Algorand & pNetwork Partner to Build Cross-Chain Connections
pNetwork recently announced that they are partnering with Algorand, the PoS (proof-of-stake) blockchain focused on merging traditional and decentralized finance. pNetwork, known for its cross-chain system helping NFTs and assets to move between blockchain networks. The partnership will see the ventures cross-chain bridges for Algorand.
Algorand gas provided a grant to pNetwork to create a bridge for the Algorand network to connect with external ecosystems and assets. The crypto sector is constantly trying to build new financial platforms to accommodate unique customer needs.
Assets’ liquidity is a major factor for the platforms, which is currently extended throughout different blockchain networks. Algorand possesses a standalone network too, which is difficult to interoperate with external assets and networks.
Algorand will follow the example of 700+ organizations that have already implemented the technology. pNetwork offers bridges to solve the issue of interconnectivity prevalent throughout the blockchain sector. The bridges provide a safe and solid foundation to help tokens move between networks.
With the integration, Algorand will develop next-gen financial tools, value exchange across DeFi, decentralized finance protocols, governments, and financial institutions. pNetwork stated that the partnership focuses on expanding Algorand’s ecosystem. It will allow the platform to currently support popular cryptos pegged in the ratio of 1 to 1. pNetwork will peg the cryptocurrencies to their native versions, allowing them seamlessly transfer across multiple blockchains.
Sean Lee (Algorand Foundation’s CEO) stated that the company is delighted to join hands with pNetwork to make multi-chain interoperability a reality. Thomas Bertani (pNetwork’s Project Lead) stated that the platform intends to evolve the blockchain sector by connecting next-gen DeFi apps with the market. With pNetwork’s assistance, financial apps on Algorand can connect to the global crypto audience and capitalize on the growing DeFi ecosystem.
The development will help tokens and assets move through Algorand to different blockchain networks. It will establish a new financial model merging DeFi, managed finance, and historic finance with FutureFi’s finance vision.
pNetwork currently backs the most multi-chain connections, allowing data and assets to be shared through networks. With its growing popularity, the platform is developing new measures to facilitate interoperability and meaningful connections amid blockchains.
Names like Ethereum, Bitcoin, Litecoin, Dogecoin, Polygon, Binance Smart Chain, Telos, xDAI, Ravencoin, and EOS already use pNetwork-based multi-chain connections. Algorand will initiate the interoperability functionalities in Summer 2021. The integration will establish new connections, helping interoperability become more common in the blockchain sector. As per pNetwork, establishing such connections will fulfill their goal of helping dApps like DEX, stablecoins, lending/borrowing platforms, etc.
Algorand and pNetwork recently announced a partnership to develop cross-chain connections for Algorand. The connections will help its network connect with multiple blockchains. It will also help the platform share data and tokens with the networks and grow significantly based on our Algorand price prediction. Both companies shared their delight regarding the partnership, and it’s expected to help the industry in the long run.