Over the years, cryptocurrency industry has achieved plenty of goals. It circled the world, reaching high levels of adoption — although not mainstream yet — to the point that even institutional investors started entering it. Bitcoin got recognized as legal tender in El Salvador, numerous massive trends have been dominating the industry for years, and due to COVID-19 pandemic, people around the world started viewing crypto as safe haven, in fear of hyperinflation due to excessive money printing.
The last two years, as chaotic as they have been, have allowed the industry to thrive. However, there are still many challenges that are only beginning to see solutions and an overall goal of creating Web3 at the end.
However, in order for Web3 to become a reality, there are certain solutions that must be perfected. Scalability is one of them, and interoperability is another. In fact, interoperability is crucial, as it needs to connect separate blockchains into a single network, which has been done in a very limited capacity as of right now.
However, projects like pNetwork continue to push this effort and increase the potential of what modern technology can offer.
How Does pNetwork (PNT) Work?
pNetwork is a project that aims to achieve interoperability that will eventually help the blockchain industry become the next stage of the internet. To do this, it is building bridges that are connecting it to different blockchains, with more than 10 of them already having a bridge leading to their networks.
With interoperability, the pNetwork ecosystem would become the heart of a complex and large cluster of blockchains, allowing them to communicate with one another, send funds between one another, and quickly and easily transfer data. More than that, this would also allow for easy transfers of non-fungible tokens, which are used to tokenize art, in-game items, and really anything of value. Interoperability would allow art collectors to take their NFTs to different galleries on different chains, while crypto HODLers would be able to easily transfer their cryptos without having to go through exchanges and convert cryptocurrencies just to be able to use specific dApps.
The possibilities are endless, and it would be interesting to explore them all, but that is a topic for another time.
What Problems Does pNetwork (PNT) Solve?
As mentioned, pNetwork aims to solve the interoperability issues, and it does it in several ways that will eventually unite the blockchain industry into a single, vast network. For example, it brings:
Inter-blockchain communication
pNetwork offers a true open-source inter-blockchain communication, without any prerequisites, and no trusted components necessary. The project aims to fulfill the long-term goal of the blockchain and crypto industries, which is to connect them and enable quick, easy, and cheap ways to directly transfer funds and data from one chain to the other, without the need for intermediaries of any kind.
Bridging dApps on multiple networks
With the ability to transfer information, dApps and smart contracts could also easily be reached on multiple chains, thus increasing the ir user base, and offering their services to everyone, regardless of which blockchain they prefer to use.
Easy access to development tools
Finally, the project also allows everyone to play around with pNetwork tools, regardless of whether they are an experienced developer, or just a cross-chain enthusiast without a technical background. pNetwork features a fully-fledged suite of tools that allow users to do more with the capital they have at their disposal, which is definitely something that should not be overlooked.
Benefits of pNetwork (PNT)
We have talked about what pNetwork can do for the crypto and blockchain industry, but let’s take a look at what benefits it offers to you, as its user.
Move cryptocurrencies between blockchains
As mentioned before, pNetwork would be able to connect different chains, and let you transfer assets from one blockchain to another directly. The project itself gave an example of being able to move Bitcoins on Ethereum’s network, but also many others. At that time of writing, pNetwork enables the transfer of assets into +10 supported blockchains, including Bitcoin, Ethereum, Dogecoin, and more.
Easily migrate your NFTs
Cryptocurrencies are not the only thing that you would be able to move around with a project like this by your side. According to pNetwork, the same can be done with NFTs, and even smart contract interactions. With NFTs now entering the second year of receiving extremely high amounts of attention, being able to move virtual goods seamlessly from one network to another would not only be a game-changer but a revolutionizing feature, too.
Governance
Of course, there is also the matter of governance for those who hold the project’s native PNT token. As a decentralized project, pNetwork relies on its community of token holders to suggest changes that would help with the continuation of its evolution. Token holders have the ability to propose changes and solutions that they feel would be beneficial, or vote on solutions proposed by others in their community.
eidooCARD
Lastly, it is worth mentioning that, as part of the pNetwork ecosystem, users also get access to the eidooCARD. The project mentions it as one of the most exciting new features, as it represents a non-custodial, L2-integrated cryptocurrency card that came out of a pTokens x Eidoo combo. As such, the card can guarantee fast transactions and low fees, so you will be able to pretty much make instant payments at any time.
Final Thought
pNetwork has great potential to change the way blockchain functions, and set the foundation for the development of Web3. Once interoperability of that level is established, it could potentially lead to all kinds of other inventions, products, and solutions, and continue to revolutionize the crypto/blockchain industry. But, it all starts here, with the ability to reach different chains directly, which is why this project should definitely be supported by everyone who wishes to see progress.
