pNetwork is an open-source multi-chain routing protocol for providing interoperability across a variety of independent blockchains. These cross-blockchain functionalities enable, for example, the release of "wrapped" tokens called pTokens that rely on maintaining a 1-to-1 peg in-between the native blockchain and the host blockchain (e.g. Bitcoins wrapped to operate on the Ethereum blockchain). The protocol has already processed transactions for more than 1 billion dollar of value.
PNT, the pNetwork's governace token, is already available on several blockchains: Ethereum, BSC, Polygon, Gnosis, EOS, Telos and Arbitrum, and token holders can benefit from the token utility on each network. This includes:
- Staking PNT into the pNetwork DAO (daoPNT) to get DAO rewards
- Governance and voting power on both Ethereum e BNB networks
- Staking to become node operators both on Ethereum and BNB chain networks
- Trading on several multi-chain DeFi protocols (Uniswap, Pancakeswap, Quickswap)
- Trading on several centralized exchanges (Binance, Kucoin, Bitfinex, Gate.io, Wazirx)
pNetwork is founded on three core pillars: Decentralization, Community-drivenness, and Interoperability, which are central to its mission and values.
- Decentralization: This ensures pNetwork isn't controlled by any central authority. Governance is through the pNetwork DAO and a decentralized network of nodes, where PNT token holders who stake their tokens can influence decisions. The team is enhancing this with pNetwork v3, focusing on protocol decentralization.
- Community-drivenness: The project thrives on community involvement. The team encourages active participation from developers, token holders, and interested individuals, providing tools and resources like forums, social media, and a developer portal to foster engagement.
- Interoperability: pNetwork excels in enabling seamless interaction among various blockchain networks, such as Bitcoin, Ethereum, and Binance Smart Chain. This feature allows users to effortlessly transfer assets across different blockchains, simplifying the process and removing technical complexities.
pNetwork v3 introduces an optimistic approach with multi-provers for its architecture. It features a Relayer who proposes the issuance or redemption of a pToken. This proposal undergoes a challenge period for legitimacy verification, optimistically reflecting the user's swap request. If found illegitimate, the proposal can be cancelled after this period by actors known as Sentinels and Guardians. Being fully decentralized, pNetwork v3 is not subject to MICA regulation, avoiding KYC and AML requirements and enhancing user experience. Despite its decentralization, pNetwork actively seeks methods to prevent its use for illegal activities or with illicit funds.
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