There are thousands of projects in the cryptomarket and Satoshi Club brings you daily information about fascinating investment projects. Today we would like to tell you about the AMA session with our friends from pNetwork. The AMA took place on October 8 and our guest was Thomas Bertani.
The total reward pool was 750$ and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Mary | Satoshi Club: Hello, Satoshi Club! Now we are proud to announce our AMA with pNetwork! welcome to Satoshi Club!
Serg | Satoshi Club: @ThomasBertani, welcome 🙂
Thomas Bertani: Hello everyone! Thanks for having me 🙂
Mary | Satoshi Club: Please, tell us about yourself and how did you start with pNetwork?
Thomas Bertani: I have always been curious about innovative technologies. I was working on parallel computing for scientific applications when I found out about Bitcoin in 2012. Initially, I was mostly interested in the technology of it, given my background! Over the past 8 years, I had the chance to experience first-hand many aspects of this industry, both technical and financial. I worked with startups in the space (mining companies and exchanges) as well as starting my own projects to contribute back to this ecosystem. In 2013 I founded a Bitcoin on-ramp for the European market, that was then acquired.
In 2014 I started Provable Things, whose team has developed and operates the longest-running oracle operating on multiple blockchains (previously known as Oraclize) and is now building the pTokens bridges to enable cross-chain movement of asset. More recently, Provable Things and Eidoo have become sister companies. All of these has resulted in the creation of the pNetwork project 🦜
Mary | Satoshi Club: Yes, this project is what crypto space needs) you have a nice logo) why pNetwork?
Thomas Bertani: Well the “p” of pNetwork stands for pTokens, whose “p” (😂) stands for the properties the project strives for: provable, portable, pegged tokens! pTokens are basically trustless tokenizations of a given crypto asset, which make it capable of moving crosschain (For instance we have pBTC on ETH, pBTC on EOS, same thing for LTC, and many others coming).
The p is also the initial of our mascotte, the parrot 🦜
Mary | Satoshi Club: I like your parrot, and now can we go to the questions from our community? 😉
Thomas Bertani: Let’s go!
Q1 from bitcointalk user k.muller
What pTokens bridges are currently available and which ones do you plan to add in the future? Also, how many funds are currently locked?
Thomas Bertani: Currently the following bridges are available and they can all be used from dapp.ptokens.io:
- pBTC on ETH (BTC tokenized on ETH, similar to WBTC or renBTC, but safer+faster+cheaper than both)
- pBTC on EOS
- pLTC on ETH
- pLTC on EOS
- pETH on EOS (<– spoiler? 😉)
We are working on adding many others (depending on community demand, what’s the one you would like to see next?) on both eos/ethereum and other chains! Funds currently locked can be seen from ptokens.io and are currently approximately 1.5M USD.
Mary | Satoshi Club: Are the volumes changing (of course, yes)? Which was the biggest?
Thomas Bertani: Well it really depends on the integrations, for example yesterday Eosfinex (Bitfinex’s DEX on EOS) announced that today they are launching their exchange using pTokens (pBTC/pETH/pLTC on eos) as the official way to represent BTC/ETH/LTC (inheriting there bitfinex’s liquidity), this is kind of a big deal and can influence volumes significantly! Volumes have also been affected by recent activities such as our steroids.finance yield farming initiative that one has made pBTC (on ETH) volumes increase significantly.
D | Satoshi Club: What about pRipple? can it be next?
Thomas Bertani: pXRP is surely planned, there seems to be a lot of demand for it. Funny story, I was one of the first alpha testers of Ripple in Jan 2013, lol.
Mary | Satoshi Club: Yes? And how was your experience?
Thomas Bertani: Interesting times, Ripple back then was leading the way and everyone was superexcited about it, now the ecosystem has changed a lot mostly because of Ethereum/EOS/others.
D | Satoshi Club: I think pNano would be great as well! if it’s possible?
Thomas Bertani: pTokens and the pNetwork are designed so that new integrations are simple, this is possible thanks to our technial design, which we are very proud of!
Mary | Satoshi Club: If a coin wants integration what needed? Do small coins have any opportunities to integrate? Or just projects with big market cap?
Thomas Bertani: When there is enough community demand we start the integration, this can also be chosen by the pNetwork DAO, which is the decentralized governance system governing the pNetwork. Anyone staking PNT tokens can vote there according to their voting power (tokens staked in the dao compared to the total). So anyone staking PNT can potentially push for a given integration. Active voters in the DAO are also incentivised with 42% APR so to reward their active contribution to the governance.
Q2 from bitcointalk user JonahAp
The pNetwork is secured by Multi Party Computations and Trusted Computing, a combination which makes attacks both expensive and impractical…can you explain how these Multi-party computations work and what gives you confidence that an attack on pNetwork will be expensive and Also impractical?
Thomas Bertani: We plan to use threshold signatures (multi-party ECDSA), similarly to what tBTC does and what renBTC plans to do. However tBTC requires ETH collateral, renBTC requires REN collateral, we require none thanks to the fact that we enforce a diverse of of multiTEEs, meaning different Trusted Execution Environments are used together to make (sybil and non-sybil) attacks both expensive, impractical and detectable. This is something we have in our current phase0 already, making it the safest crosschain system to date which supports multiple chains (tBTC may be a bit safer than pBTC right now, but pLTC/pETH/others are top notch security compared to alternatives. Currently it is also safer of renBTC (not decentralized and not opensource at the moment, while we are opensource and TEE backed already))! We have expanded this here: https://medium.com/pnetwork/pnetwork-security-and-progressive-decentralisation-c5552216ca23
Mary | Satoshi Club: I need to read this. How expensive can be attack? If we can imagine it?
Thomas Bertani: Well it is really hard to tell, surely several millions to coordinate an attack over many different technologies at the same time, also you need to have enough PNT allocated to compromise enough validators (each validator stakes 200k PNT). Hard to quantify, but surely very impractical as an attack, and also kind of resistant to the wrench attack thanks to TEEs. 😉
D | Satoshi Club: How many validators your network has?
Thomas Bertani: In phase0 we have single validators for every bridge, but in a few weeks we are opening up for validators as we approach phase1 (more on our roadmap here: p.network/roadmap)
Q3 from Telegram user @ownyourfunds
Let’s suppose that I lock my BTC or other coin you support in exchange for a pToken. How do you ensure me that my funds are safe and I can always exchange back the tokens? What is the smart contract will be exploited and my funds will be locked forever? Thank you in advance for the response.
Thomas Bertani: This is a crosschain technology so not everything happens on ethereum smart contracts, there is an offchain logic enforced by the pNetwork itself. While there is no way to give 100% guarantee this is safe (not just for us but for basically most pieces of software), we do continuously audit our software. This means auditors don’t just verify the code is safe when we release it, as unfortunately many projects still do… but they continuously monitor our work – this is known as a continuous auditing activity. You can find more on this in the article I had shared above around security: https://medium.com/pnetwork/pnetwork-security-and-progressive-decentralisation-c5552216ca23
D | Satoshi Club: Btw i have a little question, i know you used EOS as a first asset for cross-chain, but why EOS?
Thomas Bertani: EOS was interesting for us for few reasons:
– Other than ethereum it is one of the major chains where defi is happening (see Equilibrium, the EOS’s makerdao).
– It is a very different chain compared to ETH, many competitors of us focus on BTC<>ETH only, what we wanted to prove working on BTC<>EOS and ETH<>EOS is that pTokens design makes it simple to integrate with very different and complex chains as wel.
Mary | Satoshi Club: Did they ever find any holes in the code?
Thomas Bertani: When auditors find vulnerabilities or problems, they report them and expect them to be fixed, you can find the result of their work in their public audit reports! So to answer to your questions, when they found them, they were promptly addressed before the actual release!
Q4 from Telegram Username @regard94
You’re currently offering 42% APY as the DAO awards. How can such a high percentage remain sustainable in the longer term or is it a temporary reward? How many PNT tokens am I required to hold to be eligible and what are the limits in this in general?
Thomas Bertani: There are no lower/upper limits of PNT that can be staked, currently 60% of the total supply is already staked within the DAO by users! 42% APY is offered for the first year of the DAO, the second year it drops to 21% and the third year to 0%. More details here: https://medium.com/pnetwork/stake-in-the-pnetwork-dao-156c8acef682
Mary | Satoshi Club: What additional fees i need to pay to stake? Let’s say, that i have $1000 in crypto.
Thomas Bertani: Basically no fee, just few bucks for the Ethereum gas costs.
Well if you stake from the Eidoo mobile app, there is a dao manager where staking gas costs are 2/3 covered! So you spend one third when staking from there, compared to direct staking via the pNetwork DAO Aragon Dapp.
Q5 from Telegram Username @Jonahapagu
How is the circulating supply of pTokens like pBTC, pEOS, pLTC e.t.c determined is their supply equal to that of the coins they are pegged to or is it dependent on the demand for them by users?
Thomas Bertani: It is 1:1 pegged so the former interpretation is correct: their supply matches the one of the underlying coins! 1 pBTC <> 1 BTC, 1 pLTC <> 1 LTC, and so on.
D | Satoshi Club: Perfect ratio.
Thomas Bertani: Anything different would be quite concerning. 😅
Mary | Satoshi Club: Btw, if some of the coins (BTC, LTC…) will be successfully attacked (imagine) what will happen with pBTC… Ltc etc?
Thomas Bertani: Well in those cases they would be worth proportionally less than 1, but this should never happen.
Q6 from Telegram Username @yiselen
In case I am conducting a cross-chain transaction and it is canceled for some reason, what happens to my assets? PNetwork liable for failed cross-chain transactions?
Thomas Bertani: Enough confirmations are always required before the pegin gets finalized on the other blockchain, so it is designed for it to never happen!
Mary | Satoshi Club: Complete answer) everything is thought out in advance. And now we are close to the second part with our community live questions.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guest chose some of them.
Q1 from Telegram User @rinnguyen
On which pTokens I can Provide Liquidity? & In future What are the other pToken can we see live?
Thomas Bertani: If you look at steroids.finance you will see the yield farming initiatives we currently support. For instance now you can provide liquidity in PNT or even with BTC (pBTC) and get pnt rewards! In the future we will incentivise other pools with other ptokens (i.e. pLTC and many others).
Q2 from Telegram User @niko518
What has been the most significant advance of your roadmap? What’s the next big update that users should be excited about?
Thomas Bertani: Definitely the release of our governance token PNT and the introduction of the pNetwork DAO. This is a critical component for the progressive decentralisation of the project. The next big step for us is the upgrade to a network of node operators to support the pTokens bridges. We are currently working on it and we expect it to be released by EOY!
Q3 from Unknown Telegram User
Thomas Bertani: We are chain agnostic and integrate wherever there is demand, so we can surely do pDOT, pBNB, pUSDT and many others.
Q4 from Telegram User @Amila19932
PNETWORK Governance token is PNT, but there are so many tokens in your project as PBTC, PLTC, is there any specific reason to have this much of tokens? Please explain.
Thomas Bertani: PNT is the governance token, it is currently not a pToken itself. PNT underpins the security of the pTokens network. All other tokens starting with “p” are pTokens, so they are representation of a given crypto asset, made portable. For instance pLTC, is just Litecoin on another network (eos, ethereum, etc). pBTC is just BTC, and so on.
Q5 from Telegram User @Dmsaly14
Why should I invest in your token do you guarantee I’ll be profitable?
Thomas Bertani: Just scam projects guarantee profitability 😂 no investment whatsoever (inside or outside crypto) can give you GUARANTEES of returns. As for why you should invest, well check here and enjoy the ride down the rabbit hole 👉 p.network/learn
Q6 from Telegram User @melanintrish
Recently the pNetwork team have been extending the reach of their ecosystem by onboarding more partners, can you tell us more on two of your most recent partnerships?
Thomas Bertani: The most recent pTokens integration has been announced just yesterday and it is with Eosfinex (Bitfinex’s DEX). The combination of pTokens and Eosfinex’s technologies enable something really powerful, which is the ability to have the liquidity of centralized exchanges in the DeFi world! As for Ethereum, we have interesting integrations with a variety of projects including Kyber network, Loopring, PieDao and many more.
We have upcoming integrations to be released on both ecosystems. Also, we have an integration with a big player coming next week!
Q7 from Telegram User @jobel4
Can you explain more about the Steroid Finance? How does it work in pNetwork? What is the use of Steroid Finance?
Thomas Bertani: Steroids.finance is the name of our Yield Farming program, for instance you can stake Bitcoins (as pBTC, pTokens BTC) and help out the liquidity of its uniswap pool, receiving back 50%+ APY.
Q8 from Telegram User @jonathan_tross
What technology is used to enable any Currency to make compatible with any blockchain?
Thomas Bertani: We develop custom integrations for each blockchain (based on the specific features of each of those), but thanks to the lean and flexible structure of pTokens this is easy/fast for us to do.
Q9 from Telegram User @Amila19932
P NETWORK token is still not listed on CMC. What are the plans P NEWORK to get listed on CMC, because listing on CMC will give a great potential to a new project specially?
Thomas Bertani: pNetwork token (PNT) is listed on coinmarketcap, coingecko and cryptocompare. Link for cmc here: https://coinmarketcap.com/currencies/pnetwork/
Q10 from Telegram User @nyo_cant
At the moment, Steroids only allows staking pBTC and UNI-V2, both of them on Uniswap pools? Are you considering other assets? Maybe even pools on other -Swap platforms?
Thomas Bertani: Yes and yes. Steroids is designed to be the pNetwork yield farming gateway, all of our yf initiatives will be accessible from there. More assets coming soon.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about pNetwork. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 400$ were distributed between the winners.
For more information and future AMAs, join our Social Media channels:
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pNetwork 🦜 | #crosschain + #DeFi: https://t.me/pNetworkDefi