Instead of being stuck on a single chain, get the best of each blockchain with Pantos

Since the first decentralized blockchain was created in 2008, this industry has seen incredible progress and rapid growth. The industry has since expanded to boast over 1,000 distinct blockchain networks today.

As post-Bitcoin blockchains have become more and more complex, global spending has also begun to rise. Every year, billions of dollars are poured into decentralized technology, hoping to forge the applications and use cases of the future. With current and conservative estimates, global spending on blockchain solutions is set to reach a total of $19 billion by 2024.

Despite technological leaps and a continuous flow of capital into this world, blockchain technology has not achieved the level of adoption that one would expect. There are a number of culprits to blame here, ranging from a lack of public education to the scalability issues faced by a number of leading blockchains.

Another common concern that many discuss when looking at blockchain is the lack of interoperability across different ecosystems. In this article, we’ll delve into the interoperability issue, outlining why it’s stalling the mass adoption of blockchain and how an innovative multi-chain protocol is set to change the face of this industry.

The interoperability problem

Blockchain has come a long way over the past decade, evolving from a rudimentary system to a worldwide financial pioneer with nearly $60 billion in total value locked (TVL).

While many blockchains excel in one or two areas, they cannot cover absolutely all the bases. For example, Bitcoin has phenomenal security, but it lacks scalability. Bitcoin has a notoriously low number of transactions per second (TPS). Despite its growing popularity, it has failed to keep up, leading to long transaction queues.

We see a similar problem with Ethereum, the world’s second most popular blockchain. While Ethereum is great for supporting developers and allowing them to create Web3 and DeFi projects, it also suffers from the scalability problem, which is why we’ve seen the proliferation of Layer-2 networks. Ethereum is currently increasing its transaction speed and is moving in the right direction. But “The Surge” upgrade that will enable the Ethereum network to deliver 100,000 transactions per second is still a long way off.

Due to relatively low transaction speed in combination with a high number of developers and users, Ethereum has suffered from long transaction queues. To push transactions forward, they allow users to pay a gas fee, which makes many Web3 activities unsustainable due to the wildly varying gas fees and system instability.

For a developer, choosing a blockchain is a dance of pros and cons. If you want the developer tools that Ethereum offers, expect additional gas fees. Likewise, if you want the security that Bitcoin offers, you’re going to suffer from an inflexible environment.

Users similarly face issues when choosing the blockchain to trade on or HODL their assets. When choosing a chain, there is an expectation that it will survive in the long run and continue to generate returns for investors. The instability of certain blockchain networks cannot guarantee this, which scares some investors from allocating funds to them. Simply put, they fear that their assets could be, one day, tied to a dead blockchain system.

Without interoperability across different blockchains, there are too many variables to make this a stable environment – ​​both for investment and development. It’s no wonder Web3 and Metaverse have suffered from low adoption rates, considering the very technological foundation on which they’re built still annoys many people.

However, recent years have given organizations time to plan, research and develop solutions. Most recently, Pantos, a project backed by Bitpanda, has gained media attention for its ingenious proposal to fix the interoperability problem.

Pantos Multichain Protocol and the Future of Blockchain

Pantos has been in development for about five years, and the team started their research in 2018. Over the years, they followed the expanding capabilities of blockchain, while noticing the unique problems that this ecosystem suffered from. Focusing on the lack of interoperability, they developed a Multichain Token Standard called PANDAS (Pantos Digital Asset Standard).

It establishes a previously non-existent standard for blockchain interoperability, allowing the movement of assets from one chain to another with ease. Beyond simply facilitating this movement, Pantos does so without compromising the trustless and decentralized way blockchain works, allowing developers to achieve multi-chain development without compromising their ideals and goals.

When developers and users have the ability to move assets across different chains, the potential for expansion of this entire industry grows even more. Users don’t have to worry about their assets being stuck in a dying chain. Likewise, developers can choose the best elements of different chains without having to suffer the consequences of devoting their entire project to a single blockchain ecosystem.

Pantos represents a revolutionary step in the evolution of the industry, allowing it to overcome the key barriers to adoption. With the interoperability issue removed from the equation, DeFi and Web3 are set to explode in ease of use, functionality and user adoption.

Final thoughts

With Pantos’ ability to allow developers to create and distribute multi-chain tokens, this protocol represents an innovative step towards a truly multi-chain future.

As blockchain developers, users and investors are given more flexibility with Pantos, everyone can benefit from the very best of what each ecosystem has to offer. Instead of being locked into one system – and having to work with all its unique drawbacks – Pantos creates a Multichain technology.

With the impressive speed that Pantos is achieving, we are likely to see the project at the forefront of Web3 infrastructure development over the next few years.