Penta (PNT) is the technology that connects different blockchains for a seamless flow of data across them. Penta seeks to act as a "universal blockchain connector." While doing so, Penta ramps up the use of blockchain technology in real-world applications.
The hype surrounding blockchain has resulted in a surge in related entrepreneurship. However, interoperability has become a major issue with so many new initiatives and blockchain-related platforms popping up. Blockchain interoperability is the communication mechanism between two or more blockchains. There is a gap between blockchain technology and real-world economics due to the lack of easy data flow among different networks.
New-generation blockchain technology aims to address interoperability and scalability issues, allowing distributed ledger technology to be employed in the real world. Aiming to connect different blockchains, Penta seeks to establish three types of links: blockchain-blockchain, blockchain-digital networks, and on-chain off-chain. Transactions that are available on the blockchain (distributed ledger) and visible to all nodes on the network are on-chain transactions. On the other hand, off-chain transactions are value transfers outside of the original blockchain. Penta strives to create a blockchain platform that supports the real-world economy, powers Smart Economy applications, and benefits daily.
Aiming to become a universal blockchain connector, Penta's approach starts with the Five Dimensions of Connectivity. These include Identity, Credibility, Value, Transferability, and Economy. Penta acknowledges the importance of integrating digital identification solutions into a blockchain platform, making it the first of the five dimensions. The additional characteristics of Credibility, Value, Transferability, and Economy are concerned with how users can store valuable assets on digital networks and exchange products and services. Intending to demonstrate its vision, Penta launched Blockchain Rice that allows users to scan a QR code and receive information on the supply chain of the rice they purchased. Similarly, Blockchain Garbage enables the municipal government to track waste management and raise awareness to separate waste and recyclables.
The native governance token of the platform is PNT, which governs the platform on three levels. Depending on the votes received and the number of tokens staked, nodes assume the role of:
