AMA Recap: Pantos IO
Date: March 22nd, 2023
Host: Skinny G
Guest: Marsel Nenaj — Head of Communication
Hello, Raccoon family and crypto enthusiasts!
We recently hosted an AMA with Pantos IO. Here’s the AMA transcript for those who missed the live session. We sincerely hope you have as much fun reading it as we did while running the AMA!
Introductory Questions
SkinnyG | DeFiRaccoons: Hope you are all ready #raccoonfam! Today we’re having another educational AMA with Marsel Nenaj from Pantos IO!
As you know there will be 2 parts, the muted part where me and Marsel will be talking about Pantos in general as well as the latest news and updates! Then we’ll unmute and have the community ask questions and some winners will be chosen. We’ll also choose some Twitter questions while we’re at it. A total prize pool of $100 (2 live chat and 2 Twitter qs will be winning $25 each).
So Max how did Pantos come to be, and what inspired the team at Pantos to launch a project focused on cross-chain interoperability?
Marsel Nenaj | Pantos IO: The project was initiated in 2018 by Bitpanda as R&D in collaboration with TU Wien and later TU Hamburg, two of the best universities in Europe. In the last few years, we have worked on several approaches to achieve blockchain interoperability and released various prototypes demonstrating our results.
The product is refined based on our research insights and is highly optimized to be as secure as possible. The reason Pantos was started was the need for a reliable interoperability solution, we don’t think there will be one blockchain network that rules it all. The goal is to boost the adoption of blockchain technology through cooperation instead of fighting against each other.
SkinnyG | DeFiRaccoons: Exactly, solving the cross-chain issue is a vital thing needed. It is always better for projects to be inclusive of each other and help to broaden the ecosystem by using interoperability solutions instead of trying to create a single ecosystem on one chain.
How did the name Pantos come to be?
Marsel Nenaj | Pantos IO: The prefix pan- is derived from the Greek πãv, used in English for ‘all’, or more liberally, ‘everything’. The second syllable in the name, -tos, is simply short for “token system”.
SkinnyG | DeFiRaccoons: Always love to see a play on words!
I read somewhere that one of Pantos’ main goals is to create an open, decentralized cross-chain ecosystem. Can you explain what this means and why it’s important?
Marsel Nenaj | Pantos IO: This is actually one of the main reasons why we are doing it. Just like the original values of the bitcoin network, we want to establish a permissionless and decentralized solution that is as secure as possible and does not rely on a central party to be trusted. We are building the digital infrastructure of tomorrow.
SkinnyG | DeFiRaccoons: I know this may be asking for some ALPHA, but with the current trend in ZK solutions has the team at Pantos looked into implementing ZK somewhere or somehow?
Marsel Nenaj | Pantos IO: ZK solutions play an important part in our research currently, so yes we are definitely looking into it. But we are not implementing it yet.
SkinnyG | DeFiRaccoons: Current there are many projects working on cross-chain interoperability. What sets Pantos apart from other projects in this space, and how do you plan to differentiate yourselves going forward?
Could you touch on the research aspect of Pantos? Have you helped with researching topics for existing projects at all?
Marsel Nenaj | Pantos IO: Pantos has been developed with a strong R&D focus, in the last years we have had to spend a lot of time researching this new field, instead of just developing a solution and quickly launching it. Blockchain Interoperability is not an easy thing to achieve and we have seen that many projects have failed to build a reliable and secure solution. Our team on the other side has always tried to build something sustainable and secure. In the last years, we have developed various prototypes until we reached our current version which is the latest cutting-edge innovation in this field.
We have researched various different cross-chain validation solutions to make for example oracles or relays more cost-efficient or scalable, our research is available to read at https://www.cdl-bot.at/ — Currently, our researchers are also working on some promising hybrid solutions which we will talk more about in the near future.
SkinnyG | DeFiRaccoons: Looking forward to hearing more about the Hybrid solutions!
Interoperability between different blockchains is often seen as a major challenge facing the industry. How is Pantos addressing this challenge and what progress has been made so far?
Marsel Nenaj | Pantos IO: Yes that is true, it is still a major challenge, but Interoperability can also be a huge win for the space if it is secure. We have seen that the hacks do a lot of damage to the ecosystem, and people and more importantly big institutions are afraid to adopt the technology because of its immaturity. We think the only way to address it long-term is to be a reliable partner and build up trust through research and hard work, instead of fancy marketing. We are currently in Beta and have made tremendous progress in the last months. Currently, we support seven blockchains: Ethereum, Avalanche, Polygon, BNB Chain, Celo, Cronos, and Fantom. Soon we will also integrate an eighth chain: Aurora.
SkinnyG | DeFiRaccoons: Hacks and vulnerabilities will always be an issue for mass adoption, especially for the previous generation not trusting blockchain at all or just being too afraid to experiment with it all.
Could you explain the multi-blockchain token system that Pantos is developing? What advantages might this system offer over traditional single-chain tokens?
Marsel Nenaj | Pantos IO: Traditionally, tokens are issued on a single blockchain like Ethereum. These tokens must follow a well-defined standard to be usable across different wallets and applications. For example, fungible tokens on Ethereum have to adhere to the ERC-20 standard. A single-chain token standard like ERC-20 defines several different operations for a token but does not specify any functions for cross-chain token transfers. A multichain token standard adds these cross-chain functionalities.
We have designed our lightweight multichain token standard (PANDAS) for Pantos. Our goal was that PANDAS multichain tokens are fully compliant with the native token standards (like ERC-20) on all Pantos-supported blockchains but additionally have a set of functions necessary for cross-chain token transfers. The goal of these new features is to make it possible for our smart contracts and off-chain components to safely and scalably move tokens between different blockchains. Hence, PANDAS multichain tokens can easily be supported by any wallet and third-party applications to achieve blockchain interoperability.
SkinnyG | DeFiRaccoons: Looking at NFTs and how they have so many great potential use-cases that can change our day-to-today lives, is Pantos able to make NFTs cross-chain or work with other NFT collections/projects perhaps in the future?
Marsel Nenaj | Pantos IO: NFTs are part of our roadmap and will be also supported by our upcoming Multichain standard. We do not have any concrete partnerships yet, as we are currently focussing on fungible tokens.
SkinnyG | DeFiRaccoons: That will be great to see, it is something which is yet to happen but I am positive that Pantos will solve this! I think solving that will absolutely change the way NFTs are currently being used. So how can new users become part of the Pantos network? Are a specific number of $PAN tokens required for a user to become a validator for the network?
Marsel Nenaj | Pantos IO: So currently the beta is live on testnets only and it is freely available for anyone (https://app.testnet.pantos.io) — We haven’t introduced Nodes yet, so I cannot share any specific numbers as of now. But if anyone is interested in running nodes for the network, feel free to join our community and make sure to follow our announcements.
SkinnyG | DeFiRaccoons: What precautions has Pantos adopted to safeguard its platform and users, and how are potential hazards kept in check
Marsel Nenaj | Pantos IO: We have a strong security focus, and together with our research teams, we have quite some resources available to improve our codebase and make sure it is as secure as possible. For example, we have some of the best blockchain security experts on board, like Matteo Maffei who contributed even to the Lightning protocol with his team. Our focus on security is one of the main reasons why we haven’t launched on the mainnet yet. It takes time to develop a really secure protocol and thoroughly test it. Furthermore, we will do another intense security check before we launch on mainnet which will also include external audits.
SkinnyG | DeFiRaccoons: Security is a major aspect which alot of projects fail to pay enough attention to. Have you been audited by any 3rd party companies yet?
Marsel Nenaj | Pantos IO: No, it is planned for this year. As we haven’t finalized the codebase yet. We are in talks with some of the best in this field currently.
SkinnyG | DeFiRaccoons: While browsing through CT I saw a few projects are trying to use AI to help audit smart contracts to see if any vulnerabilities are present. Has the team at Pantos ever thought about incorporating AI somehow?
Marsel Nenaj | Pantos IO: That’s an interesting question, no we didn’t do that yet. But our researchers have developed also some tools to automatically check smart contracts for vulnerabilities, which are quite effective. However, they are not based on AI.
SkinnyG | DeFiRaccoons: How is Pantos actively promoting blockchain adoption and education, and what impact do you aim to have on the broader public’s understanding of the technology?
Marsel Nenaj | Pantos IO: Removing barriers and making it as easy as possible for users as well as developers to use the technology is one of the key factors when it comes to adoption. In the last few years, we have actively educated our community about our research and technological advancements. We are working on more initiatives to also improve cooperation between different developer communities and make it easier for them to develop on various chains. Promoting blockchain education is really important for me personally and I think the communities also play a big role in helping each other. So many things happen daily in the crypto space, and it is sometimes really hard to keep up with everything. So we still see a lot of work to be done to reach mainstream adoption for blockchain technology in general.
SkinnyG | DeFiRaccoons: Could not agree more with this! Educating new users and showing them how DeFi isn’t this big scary thing is such a vital topic which needs to be addressed! Very happy to see that you share the same interest as me with regards to this ser!
Does the team at Pantos make all research papers/ information which you find public to your community for others to read?
Marsel Nenaj | Pantos IO: Yes, it is all available on our CDL-BOT website, which is the site of our research lab. Furthermore, most of our papers have been also published in scientific journals around the world, so we are really proud of our achievements on this side of things.
SkinnyG | DeFiRaccoons: Thats amazing! I myself love to read any new findings which has happened. The potential which blockchain tech has is absolutely amazing and Ive always believed it is important to try keep up to date with current tech which is being looked at!
What opportunities do you see for individuals and businesses to leverage Pantos’ cross-chain capabilities, and how do you plan to help them take advantage of these opportunities? Could you give some examples of potential use cases that you’re particularly excited about?
Marsel Nenaj | Pantos IO: Being able to launch a token without depending on a single blockchain or bridge is definitely the way to go for any business that wants to work with blockchains and be future-proof. The blockchain landscape is still being actively shaped and developed, so we might still see a lot of technological advancements in the coming years, nobody knows if a certain blockchain will be still relevant 5 years from now. So if you build on top of Pantos, you will not be affected, your tokens can freely move to the most suitable chain.
We are already seeing some exciting cross-chain use cases, like arbitrage bots or cross-chain smart contract calls which enable even more advanced interoperability between the chains and the development of better dapps. But similar to the early days of Ethereum, time will tell what cool ideas people will come up with. The possibilities are endless.
SkinnyG | DeFiRaccoons: Exactly, I do believe that solving interoperability will lead the way for so much new innovation to take place! Looking ahead to the next year or so, what are some of the key priorities for Pantos? What areas will you be focusing on to drive the project forward?
Marsel Nenaj | Pantos IO: We believe that our project has the potential to become a key player in the blockchain ecosystem, and we will work hard to make that happen.
Additionally, we will continue to prioritize security and scalability and will strive to deliver a smooth and user-friendly experience across chains. We are confident that with our talented team, dedicated community, and ongoing innovation, our project will continue to grow and thrive in the coming months and years. Speaking about the next year, one of our biggest goals will be the mainnet launch for sure.
Twitter Questions
Q1: The Pantos team has been working on the project since 2018. How has the vision for the project evolved over time, and what challenges have been faced along the way?
Marsel Nenaj | Pantos IO: The vision was always very clear, so I wouldn’t say it has changed a lot. But it definitely has evolved and become clearer. We have gained a lot of experience in this field through our research efforts and have been able to narrow down our focus to develop a solution that can be sustainable and hopefully stand the test of time. When it comes to challenges, I think they are similar to other interoperability projects: Security, Decentralisation & Scalability. Transfers should be as secure as possible, while still being fast and cheap, not an easy task.
Q2: Will it be possible to change the number of PANs parked on a blockchain at any time or will it be blocked for a certain time until you can change it again?
Marsel Nenaj | Pantos IO: You can transfer the assets freely between the chains. Transfer time depends on the blockchains involved, due to security reasons we need to wait for a certain amount of blocks. Usually, a transfer doesn’t take more than 5 minutes and you can do with your tokens whatever you want then, there is no lock.
Q3: Pantos enables the deployment of multichain tokens using the improved token standard-Pantos Digital Asset Standard (PANDAS). Please elaborate more on PANDAS and how it helps in multichain token deployment. Can you explain the token creator process on Pantos and how long does it take?
Marsel Nenaj | Pantos IO: PANDAS is an extended version of the known ERC-20 Standard, which incorporates all necessary functions to support Pantos multichain capabilities natively. So developers can build their token on top of our standard, add their custom functions and be natively multichain from day one. To make this even easier for developers, we will soon release the Multichain Token Creator, which will make it possible to configure and deploy a token within seconds or download the template and develop your token on top of our base.
Q4: Pantos is a multi-blockchain token system that allows the transfer of exchangeable tokens across multiple blockchains. However, how can Pantos help token developers have better accessibility? How do you make it really easy for token developers to adopt Pantos technology?
Marsel Nenaj | Pantos IO: Two important things come to my mind: First of all, the Multichain Token Creator which I mentioned, is really a game changer for developers. It is just as easy to use as our current web app for transfers and it will be released in Q2 this year. Second, I think it is really important to listen to the feedback and improve the system and even more importantly the documentation based on it. So that you can more effectively educate a larger audience. The community also plays a major role, we should embrace a mindset of learning and teaching each other to grow together, I think it is essential for the global adoption of blockchain technology.
Live Audience Questions
Q1: Almost 80% of investors have just focused on price of token in short term instead of understanding the real value of the project. Can you tell us on motivations and benefits for investors to hold your token in long term?
Marsel Nenaj | Pantos IO: PAN plays a vital role in the ecosystem. It acts as a universal gas token for all chains so that you can pay for on-chain and cross-chain transactions with PAN. Furthermore, it is required to deploy multichain tokens using Pantos. Service and Validator Nodes also need to provide PAN to ensure safe transfers. The PAN token has various use cases within the network. However, not all tokenomics are set in stone yet, as we are still refining the system for the mainnet launch together with our research teams.
Q2: I read that “Pantos public beta is LIVE!”. So Can you elaborate on how users can help as Beta testers? Can Beta testers suggest additional features, provide feedback and report bugs? And will the beta test be limited to a limited number of users or available to all?
Marsel Nenaj | Pantos IO: There are no limitations and we are always happy to receive any feedback, suggestions, or bug reports. Actually, we have always integrated the best community feedback in the current version and we made really good experiences so far, we will keep that up. Just join our Telegram community and share your feedback there, so that I can pick it up or use our feedback form after completing a transfer :)
Q3: Arbitrum is gaining a lot of popularity right now. Do Pantos plan to work with her? Which are the blockchains that you will give priority to initially? Will it depend on the demand of your customers?
Marsel Nenaj | Pantos IO: Currently, we do not support Arbitrum or other optimistic roll-ups, due to the design of our system. We need to be sure that the state of the burn transaction on the source chain is final, before allowing the mint on the destination chain. Having to wait seven days for a transfer isn’t ideal currently, that’s why we do not want to compromise on security. However, it is part of our research, and definitely an interesting project which we have on our radar.
Q4: Could you tell us more about the relationship Pantos has with Bitpanda? And if this last company is of the utmost importance to the Pantos team, then why don’t they mention Bitpanda as their biggest partner on their website?
Marsel Nenaj | Pantos IO: Pantos is a daughter company of Bitpanda, we are in the same office and all teams at Bitpanda contribute to the success of the project. However, we have a dedicated team for the development of the protocol in-house additionally to our research teams at the universities. Being backed by Bitpanda is a huge advantage for us, as we have more resources available than a standalone project would have. You can find some more info also on our website, in the about section.
Pantos IO
Telegram: https://t.me/PantosIO_EN
Website: https://pantos.io/en
Twitter: https://twitter.com/PantosIO
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