The pNetwork is home to a Decentralized Autonomous Organization (DAO) that governs the network itself, along with the pTokens bridges and their dynamics. Specifically, they can decide to operate a validating node or help shape its future by voting on pTokens improvement proposals via the pNetwork DAO.
The pNetwork provides the foundation for a truly decentralized system and is, in fact, a realization of its progressive decentralization aims. The pTokens system will undergo a series of upgrades to achieve a fully decentralized network of validators, the pNetwork, where multiple operators (namely, validators) will ensure there is no single point of failure. The pNetwork will be launched as a permissioned network, which will then quickly evolve into a permissionless one. It is an open, public, and independent network built upon Ethereum with an in-built governance system.
The pNetwork DAO will be open for anyone to join and contribute to the development of the pTokens system via a token-based voting mechanism. Members of the DAO will initiate voting processes to influence the development and future of the pTokens system. The introduction of an underlying network represents an improvement over the initial model as it strengthens the security of the pTokens’ bridges while minimizing various risks as the network is supported by multiple parties.
Anyone can become a DAO member and contribute to making the network effectively decentralized, assuming an active role in the success of the project. The DAO members and validators within the network represent the keys to its decentralization, capturing the essence of these concepts pioneered by the Decentralized Financial movement.
The pTokens aims to be a decentralized open-source system facilitating the cross-chain movement of assets and aims to remove the need for a trusted intermediary by creating a crypto-economic incentive through a governance token. While fueling validators’ activities, the PNT token is a key element of the staking method at the basis of the network.
The pTokens system is the enabler for unidirectional and bi-directional connections among a variety of blockchain networks. The navigation classification of these connections depends on the unique features of each blockchain protocol. The pTokens bridge is a secure and transparent way for crypto assets to be moved cross-chain. It can be built for each direction of a connection between two independent networks, for any asset to be moved into any blockchain.
Three key elements are needed for a pTokens bridge to be set up, namely: a full node for each blockchain being a bridge, secure enclaves running inside TEEs, and a network of validators that jointly cooperate to generate and manage the private key(s) used to orchestrate the peg-in and peg-out processes
The pNetwork Token (PNT)
The pNetwork token (PNT) will be introduced to the system as a way to implement community-led governance and as an incentive for actors within the network to perform their roles. PNT Token Role within the System The PNT token represents a key element of the system as it aligns incentives for all participants. PNT is leveraged internally by the pTokens system to enable operations for both validators and DAO members.
The pNetwork Token (PNT) is leveraged within the system as an incentive for all actors to participate in the decentralization of the system and the verification of the cross-chain movement of assets. DAO members will be able to express their preferences in regards to a variety of improvement proposals by staking their PNT tokens within the Decentralized Autonomous Organisation and voting accordingly.
Who are the founders of pNetwork (PNT)?
pTokens were created by Provable Things, and pNetwork was developed in a combined effort with Eidoo.
What is the pNetwork (PNT) used for?
pTokens will form an auditable, secure, and decentralized exchange point for multi-blockchain financial transactions.
Enhance external liquidity for ETH DeFi DApps.
Transact or move tokens from different networks
pToken holders may move their currency across chains without needing to concern themselves with security and cross-chain pegging operations at all.
It is an incentive for validators and a means for the community to actively participate in the pNetwork DAO’s voting mechanism.
pNetwork allows users to mine. Miners secure and verify transactions to secure the blockchain and its continuance, validators secure and verify the cross-chain movement of assets.
pNetwork allows for staking and interest is matured based on the tokens at stake, making rewards higher for those members who are more invested, and is distributed to members actively participating in DAO voting mechanisms.
How is pNetwork (PNT) unique?
The TEE technology acts as an extra shield for the system, making it economically and practically inconvenient for an adversary to compromise the security of the system. Additionally, such a hack would need to be replicated for every enclave operator participating in the multi-party computation as the key pairs used to sign the transaction(s).
How many pNetwork (PNT) coins are in circulation?
The circulating supply of the PNT token will be capped at 60 million tokens.
How is pNetwork secured?
pNetwork is secured via the enclave. The enclave represents the secure sandbox in which private keys for both corresponding blockchains can be generated, stored, and used for the transaction-signing that both funds and burns pTokens. It is used to validate incoming blocks and their transactions, ensuring that only valid transactions from either chain can cause their equal and opposite transactional counterpart to be signed by the enclave.
The inherent security of TEE enclaves combined with remote attestation and open-sourced code allows interested parties to independently audit running enclave instances. The publicly available code makes clear every process the enclave is and is not capable of undertaking, whilst remote attestation confirms that that open-source code is indeed what is being executed in the enclave. Because of this, even enclave writers cannot include malicious or
hidden entry-points that could compromise enclave private-key security due to the open-source nature of the enclave code.
How do I buy pNetwork (PNT)?
The PNT token can be used for a wide range of uses, like staking and voting.
SHIBORG tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy PNT through your trading account.
Which Cryptocurrency Wallet Supports pNetwork (PNT)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as pNetwork (PNT). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their PNT wallet because it offers a simple interactive interface, making it easy for people to navigate its system.