This article was first published on Stories by IOS Foundation on Medium
2 March 2021, IOST is announced as one of the first projects to join the Japan-based HashPalette blockchain network.
Hashpalette Inc. (Headquarters: Tokyo, CEO: Seihaku Yoshida / Yuuki Matsubara) officially operates a testnet of the blockchain network “Palette” specializing in the entertainment field on March 2, 2021.
Palette, A Blockchain Optimized for NFT & Entertainment
Palette is a blockchain network optimized for the distribution of content using Non-Fungible Token (NFT) and aims to enhance the global distribution of content from Japan via blockchain.
Palette’s key features include the implementation of cross-chain technology, which enables the NFTs issued on it to be transferred to other blockchain networks. Testnet supports cross-chaining with three blockchain networks: Ethereum, NEO, and Ontology, and plans to expand the number of supported parties in the future.
Palette is a blockchain network operated by consensus nodes based on a staking mechanism. The consensus nodes will form a “Palette Consortium” to provide governance for Palette.
Currently, the first batches of projects that join Palette include well-known companies such as IOST, ONT, NEO, ICON, CoinCheck, Huobi Japan, OKCoin Japan.
Terrence Wang, Co-founder and CTO of the IOST Foundation highlights
“Palette is a unique private blockchain platform dedicated to NFTs. It addresses many of the issues that hinder the adoption of Ethereum-based NFTs, and we believe it is an excellent alternative to Ethereum. Palette has a deep and important goal to update the entertainment content industry with blockchain technology. It is also very important to note that Palette is a project originating from Japan. Japan has long positioned the entertainment and related industries as a very important area of Japan’s soft power in the world. This is a great opportunity to update the country’s appeal with the latest technology. And the IOST team will work closely with Palette ...
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