pNetwork, a cross-chain composability system that allows assets and Non-Fungible Tokens (NFTs) to move freely between blockchains, has officially partnered with Algorand, the pure proof-of-stake blockchain aimed at the convergence between decentralized and traditional finance , to launch cross-chain bridges for the Algorand ecosystem.
pNetwork has received a grant from the Algorand Foundation to create a pNetwork powered bridge for Algorand to be connected to external assets and ecosystems. As the cryptocurrencies industry continues to evolve, the development of alternative financial platforms is increasing. A critical component to the success of these activities is asset liquidity, which in the decentralized scene is currently spread across multiple independent blockchain protocols. Like all blockchain-based networks, Algorand sits within its own ecosystem, naturally difficult to interact with other protocols and assets such as Bitcoin or Ethereum.
PNetwork’s PNT-powered pTokens bridges are designed to solve this problem: they provide a common, simple, and secure foundation for enabling token movement across blockchains.
With more than 750 organizations utilizing its technology, Algorand enables the easy creation of next-generation financial products and protocols and enables the exchange of value between the financial institutions, financial institutions and governments.
The partnership with Algorand x pNetwork is aimed at expanding the Algorand ecosystem – through pNetwork, Algorand supports the best cryptocurrencies linked 1: 1 to their underlying native versions and transferred transparently from one blockchain to another.
“The Algorand Foundation is delighted to partner with pNetwork to bring easy cross-chain interoperability one step closer,” said Sean Lee, CEO of the Algorand Foundation. facilitating a new financing model that merges historical finance, decentralized finance and personally managed finance in our vision of a new future of finance – FutureFi. “
pNetwork powers the industry’s largest number of cross-chain connections, allowing assets and data to be transferred across networks. As pNetwork nodes continue to power a growing ecosystem and pNetwork’s proprietary PNT token is available on more and more ecosystems, the project aims to enable meaningful connections between multiple blockchain environments. Cross-chain connections currently supported by pNetwork include Bitcoin, Ethereum, Dogecoin, Litecoin, Binance Smart Chain, Polygon, xDAI, EOS, Telos, and Ravencoin.
Algorand will launch interoperability features with other blockchain environments through pNetwork – the connection between Algorand and other networks will be live in the summer of 2021.
“We want to advance the blockchain industry by connecting innovative dApps to the entire market,” said Thomas Bertani, project leader at pNetwork. “Through pNetwork, financial applications that build on Algorand will gain access to 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 loan / loan platforms, decentralized exchanges, stablecoins and much more.
The pNetwork is the underlying architecture for pTokens, a cross-chain system that allows for frictionless movement of assets 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 gradually decentralized governance layer serving the pTokens bridges and pNetwork portals. It is home to the pNetwork DAO and the ecosystem governance token PNT.
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