PANDAS Part 1: Revolutionizing Digital Assets with Pantos’ Multichain Standard
The Pantos Digital Asset Standard (PANDAS) is an innovative solution designed to address the limitations of the widely-used ERC20 token standard, particularly its lack of multichain compatibility. In today’s fragmented crypto landscape, the ability to seamlessly move digital assets across different blockchain networks is essential. In this blog post, we’ll explore the PANDAS framework, discuss its advantages over the traditional ERC20 standard, and examine how it can revolutionize digital asset management and exchange.
Current Problem: Tokens Lack Multichain Compatibility
The ERC20 token standard, popularized on the Ethereum network, has become the go-to standard for creating and managing digital assets. However, its single-chain nature poses significant challenges, particularly when it comes to moving assets between different networks. Currently, users often have to deposit their ERC20 tokens in a centralized exchange (CEX) and withdraw them on a new chain, which is not only cumbersome but also introduces issues related to centralized control. Bridges have proven to be unreliable as well.
Introducing PANDAS
Pantos is a groundbreaking project focused on creating a native multichain standard that builds upon the strengths of ERC20 while overcoming its limitations. The result is: PANDAS — a versatile digital asset standard that supports multiple chains, including Ethereum, BNB Chain, Avalanche, Cronos, Polygon, Celo, and Fantom.
How PANDAS Works
At the core of PANDAS is the Pantos protocol, which relies on a series of smart contracts to enable seamless cross-chain transactions. The protocol flow ensures that digital assets can be securely and efficiently transferred between supported networks, without the need for intermediaries or centralized exchanges.
The Pantos Hub
The Pantos Hub is a smart contract deployed on multiple blockchains, enabling cross-chain functionality for tokens based on the Pantos Digital Asset Standard (PANDAS). The hub facilitates cross-chain transfers, allowing tokens to seamlessly move between different blockchains while maintaining their value and ownership. By registering token contracts on the Pantos Hub, developers can provide users with the ability to interact with tokens across various blockchains, enhancing the token’s utility and fostering wider adoption.
Pantos Forwarder
The Pantos Forwarder is a smart contract that acts as an intermediary between the Pantos Hub and the token contracts implementing the IPantosToken interface. The forwarder is responsible for handling cross-chain token transfers, ensuring that the token’s ownership and value are preserved when moving between blockchains. It communicates with the Pantos Hub to coordinate the process of transferring tokens from one blockchain to another. To enable cross-chain functionality, token contracts must set the address of the Pantos Forwarder within their code.
IPantosToken Interface
The IPantosToken interface is a set of standardized functions and events that must be implemented by token contracts to be compatible with the Pantos Digital Asset Standard (PANDAS). It inherits from the ERC20 token standard, ensuring compatibility with various blockchain ecosystems. The interface defines additional functions and events specifically tailored for cross-chain functionality, such as pantosTransfer, pantosTransferFrom, pantosTransferTo, and getPantosForwarder. By implementing this interface, token contracts can utilize Pantos Hub’s cross-chain functionality.
PantosBaseToken
The PantosBaseToken is a base token contract that implements the IPantosToken interface, providing a foundation for creating custom tokens that are compatible with the Pantos Digital Asset Standard (PANDAS). This base contract ensures that the necessary functions and events for cross-chain functionality are implemented correctly, simplifying the process of creating new tokens. Developers can inherit from PantosBaseToken and extend it with their custom logic to create a new token that is compatible with Pantos Hub and can be transferred between various blockchains seamlessly.
PANDAS marks a significant leap forward in the world of digital asset management, offering a powerful alternative to the traditional ERC20 standard. By providing native multichain support and seamless cross-chain transactions, PANDAS has the potential to revolutionize the way digital assets are created, managed, and exchanged. As the blockchain ecosystem continues to evolve, embracing innovative solutions like PANDAS will be critical to fostering collaboration, interoperability, and growth in the crypto world.
Dive into part 2 of our blog post, where you’ll learn the steps to register and deploy your very own multichain token!
