This blog is contributed by pNetwork
pNetwork will release a BSC-Ethereum bridge, enabling major cryptocurrencies and non-fungible tokens to be tokenized and moved onto the Binance Smart Chain
London — January 26th, 2021 — pNetwork, a cross-chain composability system that allows assets and Non-Fungible-Tokens (NFTs) to move freely between blockchains, today announced a collaboration with Binance, the global blockchain company behind the world’s largest cryptocurrency exchange to connect Binance Smart Chain (BSC) with Ethereum.
pNetwork powers the highest number of cross-chain connections in the industry, enabling major cryptocurrencies to be tokenized and transferred onto the DeFi ecosystem. BSC being a smart contract blockchain delivers Ethereum Virtual Machine (EVM) compatible programmability which sets a fast and cost-efficient environment to develop high-performance decentralized applications. Via pNetwork BSC will support Ethereum-based NFTs and top cryptocurrencies that are pegged 1:1 to their underlying native versions and are transparently transferred from one blockchain to another.
“The Binance Smart Chain brings a number of leading features to the blockchain space, being optimized for high-throughput as well as providing smart contract functionalities.” said Binance CEO Changpeng Zhao (CZ). “pNetwork has created a valuable, frictionless, and secure bridge for the Binance Smart Chain to connect with other blockchains. In line with our goal of building an ecosystem where powerful decentralized dApps can flourish, we are collaborating with pNetwork to embrace the trend of digital economies becoming more interconnected.”
pNetwork will launch interoperability features to enable cross-chain transfers of NFTs. The first application of which will be implemented to enable the frictionless transfers of Ethereum-based NFTs onto the Smart Chain. The collaboration enables users to interact with the BSC network, and transfer assets/NFTs via pNetwork’s secure, sophisticated and transparent technology while gaining exposure to Ethereum’s liquidity and its ecosystem of growing collectibles.
The connection between the two blockchains will go live in February.
“We aim to advance the blockchain industry by connecting innovative dApps with the entire market,” said Thomas Bertani, Project Lead at pNetwork. “Via pNetwork, dApps on BSC can extend their usability and accessibility to more cryptocurrencies and open up to the flourishing NFTs ecosystem.”
By connecting two of the strongest blockchain ecosystems, BSC and Ethereum , pNetwork aims to support the growth and development of dApps such as lending/borrowing platforms, gaming, decentralized marketplaces and more.
About Binance Smart Chain
Binance Smart Chain is a sovereign smart contract blockchain delivering Ethereum Virtual Machine (EVM) compatible programmability. Designed to run in parallel with Binance Chain, Binance Smart Chain retains the former’s fast execution times and low transaction fees while adding Smart Contracts functionality to support compatible dApps. For more information on Binance Smart Chain, visit https://www.binance.org/#smartChain.
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The pNetwork is the underlying architecture for pTokens, a cross-chain system enabling assets to move frictionlessly from one blockchain to another. Currently, pTokens enable the transparent interaction among major blockchain protocols, including Bitcoin, Ethereum, EOS and Litecoin. pNetwork is the progressively decentralized governance layer operating the pTokens bridges and pNetwork Portals. It is home to the pNetwork DAO and the ecosystem’s governance token PNT
To know more about the pNetwork project, please visit https://p.network or join the pNetwork community on Twitter