Vienna, February 14, 2023 – Pantos, a multichain token system envisioned by the team behind Bitpanda, today announced the public beta launch of its multichain protocol. Developers and users will be able to use the public beta to send tokens, wrap native coins on supported chains, and soon also create and deploy multichain tokens easily with a few clicks.
Pantos is introducing a new multichain token standard called PANDAS (Pantos Digital Asset Standard), which brings a truly multichain token system to the masses, enabling secure and seamless Web3 interoperability. Pantos currently supports seven chains on the testnet: Ethereum, Polygon, Avalanche, BnB, Chronos, Cello and Phantom; There are plans to continuously integrate more EVM and non-EVM chains.
Most of today’s Web3 applications and bridges lack the security and intuitive user experience needed to bring Web3 functionality to the masses. Pantos aims to rectify this by providing a reliable infrastructure and the right tools for developers to easily create multichain assets.
Pantos began in 2018 as an in-house research project by Bitpanda in collaboration with TU Wien (Austria) and later TU Hamburg (Germany) to establish a truly open standard for decentralized multichain token transfer and blockchain interoperability. Is. The public beta comes after years of ground-breaking research in the fields of oracles, relays, smart contracts, and blockchain efficiency. As part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things, Pantos runs the world’s largest blockchain research lab together with its researchers at universities and has been able to secure funding for the project from the Austrian government.
Erik Demuth, CEO and co-founder of both Pantos and Bitpanda, said “We are thrilled to present the public beta after years of research in collaboration with some of the most prestigious universities in Europe. We believe that multichain technology will be a catalyst for Web3 and drive wider crypto adoption. Pantos provides users with the easiest way to access Multichain Web 3.”
Bitpanda’s commercial expertise helps Pantos with the transition from a research project to a full-functional product available to users and developers in a simple and accessible way. Bitpanda will also be one of the first to adopt Pantos’ multichain token system. Furthermore, Pantos has secured a partnership with Raiffeisen Bank International (RBI), a leading Austrian bank, which is working with Pantos on blockchain interoperability solutions. PAN, the native token of Pantos, is currently available for trading on Bitpanda and N26.
Researchers at Pantos are developing technology that will allow users to freely transfer any type of digital asset between different blockchain protocols in a completely decentralized and trustless manner. Using the new PANDAS-20 standard, developers will be able to deploy assets on a variety of blockchains without maintenance work. Interested users or digital creators who lack coding skills will be able to easily deploy their own MultiChain token.
While it aims to eventually become a fully decentralized open-source protocol with PAN as its own gas token, the public beta of Pantos comes with a trusted verification mechanism to ensure a smooth launch. In this way, the team will ensure that the network cannot be attacked in its early stages, before gradually evolving into a fully decentralized system.
Started in 2018 as a research project by the team behind Bitpanda, Pantos is an open-source protocol on a mission to make Web3 truly interoperable. It aims to be an enabler for sophisticated Web3 applications. Pantos’ state-of-the-art technology allows existing and upcoming tokens to be deployed on multiple blockchain networks, giving users the freedom to choose the network best suited for their digital assets. It raised $12.1 million in funding through an Initial Coin Offering (ICO) on Bitpanda in 2018.
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