Algorand Partners With pNetwork To Build Cross-Chain Bridges
After receiving a grant from the Algorand Foundation, pNetwork and Algorand have consolidated their partnership. The cooperation will build cross-chain bridge power by pNetwork to connect Algorand to external networks and increase assets and token liquidity in its ecosystem.
pNetwork, a system composed of multiple validators to achieve cross-chain composability, will allow assets to be interoperable with Algorand, a pure Proof-of-stake blockchain. This network is natively complex to be connected with other protocols. The cooperation is set to tackle this issue and expand Algorand ecosystem.
The cooperation will enable Algorand to support some of the most relevant tokens and cryptocurrencies in the industry, such as Bitcoin (BTC), Ethereum (ETH), Binance Smart Chain (BNB), Litecoin (LTC), EOS, Polygon (MATIC), and many others. These cryptocurrencies are already cross-chain connected with pNetwork, the system has one of the highest numbers of bridges in the crypto space.
Algorand And pNetwork To Create More Connections In The Crypto Industry
The bridge power by pNetwork will support assets pegged in a 1:1 parity with underlying versions of the original tokens. As such, the price of said assets will be track with the version operating in Algorand ecosystem. The bridge will be enabled transparent transactions across the connected platforms.
Set for deployment by mid-2021, Algorand interoperability features with other blockchains and their ecosystem will open a new chapter for this network. San Lee, CEO of the Algorand Foundation said the following on the cooperation:
The Algorand Foundation is excited to partner with pNetwork to bring easy cross-chain interoperability a step closer. Enabling assets and tokens from other chains to move freely on the Algorand network is an exciting step in facilitating a new model of finance that merges historic finance, decentralized finance and personally managed finance in our vision of a new Future of Finance – FutureFi
Algorand growth will support some of the most popular dApps and their applications, such as lending and borrowing features, decentralized exchanges with automated market makers functionalities, stablecoins, smart contracts, and others.
With over 750 organizations leveraging its platform, Algorand was created with the vision of joining decentralized finance (DeFi) and legacy finance. These bridges powered by pNetwork will make it simpler for new users and entities to connect with the platform and its ecosystem.
Thus, they will be able to transfer value across other networks, DeFi, and the private and public sectors. Thomart Bertani, from pNetwork team added:
We aim to advance the blockchain industry by connecting innovative dApps with the entire market. Via pNetwork, financial applications building on Algorand can access the larger crypto market and open up to the flourishing DeFi ecosystem.
As the pTokens bridges governance layer, pNetwork is power by governance token PNT. Its architecture has been designed to offer a straightforward general-purpose and secure foundation for Algorand and other connected networks.
The tokens moving via the cross-chain bridges move frictionlessly between blockchains. Additional features, such as pNetwork Portals, allow network to be interoperable. pNetwork is becoming increasingly more decentralized and hosts the pNetwork DAO. In combination with the token PNT, users are incentivized to participate in pNetwork governance model.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Bitcoinist, @Khareem Sudlow
