Algorand Blockchain to Build Interoperability Engine Powered by pNetwork
The Algorand blockchain is set to see an improved interaction with other open-source blockchains through the interoperability infrastructure that is set to be built by pNetwork. As detailed in a Press Release shared with Coingape, the pNetwork has received a grant from the Algorand Foundation to be deployed in creating a pNetwork-powered bridge for Algorand to be connected with external assets and ecosystems.
As the blockchain and cryptocurrency ecosystem journeys to maturity, demand for certain products stays on the rise. With decentralized finance (DeFi) taking the center stage in the ongoing financial revolution, accessing DeFi-based products requires access to liquidity which usually is spread across multiple blockchain networks. The partnership between Algorand and pNetwork is a way to connect Algorand with this rich base of asset liquidity.
“The Algorand Foundation is excited to partner with pNetwork to bring easy cross-chain interoperability a step closer” said Sean Lee, CEO of the Algorand Foundation “Enabling assets and tokens from other chains to move freely on the Algorand network is an exciting step in facilitating a new model of finance that merges historic finance, decentralized finance and personally managed finance in our vision of a new Future of Finance – FutureFi.”
pNetwork’s Cross-Chain Bride Design To Drive Algorand’s Interoperable Needs
pNetwork is an active developer of cross-chain solutions in the DeFi world, and the cross-chain bridge solution scheduled to be built for Algorand can help fast-track the latter’s urgent interoperable needs.
pNetwork’s solutions currently cut across a wide range of assets built atop different blockchains including Bitcoin, Ethereum, Dogecoin, Litecoin, Binance Smart Chain, Polygon, xDAI, EOS, Telos, and Ravencoin.
“We aim to advance the blockchain industry by connecting innovative dApps with the entire market,” said Thomas Bertani, Project Lead at pNetwork. “Via pNetwork, financial applications building on Algorand can access the larger crypto market and open up to the flourishing DeFi ecosystem”.
While the timeline to launch the proposed interoperability engines in the summer are not yet made public, the partnership will directly benefit the more than 750 organizations currently building on the Algorand blockchain. With the solutions in view, the Algorand network will eliminate all existing bottlenecks in order to compete favorably in the blockchain and decentralized finance ecosystems respectively.Source