Wigwam is the best Palm blockchain crypto wallet

Palm Blockchain review

Palm is a decentralized blockchain that serves as the foundation of a sustainable and scalable ecosystem for non-fungible tokens (NFTs). Also, Palm is EMV-compatible, empowering developers to deploy Solidity-based smart contracts and create NFTs with low gas fees.

Origin and Vision

In 2021, Daniel Heyman and a team of Ethereum protocol engineers launched the Palm blockchain to empower developers and artists. Initially operating as an Ethereum sidechain, it enabled users to create cost-effective, energy-efficient NFTs with fast transaction finality. Since then, Palm has seen over 3 million NFTs minted, and with over 1 million wallet addresses, the network has processed more than 4 million transactions.

Key Milestones

In 2022, the Palm network collaborated with Chainlink to simplify how enterprises issue, track, and manage NFTs across blockchains. It involved integrating Chainlink oracle services, including CCIP for cross-chain interoperability, Price Feeds for exchange rates, and VRF for random number generation.

The following year, Palm announced its NFT infrastructure migration to the Polygon Chain Development Kit (CDK) chain, completing its first step towards becoming a Polygon zkEVM chain by Q1 2024. It's a significant milestone that aims to strengthen Palm's position in the NFT market by offering users improved features and providing dapps with enhanced speed, security, and scalability.

What Consensus Algorithm Does Palm Blockchain Use?

Palm uses the PolyBFT consensus algorithm (a variant of IBFT) and Proof-of-Stake, where network validators are run by key stakeholders like collectors, artists, and developers. In PolyBFT, validators take turns mining blocks and confirming transactions to earn token rewards. Over time, the number of validators for the network increases. To become a validator, a user needs to create an AWS account, generate keys, run a node, and sync to the chain's tip. Then, request whitelisting, register with the supernet manager contract, stake with the stake manager on Ethereum, and start their node as a validator to receive rewards in PALM tokens per epoch.

How Palm Technically Solved Problems with Scalability, Decentralization, and Speed

The Palm blockchain uses the PolyBFT and Proof-of-Stake consensus algorithm to successfully solve scalability, decentralization, and speed issues. It scales the network through validators who mine blocks, confirm transactions, and set a gas limit of 18.8 million per block. This prevents the network from becoming overloaded with many transactions simultaneously, ensuring high transactional throughput.

To decentralize the network, this mechanism promotes inclusive decision-making. It encourages active involvement from collectors, artists, developers, and the wider community in governance and development activities, like the Palm Creator Collective (PCC) Grants Program.

Key roles within the Palm blockchain are as follows:

1. Creators
2. Developers
3. Validators
4. NFT Sellers and Buyers

DeFi Ecosystem on Palm

Palm currently lacks DeFi apps, but it aims to facilitate their development through collaboration with Polygon SDK chain. Polygon is widely recognized for its effectiveness in creating dApps. Developers can easily customize DeFi apps to meet their specific needs using Polygon's tools and software development kits (SDKs).

Palm NFTs Marketplaces

The Palm NFT ecosystem offers platforms for creating, purchasing, and selling digital artworks. Users willing to partake should consider exploring Heni or DC Collectible Comics.

Favorite DC character collections and collectibles are available for trading in the DC Comics NFT marketplace. Also, Heni is for trading and collecting NFTs representing unique art, music, and creative works.

Tokenomics and Gas Usage on Palm

The use cases of PALM token are as follows:

1. Network Fees: Users pay fees for transactions and smart contract deployments on the network using PALM tokens.
2. Stakeholders Rewards: PALM tokens are awarded to contributors, creators, and partners for providing unique and valuable digital content. Also, they are recognized for their involvement in community-driven initiatives, such as events and campaigns, contributing to the development of the network.
3. Governance: Community members can participate in the network development by using PALM tokens to vote on platform upgrades and management rights.

Conclusion

The Palm blockchain is designed for trading non-fungible tokens linked to real-world digital assets. Its ecosystem empowers artists and creators to create NFTs using Ethereum libraries and development tools