pNetwork, a cross-chain composability system that allows assets and non-fungible tokens (NFTs) to move freely between blockchains, has officially teamed up with Algorand, the pure proof-of-stake blockchain that focuses on the convergence between decentralized and traditional finance. Launch cross-chain bridges for the Algorand ecosystem.
pNetwork has received a grant from the Algorand Foundation to create a pNetwork-based bridge for Algorand to connect to external resources and ecosystems. As the cryptocurrency industry evolves, the development of alternative financial platforms increases. A crucial component for success is the liquidity of the assets, which in the decentralized scene is currently spread over several independent blockchain protocols. Similar to all blockchain-based networks, Algorand is in its own ecosystem that is inherently difficult to work with other protocols and assets such as Bitcoin or Ethereum.
The PNT-based pTokens bridges from pNetwork were developed to solve exactly this problem: They provide a universal, simple and secure basis to enable the movement of tokens over blockchains.
With more than 750 organizations using its technology, Algorand enables the easy creation of financial products, protocols and next-generation value sharing between Defi, financial institutions and governments.
The collaboration with Algorand x pNetwork focuses on expanding the Algorand ecosystem. Via pNetwork, Algorand supports top cryptocurrencies that are tied 1: 1 to the underlying native versions and are transparently transferred from one blockchain to another.
“The Algorand Foundation is excited to partner with pNetwork to take cross-chain interoperability one step closer,” said Sean Lee, CEO of the Algorand Foundation, facilitating a new funding model that brings historic finance, decentralized finance and personally managed finance into our vision of a new one Future of Finance – FutureFi – brings together. “
pNetwork supports the industry’s highest number of cross-chain connections and enables the transfer of assets and data over networks. As pNetwork nodes continue to power a growing ecosystem and pNetwork’s own PNT token is available in more and more ecosystems, the project focuses on enabling meaningful connections between multiple blockchain environments. Currently, pNetwork-supported cross-chain connections support Bitcoin, Ethereum, Dogecoin, Litecoin, Binance Smart Chain, Polygon, xDAI, EOS, Telos and Ravencoin.
Algorand will start interoperability functions with other blockchain environments via pNetwork – the connection between Algorand and other networks will be live in summer 2021.
“We want to drive the blockchain industry forward by connecting innovative dApps with the entire market,” said Thomas Bertani, project manager at pNetwork. “Via pNetwork, financial applications built on Algorand can access the larger crypto market and open up to the thriving DeFi ecosystem.”
By connecting multiple DeFi ecosystems, pNetwork aims to support the growth and development of dApps such as credit / credit platforms, decentralized exchanges, stable coins and much more.
The pNetwork is the underlying architecture for pTokens, a cross-chain system that allows assets to be smoothly moved from one blockchain to another, and pNetwork portals, which enable cross-chain interoperability between smart contracts. Currently, pNetwork enables transparent interaction between major blockchain protocols, including Bitcoin, Ethereum, Binance Smart Chain and Dogecoin. pNetwork is the increasingly decentralized governance layer that operates the pTokens bridges and pNetwork portals. This is where the pNetwork DAO and the governance token PNT of the ecosystem are located.
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