The world of blockchain is never stagnant. Therefore to remain relevant, blockchain firms are constantly innovating.
Bitpanda, one of the best cryptocurrency exchanges in Europe has announced its open-source research project called Pantos, in collaboration with scientists from the Technical University of Vienna, the Academy of Sciences and the Research Institute for Future Cryptoeconomics (RIAT).
The aim of the project is to work on the Token Atomic Swap Technology (TAST). Once the work is successfully completed, the result will be released as an open-source technology.
Bitpanda is organizing a technology ICO capped at 1500 bitcoin to ensure the project succeeds. Pantos will solve the blockchain fragmentation challenges. If Pantos succeeds, it will make it possible for different blockchains to share data.
The founders of Bitpanda, Eric Demuth, Paul Klanschek and ChristianTrummer said that:
“The various networks compete not only for investment resources and market share – but also for knowledge. This is where Pantos comes into play. With the new technology and the PAN Token, for the first time, it is intended to enable valuable transfers of tokens across several blockchains.”
All things being equal, the Pantos project will facilitate real-time collaborations between blockchain projects. The team has hinted that Pantos will be launched on the Ethereum blockchain first, with others such as Bitcoin, Litecoin, Lisk, Comodo and Waves to be launched much later.
“It is particularly important to us, that the associated Technology ICO finances the new technology and research, which is why it is limited to 1500 BTC, to provide an open-source technology for the industry. It is deliberately not a start-up financing system,” the team declared.
Also, Pantos will boost the trading volume across decentralized exchanges dues to its support for real-time arbitrage trading. It’ll also increase the demand for PAN tokens. In addition, traders will be able to take advantage of the price differences between different pairs of cryptos.
Furthermore, the flexible portability capabilities will allow the PAN token to form a common denominator and will invariably usher in a new unit of measurement for the crypto-economy. The Domination index, which is another excellent feature of the platform will display token usage and distribution across all compliant blockchains, in real-time. With PAN, the importance of each blockchain will be measured on the basis of genuine usage.
The firm was created by bitcoin enthusiasts in 2013 to ease the purchase of bitcoin in Europe. It has grown into a formidable force in the Euro crypto ecosystem, offering digital currencies like bitcoin, ethereum, litecoin, dash, bitcoin cash, and ripple. It also offers EUR trading as well as in-house developed wallet solutions for various digital assets.
The Pantos project is being backed by various blockchain projects and heavyweights in the blockchain ecosystem.
For more information visit www.pantos.io