The NFT boom is an interesting era for digital artists, which has seen a huge leap in the way technology allows them to create works, but has not yet gone too far in changing the way they create. While pioneering cryptocurrency artists have received the most attention so far, other artists with more institutional influence are entering the token world. One of the biggest hurdles is the environmental issues related to the ethereum blockchain, which requires massive energy usage to launch new artwork and generates incredibly high transaction fees, which triggered the first batch due to concerns about the climate change controversy among artists.
In recent months, several blockchain products have emerged. These blockchain products are expected to bring benefits to Ethereum with higher speed, lower cost and lower energy usage. The most famous is Dapper Labs Flow blockchain, the engine that powers its NBA Top Shot product. Today, we saw the debut of a new second-tier entrant called ConsenSys from Palm, which operates as a sidechain on the Ethereum mainnet, but will be compatible with the popular metamask cryptocurrency wallet.
As part of the Palm conference, artist Damien Hirst announced that he will be launching an NFT project on the Palm NFT Studio on the platform. This is his first project, the "coin project." Ethereum, knowing the implications of its current system, plans to put PoS into use in order to achieve an energy reduction in its processes, but it is not yet determined how this will be done. Currently, the network relies on a PoW system much like Bitcoin, which uses a way to prioritize the next block on the chain. This block consumes a lot of energy and increases with network traffic. Increase and become denser.
That's why the cryptocurrency mining business must continually invest in the latest hardware to maintain its edge and use more electricity. PoW eliminates most situations, but instead selects nodes in the network to mine the next block based on reputation or their current share. There are some real security flaws that require solutions, although many members of the cryptocurrency community are unhappy with these promises, despite supporters believing that environmental concerns should be prioritized. In the press release, the team behind Palm stated that the ecosystem is 99% more energy efficient than the proof-of-work system.
Unlike Dapper Labs Flow, Palm benefits from interfacing with the ethereum developer community, which was mentioned in today's announcement, which includes several industry associations such as Nifty. This news is accompanied by details of Dapper Labs incredible $305 million fundraising event this morning, which will provide the company with the support it needs to consolidate the Top Shot momentum.
For now this has been my post for today, I hope you like it, thanks for reaching this part of my post and spending some of your valuable time reading my post, it won't be until soon that I will post something else again. God bless you, remember to stay safe and take care of yourselves and your family members. A "puñito" (🤜🤛) greeting from Venezuela.