ConsenSys, a well-known company in the Ethereum ecosystem, plans to launch a Palm platform for working with non-fungible tokens (NFT). It should compete with the Flow platform.
It takes a significant amount of gas to create smart contracts for NFT, and, accordingly, the process is very costly. But the Palm platform will be 99% more efficient than conventional platforms, ConsenSys says. In fact, it will be a third-party solution on the Hyperledger Besu sidechain, which will only connect to the Ethereum blockchain. This will significantly reduce the commission for the creation of collectible tokens.
The launch date for Palm is still unknown, but the developers said that the third version of the Uniswap decentralized exchange will support Palm at launch. And the launch of Uniswap v3 is scheduled for May this year.
ConsenSys CEO Joseph Lubin has already secured support from British artist Damien Hirst – The Currency Project will be the first on the Palm platform.
“I am very pleased to see how new technologies like NFT are changing the way we view content and inspiring artists and other content creators to do more. NFT and DeFi will bridge the chasm between art and finance, and the Palm platform will help in this and make blockchain and Ethereum more popular in the world of art and pop culture, ”said Joseph Lubin.
In addition to Uniswap v3, the platform will be supported by the Meme project, Nifty’s social network, Treum and EulerBeats projects, Joseph Lubin’s venture fund Ethereal Ventures and Protocol Labs. The sidechain will support the popular Metamask wallet, and the infrastructure will be managed by Infura.
Note that amid the NFT boom, the number of ERC-721 smart contracts used to issue non-fungible tokens in the Ethereum network has exceeded 19,000.
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