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The capabilities of the Pantos protocol are being stretched and tested with this testnet and the team has promised the best of security to power the smooth operations of the protocol.
The team behind the BitPanda crypto trading platform has announced the launch of the public beta of the Pantos protocol. According to a press release shared with Coinspeaker, the Pantos protocol, available as a multichain protocol, is now available to users for wrapping tokens of its supported assets.
The Pantos protocol is a highly functional multichain blockchain that was a product of many years of active research and development. The protocol is the brainchild of BitPanda’s in-house researchers as well as those from TU Wien, Austria. The launch of the Pantos public beta also follows the inclusion of the work from TU Wien and TU Hamburg, Germany.
Alongside the launch of the Pantos public blockchain, BitPanda has championed the launch of a new multi-token standard dubbed the Pantos Digital Asset Standard (PANDAS). The use of the Pantos protocol is multifaceted and besides serving as an outfit to wrap tokens of its supported chain, it also helps in the creation and deployment of multichain tokens easily with a few clicks.
At launch, the Pantos public blockchain has support for Ethereum (ETH), Polygon (MATIC), Avalanche (AVAX), BNB, Cronos (CRO), Celo, and Fantom (FTM). While the currently supported chains are some of the most popular in the Decentralized Finance (DeFi) ecosystem of today, Pantos is looking at expanding this list in the near future.
The Web 3.0 ecosystem is now filled with a lot of protocols, all of which have immensely difficult-to-understand interfaces. The introduction of Pantos is to drive simplicity in the use of Web 3.0 bridges. Per its design, the Pantos protocol’s goal is to help drive the quick shift to onboard the next generation of users into the Web3 world.
The Pantos protocol will be powered by the PAN token which has already started trading on the BitPanda and N26 trading platforms.
Pantos Protocol Beta Release: Hope for Web 3.0
The development of the Pantos protocol started as far back as 2018. The eventual launch of the public testnet is evidence that the best innovations in the Web 3.0 world are yet to be introduced.
The Pantos Protocol team as well as the coalition of its partner universities operates one of the biggest laboratories in the world. The lab is a part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things and has been able to secure funding for the project from the Austrian government.
“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 Web 3.0 and foster widespread crypto adoption. Pantos offers users the simplest way to access a multichain Web 3.0,” said Eric Demuth, CEO and Co-Founder of both Pantos and Bitpanda.
The capabilities of the Pantos protocol are being stretched and tested with this testnet and the team has promised the best of security to power the smooth operations of the protocol.