BitPanda, a cryptocurrency exchange company based in Europe, has announced the launch of a new project called Pantos. It is a system that will allow for integration of all major blockchain platforms. Until now, we have seen the different blockchain platforms operate in individual silos with no cross-integration and cooperation between them.
Pantos seeks to change all this by enhancing cooperation and creating a platform that enables token transfers between the different blockchain technologies.
It is no surprise that BitPanda is at the fore of this. The company has been in the vanguard of technologies that seek to expedite cross-platform cryptocurrency transactions. BitPanda was one of the first companies in Europe to make it possible for users to buy or sell cryptocurrencies automatically using multiple payment platforms such as VISA, Skrill or Neteller.
Using this same principle, the company has gone ahead in conjunction with multiple other stakeholders, who include universities, scientific research centers, and crypto-focused institutes, to create the Pantos Project.
The Pantos Project
The Pantos project is a multi-stakeholder open source project that seeks to bring together multiple blockchains that mostly are operating individualistically. The project will act as a bridge that will allow for cross-chain token transfers in a decentralized manner.
Some of the key stakeholders involved in the project, alongside BitPanda, are the Austrian Academy of Sciences, The Research Institute for Future CrpotoEconomics and the Technical University of Vienna.
Speaking during the launch of the Pantos Project, Paul Klanschek Co-Founder & Co-CEO of BitPanda had this to say:
“Our objective is to enhance cooperation in the tokenized world. Pantos is an open source platform that introduces a key technology called TAST (Token Atomic Swap Technology). TAST is an atomic swap that will be onboard on this Project. We hope this technology will bring different blockchains closer together. The whole aim of bringing all these blockchain technologies together is to enable developers, users and researchers communicate more effectively and also enable cross-chain token transfers. “
Initial blockchain technologies that will be supported by the Pantos project are Bitcoin, Ethereum, Waves, Komodo, Lisk, and NEM.
Key solutions that aim to be brought about by Pantos Project include:
- Enabling Cross token transfers across multiple blockchains.
- Enabling closer cooperation and communication between researchers and developers across multiple blockchains.
- Enhancing cryptocurrency adoption by providing a central platform that seeks to integrate and foster adoption of blockchain as one whole unit rather than having the different blockchains coexist in independent and exclusive silos.
- Allow for cross token transfers between multiple blockchain platforms
- Foster interoperability between the different blockchain platforms.
- Enhance and foster arbitrage trading between the different blockchains.
- Provide an index that will demonstrate the viability and significance of existing blockchain platforms. This will be done through the Blockchain Dominance Index.
The project has already launched an ICO that is currently ongoing. A total of 1,000,000,000 PAN tokens have been created. 40% of this will be issued to the ICO participants and the remaining will be reserved by the company for future use.