PLT pricePLT $0.0624

"Palette" is a blockchain network for issuing, managing and distributing digital items. Users are free to transfer ownership of digital items and utilize them in applications.

Palette allows digital items to be handled as Non-Funjible Token (NFT) on its own blockchain, Palette Chain. The Palette Chain is a blockchain specifically designed for the issuance, management, and distribution of digital items in the entertainment field, and has been designed to fit business models. Furthermore, Palette Chain can be connected to multiple blockchains, including Ethereum, and can function as a crosschain platform that serves as a hub for the issuance and distribution of NFTs.

Palette Token (PLT), a cryptocurrency, will be issued to ensure the stable operation of the Palette as a decentralized platform. By developing foundations for NFT and cryptocurrency, we aim to bring an update to the content industry which Japan takes pride in with blockchain technology. There is great potential for the market to be realized by the spread of NFTs, but in the entertainment area where Palette are focused, there are still issues to be solved at present for further market expansion, and the main example is Ethereum. So, I think there are four major issues. 1.Instability of gas fees 2.Deterioration of user experience due to gas fees 3.Lack of cross-chain infrastructure 4.Governance on blockchain

To address these issues, Palette proposes to use a private chain specialized for NFTs instead of issuing NFTs on Ethereum. Private chain refers to the case where the administrators of the blockchain network are limited. At Palette, Palette Consortium which is composed of many companies will build a consortium-type private chain "Palette Chain" in charge of operating the blockchain. 1.Stabilization of gas fees 2.Gasless design for general users 3. Development of cross-chain infrastructure 4.Governance by consortium