IOST (IOST) is now the latest member of the HashPalette blockchain network. HashPalette aims to revolutionize the world of crypto-collectibles by making value transfer as seamless as possible via non-fungible tokens (NFTs).
IOST (IOST) Joins HashPalette
The world is going entirely digital and distributed ledger technology (DLT), the building blocks of bitcoin (BTC) and other cryptocurrencies is rapidly revolutionizing art as we know it, via non-fungible tokens (NFTs).
In 2020, the NFT market grew by a massive 705 percent to hit $338 million from a meager $42 million three years ago and the future of these crypto-collectibles looks quite bright as more and more investors are beginning to catch the NFT fever.
HashPalette Inc., a Tokyo-based blockchain project established in 2020, is looking to put Japan at the frontline of the NFT movement just as China is leading the central bank digital currency (CBDC) revolution.
However, the team is not embarking on this huge mission alone. Hashpalette has joined forces with several leading blockchain projects including NEO, Ontology, Icon, and now, IOST (IOST), among others, to form a formidable consortium, whose primary mission is to make the distribution of content through NFTs much easier.
The Palette Consortium
Notably, HashPalette has revealed that its ecosystem is powered by the Palette blockchain, a decentralized network operated by consensus nodes through a staking mechanism. And IOST (IOST) has now been chosen as one of the projects that will govern the Palette Consortium.
Commenting on the exciting development, Terrence Wang, Co-founder, and CTO of the IOST Foundation said:
“Palette aims to update content distribution in the entertainment industry through blockchain technology. It is also very important to note that Palette is a project originating from Japan, a nation that has long positioned the entertainment and related industries as a very important area of its soft power in the world. The IOST team will work closely with Palette to provide the best NFT experience for users around the world!”
It’s no news that Ethereum is yet to find a permanent solution to the issue of crazy fees and network congestion that has plagued it for years now. And IOST’s Wang firmly believes that HashPalette has all it takes to function as a better alternative to Ethereum.
“Palette is a unique private blockchain platform dedicated to NFTs. It addresses many of the issues hindering the mainstream adoption of Ethereum-based NFT, and we believe it is an excellent alternative to Ethereum.”
Indeed, great things have been happening in the IOST ecosystem since its launch in 2016 and the team remains determined to keep pushing the project to greater heights by forging solid alliances with highly-reputable projects.
As reported earlier in January 2021, Binance (BNB), the world’s number one crypto exchange became a partner node in the IOST ecosystem, staking a massive 800 million IOST on the network.
At press time, the price of IOST is up by 8.55 percent in the 24-hour timeframe, trading at $0.04129, with a market cap of $674.10 million, as seen on CoinMarketCap.