Blockchain Platform Telos Gets A Bridge To Bitcoin With pNetwork Integration

Blockchain, News | November 17, 2020 By:

Blockchain platform Telos has announced an integration with pNetwork to bring liquidity to its decentralized finance (DeFi) ecosystem.

Telos is a high-capacity network and the second most active blockchain platform in the world according to Blocktivity. Telos features a robust, third-generation blockchain governance system including advanced voting features and smart contracts that can be fully configured to meet the needs of any developer. Telos also supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications.

pTokens is a cross-chain system enabling assets to move frictionlessly from one blockchain network to another. It allows major crypto assets, including bitcoin, Ethereum, EOS and Litecoin, to be used across different blockchain-powered applications and exchanges. As a transparent and security-oriented solution connecting multiple blockchain protocols, pTokens allow for asset transfers by means of the pTokens bridge.

In a press release, Telos said that it now supports pTokens’ pBTC, connecting bitcoin to Telos. The token is pegged 1:1 to bitcoin, and is compatible with other DeFi networks including Ethereum. According to Telos, pTokens opens up new opportunities for the Telos network to generate value, and for BTC holders to interact with the Telos DeFi ecosystem.

“Telos brings a number of leading features to the blockchain space but until it has the ability to integrate with other chains financially, these won’t reach their full potential impact,” said Douglas Horn, Telos Chief Architect. “We embrace the trend of digital economies becoming more complex and interconnected. pTokens has created a valuable, frictionless and secure bridge between bitcoin and Telos that opens new possibilities for users on each side: bringing free and instant transactions to BTC users and BTC payments as low as 1 Satoshi to Telos DApps and users.”

pTokens also presents a unique opportunity for DApps running on Telos. While decentralized finance grows, DApps remain restricted by siloed blockchains. pTokens helps Telos expand to new value chains by enabling cross-chain composability between systems on different blockchains. As Telos holds steady as one of the most popular DApp platforms in the world, pTokens allows developers to connect their features with other chains. Several apps running on Telos, including Zeptagram (music), Farm.Game (esports), Unbiased (AI marketplaces) and Telos Task (a gig economy platform), have expressed interest in integrating pBTC and future pTokens into their applications.

“With Bitcoin liquidity flowing into Telos via pBTC, the potential for the Telos DeFi and DApp ecosystem has never been greater. Not only can pBTC allow users to tap into bitcoin liquidity on Telos Swap, but any developer can easily support the cross-chain asset to elevate the DeFi experience,” added Horn. “DApps using the Telos Decide™ governance engine will soon be able to create treasuries denominated in pBTC or any other pTokens that are later added to Telos–greatly expanding the real world value to organizational governance, for example. Similarly, IoT networks can make feeless micropayments as low as 1 Satoshi. This unlocks the value of all the technical innovations Telos has been building since 2018.”