What Is Paloma And What Does It Do?
Paloma is a Cosmos-SDK blockchain protocol for sending and receiving messages from any other blockchain. Paloma’s design aims to enable any developer to control any smart contract from the Paloma network. Paloma may be compared to the numerous cross-chain messaging protocols currently exploding into the cryptocurrency ecosystem, but with a few key differences.
Paloma messages are bidirectional between chains. For example, developers may write solidity programs on Ethereum L1 that control contracts running on Osmosis or Fantom. Paloma’s pigeons monitor these bidirectional messages and come to a consensus on their execution, success, and subsequent logical call for further execution.
Paloma’s messages are natively scheduled and may be repeated. All Paloma messages are structured to be scheduled and repeated, as needed, with advanced gas fee management on the target chains.
Paloma gas fee management is itself a decentralized oracle for gas fee markets. Any blockchain approved by Paloma governance for message routing will reveal a fee oracle for the gas market. Paloma developers can predict and assess gas costs, on any blockchain, from within Paloma. Paloma validators are compensated for gas fee management from the usage of the gas fee oracle.
Paloma’s governance role is to encourage innovation on Paloma, via spending proposals from the large community pool that will be a substantial portion of GRAINs, the Paloma protocol native token. Governance also aims to protect the chain’s survival during times of unforeseen stress that will be a part of this chain’s early life.
Paloma validators can receive additional rewards and compensation for being good messenger pigeons through the Paloma gas fee oracle. As validators will need to monitor nodes on any blockchain approved by governance, we wish to ensure that paths to revenue for validators from emissions and from fees will match the increasing cost of monitoring the explosion of public blockchains.
The Archangel Pigeon:
Archangel is a very beautiful pigeon breed and is known popularly for its metallic sheen all over the body. The body of this bird is bronze or gold with wings that are black, white, or blue in color. They can be easily identified by their dark orange eyes and clean legs.
Taking First Flight With Paloma testnet-5
Paloma-testnet-5 deployed on June 17, 2022, was the first public testnest for Paloma. This testnest was meant to test the deployment and public creation of the Paloma network. The Volume team never imagined that this would attract scores of pigeons and become the biggest network of validators in the network’s history. The Volume team wishes to thank the entire flock of community pigeons from Russia, Turkey, Indonesia, and others for spreading their wings to compete for active set participation on the network. However, the Paloma testnest is not an incentivized testnest and we are aware that this will be bad news for many validators who desperately want to compete for a slot on the active set and a chance for genesis GRAINs. There will be no mainnet or genesis GRAINs for Paloma testnest validators and developers due to the adverse selection nature of incentivized testnet rewards. However, there is a path to community spend rewards from the Paloma community pool at mainnet. Community members that use Paloma cross-chain messaging features to send and receive messages on any of the Paloma target mainnet will display their Proof of Gas spending. Paloma will design the distribution of Paloma NFT eggs that we hope will capture this proof of gas in a transferable digital asset that may qualify for future GRAINs. We will actively support community spending proposals on Paloma mainnet that will reward Paloma’s pigeons that use the messaging protocol’s features on target mainnet chains. We cannot predict the future, but Paloma’s view is that mainnet transactions from Paloma testnests will be the best way to reward early validators and community members.
The Flock Launches Paloma-testnet-6
The week of June June 26 will see the following events.
Paloma will also celebrate the winner of the Paloma Twitter competition for the most liked and most RT Twitter meme for Paloma Grains. This past week’s testnest faucet issues and the node syncing issues were shared pain for all pigeons, including the Volume team. We wish to thank the Paloma pigeons who have helped other pigeons in the community troubleshoot their validator nodes’ participation in the active set. We thank all the pigeons to ask all the questions to give us perspective on the critical areas for improvement of the network.
Volume will create a tagged release for Paloma-testnet-6 to come online as a new network by Friday, July 1st. This testnest will allow Pigeons to send messages to Ethereum mainnet from the Paloma network. This ability to directly send messages to mainnet will require Paloma’s pigeon flock to spend gas fees on the Ethereum mainnet from the Paloma testnest. Volume’s team will be launching a special NFT program to distribute assets to the Ethereum addresses that are mapped to the Paloma addresses that execute on the network. Paloma will announce the launch of the Paloma-testnest-6 to the community via our telegram channel: https://t.me/palomachain. The network will be a new network. All testnet GRAINs from Paloma-testnest-5 will be lost.
Grow The Flock!
COO! COO! Paloma is for the best pigeons. Welcome to the new flock and we thank you, the early flock. Please share your feedback on this post in our telegram channel here: https://t.me/palomachain. Also, please be sure to star our Github project here: https://github.com/palomachain/paloma. Also be sure to follow Paloma on Twitter here: https://twitter.com/paloma_chain. The more pigeons that join our Telegram, star our GitHub and follow us on Twitter, the bigger the flock will grow. As the flock grows, so will demand, and the use, of GRAINs.