47. Pantos: how to solve the problem of token transfer between blockchains?
Pantos is an open-source project that solves the problem of interoperability between blockchains. As we know, most blockchains do not work together. They are not connected to each other and cannot cooperate. Pantos was founded to solve these problems. It aims to drive innovative solutions in cross-blockchain interoperability.
Today’s lesson will focus on this solution. We will discuss how it works and look at its advantages and disadvantages.
What is Pantos?
Pantos Digital Asset Standard (PANDAS) is the official name of the protocol. Pantos is an innovative solution designed to overcome the limitations of the ERC-20 token standard, in particular its lack of compatibility with multichain networks.
The ERC-20 standard is very widely used, especially on the Ethereum network. However, its single-chain formulation presents a number of challenges, particularly the transfer of assets between different networks. Currently, users deposit their ERC-20 tokens with CEX to transfer them to another chain. This is problematic and time-consuming. Blockchain bridges fail just as often.
Pantos is supposed to be a breakthrough in this regard. It creates a native multichain standard that focuses on the strengths of the ERC-20 standard and overcomes its limitations. The result? PANDAS a near-universal standard for digital assets that supports multiple chains, including Ethereum, BNB Chain, Avalanche, Cronos, Polygon, Celo and Phantom.
PANDAS – what exactly is this?
The basis of PANDAS is precisely the Pantos protocol. It is based on smart contracts, which in fact enable seamless transactions between chains. This solution ensures the security of digital assets. Moreover, they are efficiently transferred between supported networks without the need for intermediaries or centralized exchanges.
Let us now take a look at the structure of PANDAS.
The Pantos HUB is nothing more than a smart contract implemented on multiple blockchains. It enables cross-chain functionality for tokens based on the Pantos Digital Asset (PANDAS) standard.
The hub facilitates cross-chain transfers so that tokens can be moved seamlessly between different blockchains and retain value. By creating such token contracts, developers provide users with the ability to interact with tokens across different blockchains. In this way, they increase the usability of the token and encourage wider adoption.
This is also a smart contract. It acts as an intermediary between the Pantos Hub and token contracts that implement the IPantosToken interface. The forwarder is responsible for handling token transfers between chains. It ensures that the ownership and value of the token is preserved during the transfer. The Pantos Forwarder is in constant communication with the Pantos Hub. It coordinates the process of transferring tokens from one blockchain to another.
Importantly, token contracts must specify the Pantos Forwarder address in their code to enable cross-chain functionality.
This is a set of standard functions that token contracts must implement to be fully compliant with the Pantos Digital Asset (PANDAS) standard. The interface ensures compatibility with various other blockchain ecosystems. It also defines additional functions and events tailored to cross-chain functionality (pantosTransfer, pantosTransferFrom, pantosTransferTo, getPantosForwarder). With the implementation of this interface, token contracts can use the cross-chain functionality of the Pantos Hub.
This is a base token contract that implements the IPantosToken interface. It provides the basis for creating custom tokens, which, of course, comply with the Pantos Digital Asset (PANDAS) standard.
The base contract provides the necessary functions and events for cross-chain functionality. It thus simplifies the entire process of creating new tokens. How it works. Developers can inherit from PantosBaseToken and extend it with their own logic. They then create a new token that is compatible with Pantos Hub and that can be transferred seamlessly between different blockchains.
Pantos Token (PAN)
This is the native token of the Pantos network. PAN currently exists as an ERC-20 token on the Ethereum blockchain. However, once Pantos is launched on the mainnet, PAN will support multiple blockchain networks.
The number of tokens is set at 1,000,000,000. PAN is used to manage the protocol and is a way to pay for the fees associated with using the Pantos network.
PANDAS is a major step forward in the world of digital asset management. It offers a very powerful alternative to the well-known ERC-20 standard. It offers users support for multiple chains with seamless transactions between them. The protocol has great potential to revolutionize the way digital assets are created, managed and exchanged.