Begin by setting out four 8 oz. ramekins.

Place the cold water in a small bowl and sprinkle the powdered gelatin over it in an even layer. Allow it to set and thicken.

Put 1/2 cup of whipping cream and sugar in a medium pot and heat it while stirring occasionally over medium-low until steaming and hot to the touch, about 140°F. The sugar should also be completely dissolved.

Remove the pot from the heat and add the gelatin. Stir it in until the gelatin has dissolved.

Whisk in the cream, vanilla extract, and vanilla bean paste, then divide the mixture between the ramekins. Place them in the refrigerator until the panna cotta is completely set. This should take about six hours, but it’s best to leave them overnight.

To release the panna cotta from the ramekins, hold each one in a bowl of warm water for a few seconds. Run the very tip of a sharp knife around the top to release it from the edge of the ramekin.

Set a small plate on top of each ramekin and turn it over to flip it onto the plate. Shake it gently. If it doesn’t release, hold the ramekin in the warm water for a few more seconds.

Serve immediately with any toppings desired (see the post for ideas). Store any leftover panna cotta in the refrigerator, covered.