Updated on January 22, 2022
The Palm network
What’s the Palm network?
The Palm network is an Ethereum sidechain dedicated to selling, purchasing, and trading NFTs that are associated with real-world and digital assets.
The Palm network uses IBFT 2.0 proof of authority (PoA) consensus, with network validators being run by key stakeholders. IBFT 2.0 is over 99% more energy efficient than proof of work (PoW) networks. The initial group of validators for the Palm network will expand over time as additional validators are added, further increasing the resilience of the network.
An automated bridge relay service connects payment tokens, like DAI, and NFTs on Ethereum and the Palm network, with bridging contracts deployed on both networks to manage the connection. Fees collected from this bridge are partially used to purchase carbon offsets.
Why develop on the Palm network?
Powered by the PALM token, the Palm network ecosystem enables creators and artists to mint energy-efficient NFTs with low gas fees and fast transaction finality.
Palm is a fully Ethereum-compatible network, allowing you to deploy any EVM-compatible smart contracts and use standard, familiar Ethereum tools during application development.