pNetwork is a cross-chain composable system that allows assets and non-fungible tokens (NFT) to move freely between blockchains. It has officially cooperated with Algorand, which is a purely proof-of-stake blockchain, dedicated to decentralized finance The integration with traditional finance has launched a cross-chain bridge for the Algorand ecosystem.
pNetwork has received a grant from the Algorand Foundation to create a pNetwork-driven bridge for Algorand to connect with external assets and ecosystems. With the continuous development of the cryptocurrency industry, the development of alternative financial platforms is on the rise. The key element for the success of these assets is the liquidity of the assets. At present, in the case of decentralization, the liquidity of the assets is distributed in multiple independent blockchain protocols. Similar to all blockchain-based networks, Algorand is located in its own ecosystem, and it is inherently difficult to interoperate with other protocols and assets such as Bitcoin or Ethereum.
pNetwork’s PNT-driven pToken bridges are designed to solve this problem: they provide a universal, simple, and secure foundation that makes it possible to move tokens across blockchains.
Algorand, which has more than 750 organizations using its technology, can easily create next-generation financial products, agreements, and exchange of value between the Department of Defense, financial institutions, and governments.
The collaboration between Algorand x pNetwork focuses on expanding the Algorand ecosystem-through pNetwork, Algorand will support top-level cryptocurrencies that are pinned to its basic native version 1:1 and transparently transferred from one blockchain to another.
“The Algorand Foundation is very pleased to work with pNetwork to bring cross-chain interoperability one step closer,” said Sean Lee, CEO of the Algorand Foundation. “It is important to enable assets and tokens in other chains to move freely on the Algorand network. An exciting step. In our vision for the new financial future-FutureFi, we will promote a new financial model that combines historical finance, decentralized finance and personally managed finance.”
pNetwork supports the largest number of cross-chain connections in the industry, enabling assets and data to be transferred between networks. As pNetwork nodes continue to power the evolving ecosystem, and pNetwork’s own PNT tokens are available on more and more ecosystems, the project focuses on achieving meaningful connections between multiple blockchain environments . Currently, the cross-chain connections supported by pNetwork include Bitcoin, Ethereum, Dogecoin, Litecoin, Binance Smart Chain, Polygon, xDAI, EOS, Telos and Ravencoin.
Algorand will initiate interoperability with other blockchain environments through pNetwork-the connection between Algorand and other networks will be put into use in the summer of 2021.
Thomas Bertani, head of the pNetwork project, said: “Our goal is to promote the development of the blockchain industry by connecting innovative dApps to the entire market.” “Through pNetwork, Algorand-based financial applications can access greater encryption. Market and open to the thriving DeFi ecosystem”.
By connecting multiple DeFi ecosystems, pNetwork aims to support the growth and development of dApps, such as lending platforms, decentralized exchanges, stablecoins, etc.
pNetwork is the basic architecture of pTokens. pToken is a cross-chain system that allows assets to move smoothly from one blockchain to another. pNetwork Portals provides cross-chain interoperability between smart contracts. power. Currently, pNetwork enables transparent interaction between major blockchain protocols (including Bitcoin, Ethereum, Binance Smart Chain and Dogecoin). pNetwork is a gradually decentralized governance layer that runs the pToken bridge and pNetwork portal. It is the location of pNetwork DAO and PNT, the management token of the ecosystem.
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