Pantos, a multichain token system that was developed by the Bitpanda team, has announced the public beta launch of its multichain protocol today. The public beta will allow users and developers to send tokens, wrap the native currency of supported chains, and will soon enable users to easily generate and deploy multichain tokens with just a few clicks.
PANDAS (Pantos Digital Asset Standard) is the name of the new Multichain Token Standard that Pantos is introducing. The goal of this standard is to make a fully multichain token system accessible to the general public and to enable secure and smooth Web3 interoperability. Pantos presently supports seven chains on testnet, including Ethereum, Polygon, Avalanche, BNB, Cronos, and Fantom; the company has plans to gradually integrate other EVM and non-EVM chains.
The vast majority of today’s Web3 apps and bridges do not provide the level of security or a fluid user experience that is necessary to make Web3 features accessible to a wider audience. Pantos intends to remedy this situation by providing developers with dependable infrastructure and the appropriate tools, making it simpler for them to create and deploy multichain assets.
A Catalyst for Web3 and Widespread crypto Adoption
Pantos was originally created as an in-house research project by Bitpanda in 2018, and it was later expanded to include collaboration with TU Wien (Austria) and TU Hamburg (Germany) in order to create an open standard for completely decentralized multichain token transfers and blockchain interoperability. After several years of ground-breaking research in the disciplines of oracles, relays, smart contracts, and blockchain efficiency, the public beta has finally been released.
As part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things (IoT), Pantos and its researchers at the universities operate one of the largest blockchain research labs in the world. They have been successful in obtaining funding for the project from the Austrian government. Pantos is able to make the transition from a research project to a fully-functional solution that is offered to end users and developers in a way that is straightforward and easy to use with the assistance of Bitpanda’s business skills.
Eric Demuth, CEO and Co-Founder of both Pantos and Bitpanda, said: “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 Web3 and foster widespread crypto adoption. Pantos offers users the simplest way to access a multichain Web3.”
Additionally, Bitpanda will be one of the first companies to embrace the multichain token system developed by Pantos. Pantos has also established a cooperation with the most important financial institution in Austria, Raiffeisen Bank International (RBI), which is collaborating with Pantos on the development of blockchain interoperability solutions. Pantos’ native token, known as PAN, can now be traded on the cryptocurrency exchanges Bitpanda and N26.
Free Transfer of Digital Assets Between Blockchain Protocols
Pantos researchers are working on a solution that will enable users to easily transfer digital assets of any kind between multiple blockchain protocols in a manner that is truly decentralized and trustless. With the help of the new PANDAS-20 standard, developers will have the ability to deploy assets on a number of different blockchains without having to perform any maintenance work.
Users or digital creators who are interested but do not have the necessary coding skills will have an easier time deploying their own multichain tokens. Pantos’s public beta version has a reliable validation method to ensure a trouble-free launch, despite the fact that the long-term goal of the project is to evolve into a completely decentralized open-source protocol with PAN serving as its own gas token.
This way, the team will be able to guarantee that the network will not be vulnerable to assault while it is still in its infant phases before it progressively transforms into a completely decentralized system. Pantos is a protocol that is open-source and is working toward the goal of making Web3 fully interoperable. Its mission is to become a facilitator for the development of complex Web3 applications.
The cutting-edge technology of Pantos makes it possible for existing and upcoming tokens to be deployed on several blockchain networks. This provides users with the choice to select the blockchain network that is the most appropriate for their digital assets. In 2018, it conducted an Initial Coin Offering (ICO) on Bitpanda, which resulted in the acquisition of funding totaling $12.1 million.
