07 Aug Crypto Founders: Thomas Bertani, pNetwork
There are literally thousands of cryptocurrencies in circulation today and whilst Ethereum has been a springboard for many, most of the biggest high-cap coins exist on their own blockchains, like EOS, Cardano, XRP and of course Bitcoin!
Now pNetwork has built a solution to enable different blockchains interoperate. The protocol aims to generate greater value across the entire crypto ecosystem by releasing tokens from their respective walled gardens. We spoke to the project lead Thomas Bertani to find out more.
pNetwork or ‘Portable Network’ creates a synthetic version of a token, a ‘pToken’, that is pegged 1:1 to the original. pTokens can be sent across multiple chains and held in a wide range of wallets. All pTokens are fully-backed and can be redeemed for the underlying asset at any time. At this point the pTokens are destroyed and the asset unlocked for the user. Thomas said,
‘Eventually people will not see the blockchain they are interacting with any more because it will not matter. They will just access a simple UX for all crypto assets, whether on EOS or Ethereum, or maybe even Libra, but they will be interacting with a simple system that has all cryptocurrencies in a single place’.
pNetwork has already launched its first cross chain tokens in the form of Bitcoin ‘pBTC’ and Litecoin ‘pLTC’ with pEOS, pETH and pDASH next in line.
pNetwork has made tracks into the exchange ecosystem announcing its first exchange partner BitFinex earlier this year. pTokens will be available as an option at withdrawal, creating a highway for DeFi as Thomas explained;
’Since most of the liquidity today is on those centralised exchanges, we want to encourage the movement of liquidity onto decentralised ones, we want to make it really easy to move out of CeFi and into DeFi and of course we want pNetwork and pTokens to be the standard way for people to move liquidity across blockchain’
The liquidity in the pNetwork is measured in TVL, ‘total value locked’. Subsequently TVL will be a metric of success for how much liquidity has been attained by the pNetwork across each token offered.
Last week the company launched its DAO, the governance system for the pNetwork. Built on the popular protocol Aragon, pNetwork offers incentives for those wishing to support the network. Participating in network governance and staking can attract up to 41% APR in the first year and 21% APR in the second year. Rewards are in PNET tokens and locked for one year and there is no minimum stake into the DAO.