Vienna, Austria, February 14, 2023, Chainwire
Pantos is introducing a new Multichain Token Standard called PANDAS (Pantos Digital Asset Standard) to bring a genuinely multichain token system to the masses, enabling secure and seamless Web3 interoperability. Pantos currently supports seven chains on testnet: Ethereum, Polygon, Avalanche, BNB, Cronos, Celo, and Fantom, and plans to integrate more EVM and non-EVM chains continuously.
Most of today's Web3 applications and bridges lack the security and smooth user experience needed to bring Web3 functionalities to the masses. Pantos aims to improve this by offering a reliable infrastructure and tools to empower 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 also, TU Hamburg (Germany) to establish an open standard for truly decentralized multichain token transfers and blockchain interoperability. The public beta comes out after years of ground-breaking research in oracles, relays, smart contracts, and blockchain efficiency. Pantos, together with its researchers at the universities, run one of the largest blockchain research labs in the world as part of the Christian Doppler Laboratory Blockchain Technologies for the Internet of Things and have been able to secure funding for the project from the Austrian government.
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.”
Bitpanda's business expertise helps Pantos transition from a research project to a fully-functional product available to end users and developers in a simple and accessible way. Bitpanda will also be one of the first adopters of Pantos' multichain token system. Furthermore, Pantos has secured a partnership with the leading Austrian bank, Raiffeisen Bank International (RBI), working with Pantos on blockchain interoperability solutions. Pantos' native token, PAN, is currently available for trading on Bitpanda and N26.
Researchers at Pantos are developing technology that will allow users to transfer digital assets of any kind freely 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 can deploy their own multichain tokens easily.
Though 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 validation mechanism to ensure a smooth launch. This way, the team will ensure that the network cannot be attacked in its early stages before it gradually evolves into a fully decentralized system.
About Pantos
Started as a research project by the team behind Bitpanda in 2018, Pantos is an open-source protocol on a mission to make Web3 truly interoperable. It aims to become an enabler for sophisticated Web3 applications. Pantos' cutting-edge technology allows existing and upcoming tokens to be deployed on multiple blockchain networks, allowing users to choose the most suitable network for their digital assets. It secured $12.1 million in funding through an Initial Coin Offering (ICO) on Bitpanda in 2018.
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