Palm Network and Polygon unite to revolutionize the crypto and NFT market, backed by major sports and entertainment partnerships.
With collaborations with major sports and entertainment companies like MLB, NASCAR, WWE, Netflix, and Warner, Palm Network, which is already well-known for its role in transforming the NFT market, has announced a new crypto relationship with Polygon.
The exciting news for creative, sports, and entertainment enthusiasts was recently released by The Palm Foundation, the nonprofit organization that supports the Palm Network. The foundation has just made public its partnership with Polygon Labs to create the Polygon ZK Supernet, a project that will dramatically scale the Palm Network to handle rising demand.
The purpose of this partnership is to promote innovation, improve accessibility, and establish a healthy market for artists, collectors, and fans.
Following Netflix, Polygon and Palm Network are working together to advance innovation in the cryptocurrency and NFT industries
PalmNetwork provides fans with distinctive digital treasures through the minting of active drops on the network by collaborating with Candy Digital, a leading provider of digital collectibles.
In addition, one of the partners establishing the network is HENI, a renowned provider of art services connected to well-known artist Damien Hirst.
With more than 1.7 million wallet addresses and 6 million transactions completed, Palm Network’s entry into the Polygon Supernets ecosystem will increase the accessibility of creating, selling, and collecting digital assets.
A two-step migration process is included in the roadmap for this change. By the first of August 2023, the Palm Network will switch to a Proof-of-Stake (PoS) chain.
Then, with the help of Polygon Labs and ConsenSys, it will transition to a Supernet Zero-Knowledge (ZK), known as zkL2, in 2024.
This upgrade intends to make the Palm Network a zkEVM multiprover by delivering high speed, security, and scalability.
Innovative technology from Polygon Labs, Polygon Supernets, offers high-performance, adaptable, and affordable settings perfect for initiatives like Palm Network.
Through the changeover, Palm Network will be able to smoothly interact with Ethereum and the rest of the Polygon 2.0 ecosystem, taking advantage of their enormous liquidity and getting rid of isolated assets in the NFT market.
The Palm Foundation’s executive director, Andrea Lerdo, expressed excitement over the change and urged designers, companies, and developers to embrace Palm’s new age as Polygon Supernet.
Lerdo emphasized that users will be able to explore the future of blockchain technologies, have improved experiences, participate in new governance procedures, and take advantage of educational possibilities as a result of the migration to Polygon Supernets.
Progress made by the Palm Foundation
The Proof-of-Contribution (POC), a special collectible that can only be acquired by actively participating in the Palm ecosystem, has been introduced by the Palm Foundation.
Community members can choose their own access and influence inside the Decentralized Autonomous Organization (DAO) by taking part in events, taking courses, and contributing to the ecosystem.
Through this technique, people can directly affect the grant program of the PalmFoundation and, in the future, the overall governance of the Palm Network.
The Palm Network is more than just a platform for collecting and appreciating art. Through the Palm Academy, which connects learning with blockchain technology, it also supports education.
After finishing courses, both professors and students have the chance to accumulate POC, making education rewarding and providing a way to get more involved in the Palm network.
Another ground-breaking project is PalmDAO, which gives artists the ability to self-organize via an open-source, on-chain DAO-as-a-service. This allows people to have a meaningful influence and exercise self-determination.
Network modernization to a Supernet Polygon
A critical turning point has been reached for the Palm Network, which will formally debut on August 1, 2023, with the upgrading to a Supernet Polygon.
The Palm Network is at the fore of a new era of creativity and innovation, with a strong focus on democratizing art and technology, supporting education, decentralizing, and cultivating a vibrant ecosystem. It will certainly reach new heights thanks to the collaboration with Polygon Labs, a company well-known for creating scaling solutions for Ethereum. This will give creators an unrivaled platform to interact with their fans and unlock the power of blockchain technology.
This collaboration strengthens Polygon’s position as the top scaling solution in the Web3 ecosystem by including the Palm Network in the increasing list of companies using its Supernets.
The Palm Network ushers in this new era and provides a platform for innovators, sports fans, and entertainment enthusiasts to actively engage, make important contributions, and influence the worldwide development of Web3.