coincodex.com
A lot is happening in the crypto space, especially with regard to interoperability. Pantos, which is a multichain token system initiated and backed by Bitpanda, is the latest to make waves in this regard, as the company just announced the public launch of its multichain protocol.
Pantos multichain protocol will enable developers and users to send tokens and wrap native tokens of supported chains. Soon, it will also allow users to create and deploy multichain tokens with ease.
PANDAS – A New Multichain Token Standard
To drive its vision, Pantos is bringing a new multichain token standard called Pantos Digital Asset Standard (PANDAS) to crypto users. As a true multichain token system, PANDAS will enable secure and smooth Web3 interoperability.
At the moment, seven important chains are supported on the Pantos testnet, including Ethereum, Avalanche, Polygon, Fantom, Celo, Cronos, and BNB. There are existing plans to enable other EVM and non-EVM chains in the near future.
Pantos is attempting to solve the critical problem of offering the masses a secure and smooth Web3 functionality and experience. We know that this has been a big issue for most Web3 applications and bridges. Pantos has come up with the right infrastructure and tools that developers need to create multichain assets easily, and they seem truly reliable.
An In-House Research Project Going Mainstream
Pantos started as an in-house research project in 2018. It was initiated by Bitpanda in partnership with TU Wien (Austria). TU Hamburg (Germany) joined later. The goal has always been to establish an open standard for truly decentralized multichain token transfers and blockchain interoperability.
Pantos' ground-breaking result comes years after continued research in the areas of oracles, smart contracts, relays, and blockchain efficiency. With funding from the Austrian government, Pantos, with researchers from collaborating universities, now run one of the World's largest blockchain labs as part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things.
Speaking about the public beta of their project, CEO and co-founder of Pantos and Bitpanda, Eric Demuth, said:
“We are thrilled to introduce the public beta after years of research in collaboration with some of the most reputed universities in Europe. We believe that multichain technology will be a catalyst for Web3 and foster widespread crypto adoption. Pantos offer users the simplest way to access a multichain Web3.”
As an established entity, Bitpanda will help Pantos transition to a fully-functional Web3 product. It is set to be one of the first adopters of the Pantos multichain token system. Pantos has also secured a partnership with the leading Austrian bank, Raiffeisen Bank International (RBI). PAN, Pantos’ native token, is now tradable on Bitpand and N26.
Wrapping Up
Pantos researchers are perfecting the technology that enables users to freely transfer digital assets of all kinds across blockchain protocols, creating a fully decentralized and trustless system.
Developers will likely enjoy using the PANDAS-20 standard as it guarantees seamless deployment of assets on a variety of blockchains without much maintenance work. Even users with little to zero coding skills will be able to deploy multichain tokens with ease.
The public beta of Pantos operates a trusted validation mechanism to eliminate any threat of attack, supporting a smooth launch and ensuring the project is not attacked in this early stage. The road to a fully decentralized open-source protocol with PAN as the native token is quickly progressing, and it will be interesting to see how things shape up in the future.