Animoca Brands joins the Palette Consortium governing the Palette blockchain
4 March 2021: Animoca Brands is pleased to announce that it has joined the Palette Consortium as a consensus node operator to assist in the governance of Palette, a new blockchain network developed by Hashpalette.
Hashpalette is a joint venture company of the blockchain firm HashPort and Link-U, a public company listed on the first section of the Tokyo Stock Exchange (#4446) and operating the leading Japanese manga mobile app with 13+ million monthly active users (MAUs).
Palette blockchain is operated by consensus nodes based on a staking mechanism. Palette is optimized for content distribution using non-fungible tokens (NFTs), and aims to enhance global distribution of content made in Japan. A major feature of Palette is that it implements a cross-chain technology, allowing NFTs issued on Palette to be transferred to other blockchain networks. Palette is currently in the testnet phase and supports cross-chain with three blockchain networks: Ethereum, NEO, and Ontology, with a plan to expand to other blockchains in the future.
In addition to Animoca Brands, other members of Palette Consortium include Link-U, HashPort, Coincheck, OKCoin Japan, Huobi Japan, Ceres (first section of the Tokyo Stock Exchange #3696), Neo Foundation, Ontology Foundation, IOST Foundation, ICON Foundation, and HashKey DX.
Yat Siu, co-founder and chairman of Animoca Brands, commented: “We are always looking for ways to facilitate mass adoption of blockchain and NFTs, including solutions to the problems of high transaction fees and long transaction times. That’s why we are excited to become a node operator for Palette, the new blockchain dedicated to non-fungible content for popular entertainment.”
Yuuki Matsubara, representative director and president of Link-U, commented: “We have promoted the digitization of content business with various partner companies based on our unique server and distribution technology. We believe that blockchain and NFT will be key to the next stage of content business growth. We are pleased to work with strong partners as a consortium to achieve this.”
Seihaku Yoshida, representative director and president of HashPort, commented: “Since its founding, HashPort has been working on the expansion of many overseas blockchain projects in Japan. Therefore, it was our long-cherished desire to create a blockchain project that can compete in the world from Japan. We are very pleased to be able to build a new blockchain with many partners to support the world-famous content that Japan is proud of. I would like to grow Palette, which has a cross-chain function and the potential to become a hub for content distribution in the Web3.0 era, into a blockchain that represents the world.”
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About Hashpalette
Representative: Seihaku Yoshida, Yuuki Matsubara
Location: 5-17-2 Minami Aoyama, Minato-ku, Tokyo
Establishment: March 2, 2020
Capital: 70 million yen (including capital reserve)
Official Homepage: https://hashpalette.com
[Business Description] Research and Development of blockchain technology, blockchain-based content business, and consulting in the content area.
About Animoca Brands
Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain, gamification, and artificial intelligence technologies to develop and publish a broad portfolio of products including the REVV token and SAND token, games such as The Sandbox, Crazy Kings, and Crazy Defense Heroes, as well as products utilizing popular intellectual properties such as Formula 1®, Marvel, WWE, Garfield, Snoopy, Power Rangers, MotoGP™, Formula E, and Doraemon. Animoca Brands’ portfolio of blockchain investments and partnerships includes Lucid Sight, Dapper Labs (creators of CryptoKitties), WAX, Harmony, and Decentraland. The Company is based in Hong Kong, United States, South Korea, Finland, Argentina, and the Czech Republic. Subsidiaries include The Sandbox, Quidd, Gamee, and nWay. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook or Twitter.