Palm Network was initially built as an Ethereum sidechain, providing key tools to let creators and artists share, create, and sell their works as tokenized assets
Palm Network is making the big move over to Polygon, outlining a new plan to deploy on the network’s Supernet by 2024.
The two-step process begins today, indicating a shift from its current proof-of-authority (PoA) consensus mechanism to a proof-of-stake (PoS) mechanism by next Tuesday.
The second step, scheduled for 2024, will be a full move over to Polygon.
Palm Network was initially built as an Ethereum sidechain, providing key tools to let creators and artists share, create, and sell their works as tokenized assets.
Eminent British artist Damien Hirst is among several other artists building on Palm. He released his work ‘The Currency’ there back in 2021.
The move to Polygon in 2024—particularly its highly-scalable app-specific chains known as Supernets—is aimed at continuing to scale its suite of tools for even more brand names and artists to make the change to Web3.
We want to scale the network to be the final destination for any creator that wants to explore Web3, Palm Foundation director Andrea Lerdo told Decrypt. We want to provide fans with a new channel to interact with their preferred brands, themes, sports, or players.
These Supernets are part of Polygon’s recent network upgrade, which will see its native MATIC token deprecated and introduce the POL token. Polygon 2.0, as the network is called, will also introduce supernets built particularly for financial markets, NFT creation, and other niche use cases. These Supernets are expected to provide zero-knowledge (ZK) technology down the line too.
Originally launched by ConsenSys in 2021, the shift to Polygon’s tech stack instead of deploying on ConsenSys’ newly launched layer-2 solution Linea was a rare instance of cooperation in such a competitive industry.
We are all living in a bear market. It is time to begin cooperating at the same time as we compete. And Palm is the ideal platform to do that, Lerdo said.
With Polygon offering technical support and ConsenSys providing business development and marketing, Lerdo acknowledges it is “a very difficult time for us in the middle.”
Still, the balancing act is nevertheless “interesting,” with Lerdo adding that onboarding contributors to Palm “will be beneficial not only for the companies, but for the ecosystem overall.”