PNetwork (PNT)

 Basics

• Based in:
• Started in:
• Mainnet release: 5-4-2020
• pTokens are the ERC-20 token version of other, non-Ethereum blockchain currencies that enable liquidity to freely move from one blockchain to another.
• From their FAQ (3-6-2020):

"pTokens are a tool enabling cross-chain composability. It is an essential component enabling Decentralized Financial (DeFi) DApps to be compatible with any crypto asset.

The pTokens technology was designed to overcome the inherent “walled garden” limitation of blockchain protocols. The world of open finance grows larger and more sophisticated by the day. Yet this decentralized economy still suffers from a major drawback - a lack of cross-chain interoperability.

In an ideal DeFi system, cryptocurrencies will move freely and seamlessly between exchanges, DApps and wallets. pTokens aim to solve the liquidity and interoperability riddle - a technology to connect any token with any blockchain."

History

• pTokens were created by Provable Things and pNetwork was developed in a combined effort with Eidoo.

Audits & Exploits

• Bug bounty program can be found [insert here].

Bugs/Exploits

• On November 3, 2022 pNetwork bridge misconfiguration resulted in attackers minting 54B GALA tokens. Attackers were able to get away with $4.3M.
• Had $12M in WBTC stolen from its platform (20-9-2021).

Governance

Admin Keys

• From their FAQ (3-6-2020):

"In its first iteration, the pTokens bridges are operated by Provable. Following a progressive decentralization approach, the governance and operations will then be shifted to a network of validators.
The pTokens bridges will be operated by the validators (multi-TEEs operators) that will take care of validating the peg-in and peg-out processes via a shared effort (Multi-Party Computation). Provable will only serve as a technology provider - as such, it will be a founding member of the network, but it will have no control over the network itself."

DAO

• About the PNT token en pNetwork (29-5-2020):

"Along with the network, a Decentralized Autonomous Organisation (DAO) will be introduced to the system with the aim of reducing, and then completely removing, the control of the development team.

Members of the DAO will initiate voting processes to influence the development and future of the pTokens system. A series of Improvement Proposals (IPs) will be advanced by the development team on multiple pTokens related matters. DAO members will be called to vote and decide whether or not to approve the IPs. For example, members are responsible for electing which pTokens bridges to develop and support next, deciding on the fee mechanism of the network and resolving any upgrade proposals."

Anyone can become a DAO member, also people who are not validating. DAO members do need to stake.

"The PNT token represents a key element of the system as it aligns incentives for all participants. In fact, PNT is leveraged internally by the pTokens system to enable operations for both validators and DAO members. The flywheel effect is triggered by the need for validators and DAO members to hold and stake PNT tokens in order for them to perform their respective roles."

Token

Utility

• About the PNT token en pNetwork (29-5-2020):

"Peg-in and peg-out fees are paid to the network of validators for each cross-chain transfer and they are equally redistributed among validators."

• From their FAQ (3-6-2020):

"pTokens enable cross-chain composability effectively. They are an essential component for DeFi DApps to be compatible with any crypto asset and for liquidity to move seamlessly from one blockchain to another."

Token Details

• From their FAQ (3-6-2020):

"pTokens (such as pEOS, pBTC and many others) are:

1. Portable. pTokens can teleport any token to a different blockchain, without any frictions. Liquidity unchained!
2. Pegged. Every pToken is transparently pegged to its respective token. It is a trustless 2-way peg
3. Provable. A decentralized process makes everything transparent. Anyone can peg-in/peg-out via the pTokens DApp"

Tech

• pNetwork Litepaper can be found here (5-2020).
• Code can be viewed here (30-6-2020).
• Built on: Ethereum, ERC777

How It Works

• From their FAQ (3-6-2020):

"pTokens (such as pEOS or pBTC) can be generated by anyone. The pTokens user deposits on the relevant pTokens smart contract a certain amount of the underlying asset that he wishes to convert into its 1:1 pegged representation and provides a destination address where to send the corresponding pTokens. The occurred transaction is submitted to a secure sandbox (TEE) where it gets validated. Leveraging the data provided by the incoming transaction depositing the underlying asset, a set of the secure sandboxes (TEEs) jointly creates (via MPC) an outgoing transaction for the equal amount of pTokens to be minted by the relevant pTokens smart contract on the host blockchain.

The pTokens’s infrastructure is the combination of two cutting-edge technologies: blockchain and Trusted Computing
Thanks to an extensive use of Trusted Computing sandboxing techniques (TEEs), the pTokens technology guarantees a secure and fully auditable execution of processes. This means transparency is maintained across the whole cross-chain process.
The pTokens approach enables the decentralized cross-chain movement of cryptocurrencies by leveraging security-preserving technologies such as Intel SGX. This, along with blockchain smart contracts, enables secure cross-chain transaction-signing capabilities between two traditionally separated blockchain platforms.
The sandboxes (TEEs) securing the pTokens infrastructure represent an additional layer of protection for the network validating the peg-in and peg-out processes.
Each sandbox (TEE) cooperates with the others to jointly validate a deposit of an underlying asset (for example BTC) and jointly trigger the issuance of the corresponding pTokens via a technique called Multi-Party Computation.
In their first iteration, pTokens are Ethereum-based ERC20-tokens pegged one-to-one to an underlying non-Ethereum cryptocurrency, such as Bitcoin or EOS. However, the model is flexible and can be extended to any blockchain, therefore enabling Ethereum-based assets such as DAI to live on platforms other than Ethereum."

Upgrades

• Had its pNetwork Dawn upgrade (28-12-2020).

Staking

• From The Defiant (2-6-2020):

"Whereas pTokens are currently validated by a single operator node, the new design introduces network validators responsible for the minting and management of new pTokens. Validators must post a bond of 200k PNT to validate, with protocol decisions like fees, pegs and supply caps being governed by the pNetwork DAO."

Roadmap

• Can be found [Insert link here].
• From the pNetwork announcement (29-5-2020):

"In the upcoming months, the following 3 steps will be implemented to introduce PNT to the system:

1. PNT is issued on Ethereum. The pNetwork Token (PNT) will initially be issued as an Ethereum token, following the ERC-777 token standard (backwards compatible with ERC20).
2. The DAO is introduced. The PNT token will provide voting rights within the pNetwork DAO. As the DAO will govern decisions relating to pTokens, this will boost the decentralization of the system. Anyone holding PNT will be given access to the DAO and are able to participate in voting via a staking mechanism. The circulating supply of PNT, when launched as a governance token, will be approx. 60 Million. That’s 60 Million tokens distributed across more than 7000 addresses, making it one of the most robust and largest DAOs in the DeFi space.
3. PNT staking for validators is enabled. PNT can be staked within the DAO for validators to start operating."

Usage

Projects that use or built on it

• From the mainnet announcement (5-4-2020):

"When it comes to tokenizing assets, liquidity is as just important as a strong technological solution. The pTokens system is integrated with liquidity pools Bancor Network and Kyber Network, making pBTC available on these platforms."

• Uniswap v2, DMex, Eidoo, and the EOSDT stablecoin by Equilibrium also integrated later on (29-5-2020).

Competition

• From their FAQ (3-6-2020):

"The pTokens technology is a universal approach compatible with any asset. Not all underlying assets can currently be ported from one blockchain to another - the most advanced developments on the topic have been made to port BTC (Bitcoin) on other networks. A comparison table is available in our How it works section."

Team, Funding, Partners

Team

• Full team can be found here (30-6-2020).
• "Provable Things and Eidoo are sister companies whose teams work closely together to excel at the forefront of blockchain innovation."

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