Palm is a new NFT-optimized blockchain network for culture and creativity, built by and for the open Ethereum ecosystem. The Palm Network offers low gas costs, fast transaction finality, and a 99%+ reduction in energy consumption as compared to Proof of Work systems.
Palm was built by a world-class team of Ethereum protocol engineers led by Daniel Heyman, former Co-Founder and General Manager of ConsenSys’s protocol engineering division. The vision of Palm was to provide the Ethereum ecosystem with a solution that solved the challenges faced by many artists, creators, platforms, and users working with NFTs on mainnet Ethereum today to keep them a part of the Ethereum community rather then having them seek out other networks or communities.
To that end, Palm has been designed to have a developer experience as close to (if not identical to) Ethereum as possible. At the protocol layer, Palm is an EVM-based sidechain. This means that smart contracts written for mainnet Ethereum will run on Palm with minimal if any modifications, and developers who have spent countless hours learning Solidity and best practices for Ethereum smart contracts don’t have to pick up a new language. At the API layer, developers can access Palm through Infura APIs just like they do for Ethereum using the same API endpoints – no new integrations required. Finally, familiar wallets and developer tools like MetaMask and Truffle work with Palm out of the box, again creating a familiar experience for developers.
For more information on building on Palm, deploying smart contracts, or using the Bridge to move assets from Ethereum mainnet, check out our developer docs.
Blockchain networks based on Proof of Work mining consume a lot of energy. This is by design, as the energy expended to process transactions is part of the security model that protects the network from would-be attackers. Palm uses a different security model that ditches the high energy consumption and instead relies on a pool of known validators to secure the network from malicious third parties.
While mainnet Ethereum has plans to phase out Proof of Work mining over time to a more environmentally friendly mechanism called Proof of Stake, Palm provides an immediate solution to the ecosystem that allows eco-conscious artists and brands to dive into the world of NFTs without the heavy environmental footprint.
In its early days, Palm will rely on a pool of known validators to secure the network. While the Palm team believes the network is sufficiently decentralized to meet the needs of the Ethereum blockchain community in the short-term, it cannot be argued that it is less decentralized than a network like public Ethereum where anyone can participate in the mining process. This tradeoff was made in order to ensure that the network met the scalability, usability, cost, and environmental requirements of the various community stakeholders at launch. Long-term, Palm plans to evolve into a Layer 2 solution for NFTs. While some teams are driving forward with Layer 2 solutions today, it is the belief of the Palm team that Layer 2s are not ready for prime time with NFTs.
More information on the Palm network roadmap will be shared on our blog in future posts.
To get started building on Palm, check out our developer docs.
Yes, there is. If you’re a developer and would like access to the testnet, send us your information here and you’ll get provisioned.
PALM is the native token of the Palm blockchain network. Like other blockchain networks, PALM is used to pay for transaction fees (“gas”) whenever a user submits a transaction on the network. In this form, it is an essential utility that both prevents network spam and supports critical network infrastructure.
The PALM token will also carry governance rights, allowing community members to take part in the evolution and growth of the Palm network. Governance capabilities are not currently active but are expected to be rolled out later this year.
PALM is not available for purchase.
PALM will be freely distributed to users, creators, and partners who bring activity and value to the Palm network. These distributions in turn provide recipients with the ability to further transact on the network and participate in network governance.
You can read about the various ways developers, platforms, users, and creators can obtain PALM tokens here.
No. Any PALM tokens you see right now are fakes. Scammers will often send Palm tokens to wallets of known people (popular traders, public figures, etc) to trick people who are following their wallets into buying fake tokens that only the scammer can sell.
PALM tokens can only be obtained through the channels mentioned here.
No. There are no plans for a token sale.
PALM tokens can only be obtained through the channels mentioned here.
The Palm Partner Rewards Program was designed to support developers and platforms who build their businesses and drive activity to the Palm network. If you are operating a business on Palm or considering integrating your platform into Palm and want to learn about the Palm Partner Rewards Program, get in touch with us.
The Palm Network Creator Collective is a protocol-supported grant program that provides PALM to support the development of creative works in the Palm ecosystem. Keep an eye on the Palm blog for more information on the launch of the Palm Network Creator Collective.
Go to https://app.palm.io/configure and follow the onscreen prompts. This is an important step, and everyone must do this.
It usually takes just a few seconds. If your transaction takes longer than a minute, contact Wyre support here. We are topping up small amounts of PALM into each user’s account who buys DAI via Wyre (or who brings DAI across the bridge). Because of the way we watch for transactions on Wyre, this can sometimes take an extra 10 minutes to arrive.
The bridge process depends on congestion and gas fees on the Ethereum network. The bridging process normally takes a few minutes (up to fifteen). If your transaction is taking longer, contact ConsenSys support here. We will check on the progress for you.
Currently, Palm charges a flat fee regardless to create a streamlined user experience. In instances where fees on the Eth network spike due to network congestion, bridging will take longer. These periods are normally very brief, anywhere from ten minutes to an hour.
The current system is structured to help protect newcomers unfamiliar with these concepts. In the future, Palm will allow users flexibility in choosing between gas costs vs processing speeds. This will help prevent people from wasting gas, or their transactions from getting stuck.
You must first transfer DAI to the Ethereum mainnet using the Palm bridge, and then send to your exchange wallet address. If you try to send DAI tokens directly on the Palm network, they will be stuck, and you will not be able to access your funds. Only exchanges are able to access the tokens.
If you have already tried to send funds to your exchange without using the bridge, you should let them know to see if they can recover the funds. Palm will also work with the exchanges to assist them with this. Get in touch with us, and we can keep you informed of any updates.