What is pNetwork (PNT)? How To Buy PNT Tokens In India?

What is pNetwork (PNT)?

Web3 and blockchain technology have undergone significant developments gaining individual and investor attraction over the past few years. It offers users a secure and decentralized way to store data and do financial transactions. However, with new blockchain networks emerging, interoperability among them has been a major issue to deal with. Interoperability refers to the capability of communication and seamless interaction of independent blockchains with each other.

pNetwork- one of the very first Blockchain bridges has emerged as a solution to address this challenge. It is a multi-chain routing protocol that facilitates the transfer of assets, NFTS, and metadata between a wide range of independent blockchains, including layer-1 Bitcoin and Ethereum, layer-2 solutions like Polygon, and sidechains. pNetwok native governance token PNT is utilized to incentivize users, fee payment, trade on other DeFi platforms, and enable holders to be part of the platform governance model.

Who are the Founders of pNetwork?

The pNetwork was built to connect various blockchains, layer2 networks, and sidechains together through a user-friendly platform, where developers can create highly efficient, scalable decentralized applications leveraging liquidity from these blockchains. It was launched in late 2019, and users community- pNetwork DAO proposes and votes on upgrades to shape the future of the network.

How does pNetwork(PNT) work?

pNetwork’s decentralized open-source protocol offers secure, fast, and low-cost transactions of assets. When a user initiates a transfer on pNetwork, the asset is first sent to a unique SMPC wallet address, also known as pNetwork vault on the origin chain; this vault holds the token securely to bridge it to the desired network. Next, the protocol smart contract mints a pToken on the destination chain and transfers it to the user’s wallet. pTokens are tokenized versions of assets held in a pNetwork vault and are pegged to the original asset in a 1:1 ratio. 

If one wishes to redeem locked assets, they are required to return pTokens in the pNetwork. Then a smart contract automatically transfers users’ assets back to their address on the original chain, and deposited pTokens are burned.

The pNetwork also offers a pTokens to pTokens bridge, which enables low-cost smooth transfer of liquidity(pTokens) from one blockchain ecosystem to another without bridging them back to the original chain.

What makes PNT Unique Use Cases?

• PNT holders can stake their tokens to become a member of pNetwork DAO, vote on proposals and earn rewards.
• Currently, pNetwork supports bridging over 50 assets on 15 independent blockchain networks.
• The network’s unique architecture offers users a fast transaction time and low platform fees. However, network gas fees might vary depending on the chosen network.
• pNetwork has a TVL of over $20 million with a cross-chain cumulative transaction volume of about $1 billion.

pNetwork (PNT) Price Analysis

Source: TradingView

• PNT price today is trading at $0.1066, with a 24-hour trading volume of $538,903. The PNT price has rallied by 0.33% during the last 24 hours with its market cap of standing at $8 million as on June 23, 2023.
• PNT price has been falling since the April end and touched the YTD low of $0.087 last week.
•  However, RSI-14 indicates a positive sentiment in the market, if this continues, the PNT price might recover to $0.14 level soon.

How to Buy PNT Coins in India?

To buy PNT Coin in India, just follow the below mentioned steps:

• Download the CoinDCX App 
• Enter the details for registration.
• Complete KYC
• Once your profile is verified, fund your wallet and buy PNT Coins.