What Is pNetwork (PNT)?
As per the whitepaper, pNetwork (PNT) is a decentralized network of validators that verifies crypto-asset switches across blockchains. In simple terms, the network enables cross-chain movement of assets. pNetwork is an open, independent, public network that operates on Ethereumand seeks to bridge many blockchains, thereby allowing the movement of crypto liquidity.
Currently, the composability is limited and possible only to the platform a decentralized application (DApp) is built on. A critical component for these DApps to succeed is assets’ liquidity, which is currently spread across multiple independent blockchain protocols in the decentralized scene. Overcoming these challenges is becoming difficult with the growing cryptocurrencyindustry. pTokens aims to solve this issue by providing general-purpose, a secure foundation to make any tokenmovement possible at any blockchain. pNetwork allows the transfer of assets into more than ten supported blockchains, including Bitcoin, Ethereum, Dogecoin, and more.
As discussed earlier, the pToken system aims to bridge various blockchains that allow the movement of crypto liquidity. This bridging and cross-chain movement of assets is ensured by issuing pTokens, that are 1:1 pegged tokens with the underlying asset. Pegged cryptocurrency is a digital medium of exchange tied to other mediums of exchange like gold or the currency of any nation. pToken removes the need for an intermediary by creating a crypto-economic incentive through its PNT governance token.
PNetwork aims to offer the following features:
pNetwork is secured by multi-party computations and trusted computing, aiming to make attacks expensive and impractical.
pNetwork can handle many bridges so that any useful connection across blockchains can come to life.
Anyone can become a pNetwork validator and can analyze the management and transactions.
PNT is the governance token of pNetwork. Initially launched on the Ethereum network as an ERC-777 token standard, PNT is leveraged internally to offer operations for both validators and DAO members. As per the litepaper, the PNT token can be called an incentive for validators and a means for the community to participate in the pNetwork DAO’s voting mechanism. Furthermore, PNT tokens can be staked to earn yield on them. A minimum of 200K PNT tokens are required to stake.
History of pNetwork (PNT)
pNetwork was launched in 2021. The project lead of pNetwork is Thomas Bertani. He is a long-time blockchain expert and currently works for Bitcoin and Ethereum as an entrepreneur and consultant. Alice Corsini is from operations with many years of experience in blockchain and cybersecurity fields.
