The Heartbeat of cross-chain composability, the pNetwork (PNT) announced the launch of an external bridge between Algorand (ALGO) and crypto behemoths, including the top two cryptocurrencies of the crypto-sphere, Bitcoin and Ethereum.
pNetwrok Ecosystem of Cross-Chain Bridges
Addressing the issues of inter-relation between blockchain and high-performance next-generation blockchain Algorand, the pNetwork declared that PNT-powered pTokens facilitate a safe and speedy transfer between networks. The phase of progress is powered by the Algorand Foundation grant.
Through this new cross-over, the blockchain Algorand (ALGO) will aid synthetic assets pegged 1:1 to their “natural” blockchains. The synthetic assets can be seamlessly shifted between multiple blockchains.
pNetwork’s ecosystem of cross-chain powers a large number of connections between multiple blockchains in the cryptocurrencies segment so far.
By Q2, 2021, it integrated Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Binance Smart Chain (BSC), Polygon (MATIC), xDAI (STAKE), EOS (EOS), Telos (TLOS) and Ravencoin (RVN).
The Roadmap Schedule Release of Bridge in Summer 2021
pNetwork (PNT) bridges powered by PNT will impart a framework for Decentralized Exchanges (DEx), lending/borrowing instruments, mining ecosystems, stablecoin platforms, and a lot more. Sean Lee, CEO of the Algorand Foundation, highlighted the significance of these bridges to ease the progress of the entire cross-chain segment. He said;
“The Algorand Foundation is excited to partner with pNetwork to bring easy cross-chain. interoperability one step closer. Enabling assets and tokens from other chains to move freely on the Algorand network is an exciting step in facilitating a new model of finance that merges historic finance, decentralized finance, and personally managed finance in our vision of a new Future of Finance: FutureFi.”
Thomas Bertani, project lead at pNetwork (PNT), pictures the goal of cross-chain system as the Decentralized Finances (DeFi) stated,
“We aim to advance the blockchain industry by connecting innovative dApps with the entire Market. Via pNetwork, financial applications building on Algorand can access the larger crypto market and open up to the flourishing DeFi ecosystem.”