What is pNetwork (PNT)?
pNetwork is an open-source public routing protocol that makes it easy to perform cross-chain movement of crypto assets. The network operates on the Ethereum blockchain. Providing a bridge between different blockchains, it enables an easy movement of crypto liquidity. By preserving a 1:1 peg between the original blockchain and the host blockchain, pNetwork allows the issuance of wrapped tokens called pTokens. This allows the use of, let's say, BTC tokens on the Ethereum network.
Apart from the ability to handle many bridges at the same time, the platform also allows anyone to become a pNetwork validator. Validators analyze and approve transactions on the protocol. This is also instrumental to the security the platform promises, as it is secured by a system of trusted multi-party computing. This makes the cost of attacking the network expensive and unrealistic.
To carry out utility activities and transactions on the network, the platform has the PNT token. This token is also the governance token of the ecosystem. It was launched on the Ethereum network as an ERC-777 token. To find out the current PNT price, you can check the pNetwork price chart featured above.
Though note that, previously, pNetwork was known as Eidoo, and its native token was EDO. However, in June 2020, the network was upgraded to pNetwork, while the token was changed into PNT, giving it more functionality than it had before.
Use Cases of PNT Tokens
Two major use cases of the PNT token are governance and staking, which actually intertwine with one another. How? To vote in the decentralized autonomous organization (DAO), you must hold a specific amount of PNT crypto tokens. These tokens then have to be staked within the DAO in exchange for voting rights on proposals and amendments for the pNetwork ecosystem.
Besides that, to become a validator on pNetwork, you must stake a minimum amount of 200,000 PNT coins. This payment is seen as a means of securing your commitment and it's important to keep validators honest. Validators who engage in activities dangerous to the network will have their staked PNT tokens forfeited to the community. Honest validators are rewarded in PNT tokens for their work. This also leads to another use case of pNetwork tokens – rewarding network participants.
Lastly, payments of fees for the movement of assets across different chains are also covered using PNT tokens. This is a cost-effective method for holders of the token. Some of these fees are redistributed to stakers of PNT tokens. Overall, stakers are rewarded 63% interest on their staked tokens after a period of two years.
Planning to invest in pNetwork tokens? Make sure to check the current and the previous PNT price to make a more informed purchasing decision. You can do that by using the aforementioned pNetwork price chart.
Who Founded pNetwork?
pNetwork was founded by Thomas Bertani in 2021. Thomas works as the project lead. He is a cryptocurrency and blockchain expert who has worked on different projects and blockchains. He is a consultant for Bitcoin and Ethereum as well.
PNT Tokenomics
The maximum supply of PNT tokens is over 96,775,228. Talking about the distribution of the tokens, at the time of token issuance, 6.7% of these tokens were reserved for staking initiatives, while the founding team got 33.5%. Lastly, 56.4% were dedicated to EDO holders, while the remaining supply was distributed to the pNetwork Association.
