palm the side chain is it's an open network it's hosted by infira consensus funds a bunch of nodes io builders nifties we've got a bunch more people bringing nodes on board about nifty studio is a company committed to deploying projects on pump and you know you can think of ourselves as sort of part creative studio and part technical layer api so the the most recent project we did was in collaboration with uh henny you can go to henny.

com to see more here i don't know how many in this audience are familiar with damien hurst damien is uh by many measures he are one of the most successful contemporary fine artists and he made 10 000 physical pieces of art back in 2016 around the concept of art being currency sort of all we usually think of art is this thing we sort of stick on our wall and it stays there and it can't move and he was wondering well can art actually be exchanged more often and traded more often he did this before nfts were really a thing and so when we were talking to him he had this brilliant idea of of using nfts as the way to run this experiment and test whether these nft whether whether our work could be exchanged like this how people use it how people interact with it we love the project because it uses the technology to extend and expand what is capable with the artwork and right now we're posing to all users a really interesting question oh and there's a really interesting question so if you own a damien hurst nft you have one year to burn the nft at any.com the burning option will go live every two months but once that option is live you'll have one year to burn the nft and claim the physical if you don't earn the nft and claim the physical after one year the physical will be burned and you're stuck with the digital so it's kind of asking the question do people care more for the digital the physical and i'm very interested to see the data that comes back i personally plan to keep mine in the digital i've heard a lot of people want to buy two so they can have one of each uh it would be an interesting experiment we were able to sell obviously 10 000 of them we had 35 30 35 000 people apply for over 70 000 nfts um the second year market in the last week has been really robust both on henny.com on the palm side and on openc on the main net side and and for this one you know palm and empty studio obviously did none of the creative damien hurst did all the creative but we worked with them to design the project and help implement the drop which which we're really proud of other project we did recently was sort of the opposite in terms of problematic studio's role it was a collaboration with warner brothers and nifties.com nifties.com sort of was the site of the experience that this happened through it uh they they did the technical implementation design of the game and and palma nifty studio was responsible for the creative assets like the visual nfts and what you see and we're really proud of this one as well so there were two rounds of drops the first round 90 000 ft's were claimed and sold within a number of hours uh the second round i think the number was into the six figures so it's one of the largest nft projects in terms of number of nfts number of users engaging with those nfts i think these two projects are good examples of our capabilities so we've got the technical ability to implement new projects but we want to marry that with deep creative capabilities it can do justice to and really showcase existing brands for us for us this technology will go mainstream when major brands are using it to extend what they can do the major brands will only do that when they think the technology will do justice to their work and so having that world-class creative team is absolutely crucial to our vision as well and so you know i was told to speak for about 20 minutes and that was that was 19.

um so not so bad you can find us on pawn.io doctordocs.com there's the discord so everyone has it my email is dan d-a-n-pom.io feel free to reach out to me if you have any questions i feel compelled to make the plug that we are hiring in all departments everywhere so creative products technical content if you're back in engineer full stack engineer front end devops tech writer we have a ton of open roles if you don't see an open role that meets your profile but you're still interested in working with us email me but we'd love to receive that email and with that let me let me take a sip of water and see if there's any questions