Level up your crypto with pNetwork

pNetwork Team
Jan 14 · 6 min read
Image for post
Image for post

The crypto world has for a long time been a domain of walled gardens, both technical and ideological. The so-called interoperability problem, where various blockchain protocols cannot successfully communicate with each other due to differences in core architecture, has long plagued the blockchain space, hindering growth and widespread adoption. Without a means of interoperability, a siloing effect occurs wherein blockchains are unable to interact (exchanging information across chains) or transact (exchanging value across chains).

This is also likely one of the core drivers of ideological splits within the crypto community. Many “Bitcoin maximalists” have committed a large portion of their wealth to Bitcoin, meaning that they have a vested interest in promoting Bitcoin alone (since the greater the number of people who invest in Bitcoin, the greater their speculative profits). They may also have developed a psychological bias towards their choice of investment, reinforcing their belief that they have made a good choice. The same is true for Ethereum maximalists, EOS maximalists, DogeCoin maximalists and so on. Soon, however, these walled gardens will have their walls knocked down — and it’s all thanks to pNetwork.

Image for post
Image for post

The pNetwork is driving cross chain interoperability and composability through the creation of a wide range of token bridges. The pNetwork is the governance layer of the pTokens system, which powers unchained assets, moving liquidity from one blockchain to another, essentially allowing tokenholders to interact between disparate blockchains.

Accessibility

pTokens greatly increase accessibility in the blockchain space, and the process of using pTokens is intuitive for non-technical users, enabling them to access different blockchain ecosystems. Anyone holding any of the crypto assets supported by the pNetwork can freely interact with the pTokens dApp to generate a pToken version of their crypto that can be used within other ecosystems. For instance, a Bitcoin holder can easily convert their holdings into an ERC-20 pBTC that can be utilised within the Ethereum ecosystem. At present, the pNetwork supports pToken versions of pBTC on ETH; pBTC on EOS; pLTC on ETH; pLTC on EOS; pETH on EOS; PNT on EOS; pMKR on EOS; pLINK on EOS; pYFI on EOS; PTERIA on EOS; pUNI on EOS; pBAL on EOS; pBAND on EOS; pCOMP on EOS; pSNX on EOS; pOMG on EOS; pANT on EOS; pDAI on EOS; pLRC on EOS; pUOS on EOS; pBAT on EOS; pREP on EOS; pZRX on EOS; and pPNK on EOS. Be sure to check the dApp for the most up to date list, as the team frequently adds support for new crypto assets.

Not only do pTokens open up access to broader blockchain ecosystems, we make the process to mint a pTokenised asset incredibly simple so that no barriers of technical knowledge can prohibit participation.

The blockchains of the underlying crypto asset and the desired pTokenized asset interact within a secure sandbox called a Trusted Execution Environment (TEE). A network of secure sandboxes verifies the amount of underlying assets locked. Next, via a network of nodes, the pTokens minting mechanism is prompted to produce a 1:1 pegged representation of the underlying asset in whatever token-standard form was requested (e.g. a 1:1 pegged BTC representation on Ethereum). Newly minted pTokens are then sent back to the user while their underlying crypto assets are securely locked away.

Image for post
Image for post

The holder is then free to take their newly minted pTokens to interact within the ecosystem of their chosen blockchain. For example, a BTC holder who has chosen to mint some pBTC on ETH can then take their ERC-20 pBTC and enter the Ethereum DeFi world, lending or borrowing against those tokens, committing them to liquidity protocols, or doing whatever else they wish to do on the Ethereum network. In this way, pNetwork users are welcome from all blockchains, and can learn and experience other network benefits without having to fully commit to exchanging their assets. All the time, these token holders can be confident that their original tokens are safely stored in the pTokens vault, ready for their return.

The process of reacquiring the deposited cryptoassets is similarly simple and painless. At any time, a pTokens user can decide that they are ready to redeem their deposited crypto assets and head back to the pTokens dApp to get them back. The user can simply open the dApp and resubmit their pTokens of whatever denomination was first minted. Upon receipt of these pTokens, a network of secure sandboxes verifies the amount of pTokens submitted. These jointly trigger the pTokens burning mechanism. All previously minted pTokens are then burned and the equivalent amount of the deposited crypto asset is returned to the user which they can then use either to interact within their tokens’ native ecosystem or to submit again to the pTokens dApp in order to generate another 1:1 pegged representation of their tokens in a different denomination.

Every day the list of wallets, exchanges and protocols integrating with pNetwork is growing wider. Supporting wallets include: the next-generation DeFi wallet EIDOO, the confidentiality-focused wallet Incognito, and DeBank, an all-in-one DeFi wallet from which you can track your DeFi portfolio, explore DeFi projects and compare DeFi rates. pTokens are also supported by Anchor, Argent, MetaMask, MyEtherWallet, Scatter, TokenPocket, Trust Wallet, and others.

pToken holders can deposit their tokens as collateral in the Equilibrium framework to get decentralized stablecoin EOSDT. Major exchanges including Bitfinex, Ethfinex and top DeFi protocols including Kyber Network, Bancor Network, and DefiBox. These are just a few names amongst the myriad of players who understand the great value of pTokens within the cryptosphere.

Image for post
Image for post

pNetwork is bringing accessibility and unity to the blockchain world, breaking down barriers and connecting disparate protocols. It is the team’s hope that, in doing so, we can open up currently siloed blockchains, facilitate greater activity within the broad blockchain ecosystem, make participating in the cryptosphere a more attractive proposition for a greater numbers of players who may currently be on the fence and ultimately increase adoption.

🦜 Want to join our flock? Connect with us on Twitter and join the conversation in our pNetwork Telegram.

💡 For a more technical deep dive into pTokens infrastructure, read our technical paper or check out the summary on our website.

🔗 For any blockchain project looking to integrate pTokens into their infrastructure, we have also built a pTokens JS library.

💌 Excited about pNetwork? Sign up for our newsletter and be the first to know which blockchain pTokens will make their home in next.

pNetwork

Enabling cross-chain DeFi composability

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store