Off-Chain Bids Are Here: What Does It Mean for You?

At Pantos, we’re always evolving. Our dedication to ensuring that our blockchain environment is not only efficient but also adaptable has led us to the integration of off-chain bids. Diving into blockchain nuances might seem like wading into deep waters, but sometimes, it’s the subtle changes beneath the surface that create the biggest ripples. So, what exactly are off-chain bids and why are they so essential?

Understanding Bids in the Pantos Ecosystem:

In the realm of cross-chain transfers within Pantos, bids play a central role. They act as offers from Service Nodes, detailing the terms under which they’re willing to facilitate these transfers. But what exactly are these bids composed of?

At its core, each bid is shaped by two crucial variables:

1. Maximum Execution Time: This is the timeframe within which a Service Node commits to completing the transfer. It can range from a few seconds to several minutes or even hours, depending on the network conditions and the specific Service Node’s capabilities.
2. Cost (PAN): The cost associated with the transfer. By utilizing PAN for this, we bring a universal pricing mechanism to our system. It means that users will pay for their transfers in PAN, regardless of which chain they’re operating on.

In a traditional system, users would pay in native gas tokens, often leading to unpredictability in costs, especially during peak network congestion. By consolidating the payment mechanism to PAN, we’ve not only made it predictable but also optimized. The Service Node takes the responsibility of handling the underlying blockchain transactions, ensuring a smooth transition across chains.

But how does this translate to improved user experience?

• Simplified Decision Making: Instead of getting bogged down by intricate blockchain transaction details, users can make quick decisions based on two clear parameters: How fast do I want it? How much am I willing to pay?
• Consistent Pricing: The use of PAN means users don’t have to juggle multiple gas prices across different chains. This results in a unified experience, no matter which blockchain they are transferring from or to.
• Flexibility and Control: Users can select a bid that aligns with their needs. Whether they prioritize speed or cost, they have the freedom to choose accordingly.

What are Off-Chain Bids?

In simple terms, off-chain bids are bids that aren’t registered on the blockchain itself (in this case, the Pantos Hub). Instead, they can be directly retrieved from each Service Node. This subtle shift in how we handle bids brings with it a cascade of advantages.

Why the Shift to Off-Chain Bids Now?

A valid question many in our community might have is, “Why didn’t Pantos start with off-chain bids from the beginning?” The answer rests in our public beta approach.

By launching in a beta environment, we were able to closely monitor, learn, and understand how our product performed in a production-like setting. Real-world insights gained from this phase illuminated areas of optimization, one of which was the realization of the efficiencies off-chain bids could bring.

On-chain bids, while functional, came with the downside of costs incurred for every bid update, making frequent adjustments financially restrictive. In contrast, off-chain bids offer the flexibility of instant, cost-free adjustments. Thus, based on our beta learnings and the vision of a broader, community-driven Service Node expansion, the transition to off-chain bids became the logical next step.

The Significance of Going Off-Chain

1. Real-time Responsiveness: Off-chain bids allow for immediate retrieval. Without the need to query the Pantos Hub, the delay that comes with on-chain operations is eliminated. This means Service Nodes can react to user requests almost instantaneously.
2. Frequent Fee Adjustments: Market conditions are ever-changing. With off-chain bids, a Service Node has the flexibility to frequently adjust the fee for bids based on these conditions. This means a more adaptable, user-centric pricing model, ensuring users always get the best rates.
3. Cost Efficiency: Going off-chain negates the need for executing multiple transactions on the blockchain, saving on costs. For Service Nodes, this implies more leeway in terms of operational costs, and for users, potentially better prices.
4. Strategic Adaptability: With the ability to adjust bid fees based on real-time market conditions, Service Nodes can adopt varying strategies, potentially creating a competitive environment that benefits users.
5. Straightforward Approach: Off-chain bids simplify the transfer initiation process. Instead of clients having to interact with individual blockchain nodes for bids, they now directly connect to a Pantos Service Node. This shift not only ensures more reliable transfers but also streamlines the process, irrespective of the source blockchain. Even though these backend upgrades might not be overtly visible on our web applications, they play a pivotal role in providing users with a more efficient and seamless experience.

The Upgrade Journey

Our transition to off-chain bids wasn’t just about the bids. It necessitated a host of backend and infrastructure changes. From enhancing our frontends to support this feature, updating our Service Node’s API endpoints and database, refactoring bid-related code, and more — the shift was comprehensive.

Behind the Scenes of the Upgrade

The shift to off-chain bids necessitated a comprehensive overhaul across our systems:

• Web Applications: All our web applications underwent modifications to support off-chain bids.
• Service Node Evolution: This included adding new API endpoints, revamping the database to accommodate the off-chain bid system, and redefining bid-related code.
• Infrastructure and Backend Updates: Contracts were redeployed, leading to updated addresses. Our Gitbook was refreshed with new Pantos Hub addresses, and the Pantos Hub ABI received updates to facilitate user migration.
• Enhancements and Redeployments: From redeploying the Trusted Validator and Service Node to updating Pantos Forwarder contract addresses, the infrastructure saw a significant uplift.
• Documentation & Support: Recognizing the need for clarity, we updated our Gitbook with guidelines, scripts, and step-by-step instructions to ensure seamless transitions for our users.

What’s Next?

Our eyes are now set on the next milestone — the release of our Service Node implementation to the public. This not only enriches the Pantos ecosystem but also paves the way for interested parties to run their own Service Nodes and potentially benefit from the ensuing rewards.

To wrap up, our transition to off-chain bids isn’t just a technical reshuffle. It’s a testament to our dedication to pushing the boundaries of what’s possible in the blockchain space. At Pantos, we’re just getting started, and we’re thrilled to have you with us on this exciting journey.