Bitpanda

Jan 28, 2024

Vienna, Feb. 14, 2023 — Pantos, a multichain token system conceived by the team behind Bitpanda, announces the public beta launch of its multichain protocol today. Developers and users will be able to use the public beta to send tokens, wrap native coins of supported chains, and soon also create and deploy multichain tokens easily with a few clicks.

Pantos is introducing a new multichain token standard called Pandas (Pantos digital asset standard) to bring a truly multichain token system to the masses, enabling secure and seamless Web3 interoperability. Pantos currently supports seven chains on testnet: Ethereum, Polygon, Avalanche, BNB Smart Chain, Cronos, Celo and Fantom, with plans to integrate more Ethereum Virtual Machine (EVM) and non-EVM chains continuously.

The majority 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 the right tools to empower developers to easily create multichain assets.

Pantos began in 2018 as an in-house research project by Bitpanda in collaboration with Technischen Universität Wien (Austria) and Technische Universität 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, with project funding from the Austrian government.

Eric Demuth, co-founder and CEO 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 with the 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, which is working with Pantos on blockchain interoperability solutions. Pantos’ native token, Pantos (PAN), is currently available for trading on Bitpanda and N26.

Researchers at Pantos are developing technology that will allow users to freely transfer digital assets 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.

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, giving users the freedom to choose the most suitable network for their digital assets. It secured $12.1 million in funding through an initial coin offering on Bitpanda in 2018.

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