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About pNetwork (PNT)
A cross-chain DeFi protocol, pNetwork connects 10 blockchains via a system of pTokens. These tokens are pegged 1:1 to underlying digital assets. For example, 1 pBTC is worth 1 BTC.
The network runs on Ethereum but has a series of bridges connecting with other networks, including Bitcoin and the Binance Smart Chain.
The network provides specific bridge contracts requiring cryptos as collateral and then the contracts able to mint tokenized versions on other blockchains, as CryptoSlate explained.
In blockchain, composability refers to how freely/easily developers can integrate code from other applications into theirs, owing to the fact that app-logic-controlling smart contracts are public and open-source. Because DeFi liquidity is spread across numerous blockchain platforms, merging them into a single pool becomes difficult. According to the network’s white paper, pTokens were designed to provide a simple and secure foundation to "make any token movement possible on any blockchain."
The pTokens system bridges a variety of blockchains, powering the free movement of crypto liquidity. These bridges are operated by a network of validators, whose role is to verify the cross-chain asset switch and to guarantee the 1:1 peg with the underlying asset.
PNT is pNetwork’s native token. It was launched on Ethereum.
PNT is leveraged internally to offer operations for both validators and DAO members. The PNT token incentivizes validators and confers voting rights.
Additionally, PNT tokens can be staked to earn yield. “While fueling validators’ activities, the PNT token is a key element of the staking method at the basis of the network,” the project says.
The pTokens technology was designed to overcome the inherent “walled garden” limitation of blockchain protocols. Anyone can generate them. Users deposit, on the relevant pTokens smart contract, a certain amount of the underlying asset that he or she wishes to convert into its 1:1 pegged representation and provides a destination address where to send the corresponding pTokens, according to the project.
The occurred transaction is submitted to a secure sandbox (TEE) where it gets validated. Leveraging the data provided by the incoming transaction depositing the underlying asset, a set of the secure sandboxes (TEEs) jointly creates (via MPC) an outgoing transaction for the equal amount of pTokens to be minted by the relevant pTokens smart contract on the host blockchain, according to the project.
When was PNT created and how much was it worth?
The first pTokens bridge (pBTC on ETH) had a successful mainnet launch on March 5th, 2020, and by late that spring the PNT token was changing hands for $0.75, according to CoinGecko.
How is the price of PNT determined?
The network has a circulating supply of 55 million PNT coins out of a total supply of 88 million, according to CoinGecko.
PNT was created for governance and as an incentive for network participants.
PNT is leveraged internally by the pToken system to enable operations for both validators and DAO members, spurring a flywheel effect, team leaders explain in their documentation, pointing out how validators and DAO members, in order to perform their respective roles, stake PNT tokens.
Rewards are highest for members who are most heavily invested.
Some 30 million PNT tokens were earmarked for this initiative. They’re generated through an inflation mechanism; the initial 60 million PNT supply proportionally to the tokens actively staked within the DAO and redistributes them to the community.
An expanding pTokens bridge infrastructure (i.e. more pToken users) would bode well for the direction of PNT price levels, but require active participation within the DAO.
Why does PNT have value?
PNT is the pNetwork’s governance token. Holders, by staking PNT in the DAO, can not only participate in shaping the future of the protocol via governance proposals, but also holders can stake PNT for annual yield. Overall take-up, total value locked (TVL) and the general state of the crypto market are forces that contribute the price of PNT which was pumped up in May of 2021, a boom period that was followed by a plunge to less than $1. Around the time that the platform was hacked, PNT still traded at that level, but not ever catching any more momentum and then ultimately declining all throughout 2022
Is PNT secure?
The network is secured by multi-party computations and trusted computing, aiming to make attacks expensive and impractical, the project says. “Thanks to an extensive use of Trusted Computing sandboxing techniques (TEEs), the pTokens technology guarantees a secure and fully auditable execution of processes,” the project says. “This means transparency is maintained across the whole cross-chain process.”
The pTokens approach leverages security-preserving technologies such as Intel SGX. This, along with blockchain smart contracts, enables secure cross-chain transaction-signing capabilities between two traditionally separated blockchain platforms, according to network documentation.
What are the main benefits of PNT?
- The network was built to facilitate seamless movement of tokenized assets, allowing for cross-chain liquidity.
- More than 10 blockchains are supported by the network. These include Bitcoin, Ethereum, Binance Smart Chain and Dogecoin.
- The network facilitates cross-chain transfers of non-fungible tokens (NFTs). Such portability is viewed as a primary added PET value, with pTokens able to “teleport any token to a different blockchain, without any frictions,” the project says. “Every pToken is transparently pegged to its respective token. Anyone can peg-in/peg-out via the pTokens dApp.”
- Cross-chain interoperability, and specifically “bridges,” remains a huge area of industry focus, putting a spotlight on the native tokens of these projects and potentially setting the stage for long-term appreciation.
What do critics say about PNT?
Cross-chain bridges are seen as vulnerable to hacks such as the one that pNetwork suffered in September of 2021. And that the network is competing in a crowded field.
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