Until now, tokens have been bound to a specific platform. Pantos wants to change this.
The Austrian start-up is planning the first token system that makes cross chain token transfers possible. During one ICO the company, which is backed by the popular Viennese crypto-exchange known as Bitpanda, was able to gather four million euros.
The crypto market is very fragmented. Almost 700 tokens that CoinMarketCap counts, are based on different blockchain ecosystems, which are not compatible among one another. Tokens that are on different blockchains can be exchanged – with Atomic Swaps even without the help of crypto exchange markets.
Pantos, an Austrian start-up, wants to put an end to the fragmentation. Therefore, it created its own token with PAN, which is to be transferred between different blockchains.
Successful ICO despite market turbulence
Pantos is supported by the Bitpanda team. The Viennese crypto-trading platform was also responsible for the ICO of the start-up. Between 21st March and 18th April, they introduced 400 million from a one billion PAN token among the public.
From the remainder, 10% will go to the Bitpanda team, 9% is specified for project partners and 1% will be distributed to the ICO participants using an AirDrop procedure. 40% of the PAN token serves as a reserve for future rounds of financing.
Paul Klanschek of Bitpanda
7821 users were involved in the token sale. Around 616 bitcoins or more than 4 million euros were gathered in six different cryptocurrencies. However, the financial target of maximum 1,500 bitcoins was missed.
Nevertheless, Paul Klanschek, co-CEO of Bitpanda, is satisfied with the Pantos-ICO, which he made clear to the Austrian founder platform “Der Brutkasten” [the incubator].
The four million euros are not a bad result, particularly as all cryptocurrencies were plummeting at the start of the ICOs. Confidence was created as a result of transparent processing without pre-sales, discounts or bonuses.
First token transfers “in a few months”
The PAN tokens will first be on the Ethereum blockchain. Pantos works together with different blockchain projects, so that PAN can soon be transferred to other platforms. The plans include supporting the blockchains of Bitcoin, Litecoin, Lisk, Komodo, and Waves. The first token transfers are to be possible “in a few months” says Klanschek.
In the initial phase, they will be centrally managed by the Bitpanda website. In a next step, Pantos wants to publish a programming interface that enables automated transfers. Finally, – this is the actual goal of Panto – the PAN transfers should be decentralized, this means without the mediation of a crypto exchange.
For this purpose, the Bitpanda team and the Technical University of Vienna are working on a standard called “Token Atomic Swap Technologies” (TAST). TAST is an open source protocol and is to establish itself as a standard for cross chain token transfers.
Source and read in German on Bitcoinnews.ch
Featured Image from blog.bitpanda.com
