pNetwork partners with Algorand to increase interoperability!

On Wednesday, April 27, the CEO of the Algorand Foundation announced that Algorand has formally partnered with pNetwork to allow users of the Algorand network to benefit from the cross-chain interoperability offered by pNetwork. CEO Sean Lee said the partnership is an exciting step in running a new funding model. The new Algorand x pNetwork collaboration enables Algorand network tokens and assets to be transferred over other blockchain networks. Algorand plans to establish a decentralized financial model while preserving the values and benefits of traditional financial institutions. This model is seen by the Algorand team as the future of finance. Algorand Roadmap to Ensure Interoperability Ensuring fast and immediate execution of blockchain transactions, the Algo blockchain works with a proof-of-stake system rather than a proof-of-work system. One of the goals of the Algorand blockchain is to align the traditional financial system with decentralization. The development of a financial system with such a structure has recently gained more acceptance. More users appreciate the flexibility and innovation in the digital ecosystem. The cross-chain configuration requires a high level of liquidity to reach the goal. In a decentralized system, liquidity is usually distributed over different blockchain protocols independently of each other. Algorand's partnership with pNetwork means it will interact with more protocols and hence the liquidity will be much higher. Cross-chain collaboration will benefit both Algorand network and protocol users. Cross-chain interoperability problem will be solved by using pTokens bridges on pNetwork. PTokens provides a simple and secure foundation that facilitates the mobility of crypto assets and NFTs across different blockchains. Many organizations are currently using

Join the Discussion

Back to top