Bitpanda-backed Pantos has announced the public release of its new multichain token system.
Pantos, a multi-chain token system created by the team behind Bitpanda, today announced the public beta of its multichain protocol. In this release, developers and users will be able to use the public beta to send tokens, wrap native coins of supported chains, and soon easily create and distribute multi-chain tokens in a few clicks.
Pantos is introducing a new Multichain Token Standard called PANDAS (Pantos Digital Asset Standard) to bring a true multichain token system to the masses, ensuring secure and seamless Web3 interoperability. Pantos currently supports seven blockchain networks on the testnet. These networks were Ethereum, Polygon, Avalanche, BNB, Cronos, Celo and Fantom. It also plans to continuously integrate more EVM and non-EVM chains.
Pantos is on the agenda with the Multichain Token System
Many of today’s Web3 applications and bridges may lack the security and seamless user experience needed to bring Web3 functionality to the masses. At this point, Pantos aims to improve this situation by providing a reliable infrastructure and the right tools to enable developers to easily create multichain assets.
Pantos started in 2018 as an in-house research project by Bitpanda in collaboration with TU Wien (Austria) and later TU Hamburg (Germany) to create an open standard for truly decentralized multichain token transfers and blockchain interoperability. The public beta emerged after years of groundbreaking research in oracles, relays, smart contracts, and blockchain efficiency.
At this point, Pantos, together with its researchers at universities, operates one of the world’s largest blockchain research labs as part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things and has managed to secure funding from the Austrian government for the project.
Eric Demuth, CEO and Co-Founder of Pantos and Bitpanda, said the following on the subject;
“After years of research in collaboration with some of Europe’s best-known universities, we are excited to launch the public beta. We believe that multichain technology will be a catalyst for Web3 and foster widespread crypto adoption. Pantos offers users the simplest way to access multi-chain Web3.”
Bitpanda’s business expertise has helped Pantos transition from a research project to a fully functional product delivered in a simple and accessible way to end users and developers. Bitpanda will also be one of the first adopters of Pantos’ multichain token system.
Additionally, Pantos has formed a partnership with leading Austrian bank Raiffeisen Bank International (RBI), which is working with Pantos on blockchain interoperability solutions. Pantos’ native token, PAN, is currently traded on Bitpanda and N26.
Researchers at Pantos are developing a technology that will allow users to freely transfer any digital asset between different blockchain protocols in a completely decentralized and trustless way.
Using the new PANDAS-20 standard, developers will be able to transfer assets to various blockchains without maintenance work. Interested users or digital creators without coding skills will be able to easily distribute their own multichain tokens.
While the project aims to become a fully decentralized open source protocol with PAN as its functional token, the public beta version of Pantos stands out with a reliable verification mechanism to ensure a smooth launch.
This way, the team will ensure that the network is not hacked in its early stages before gradually evolving into a fully decentralized system.
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