Proof-Of-Stake Blockchain, Algorand, Partners with pNetwork to Launch Cross-Chain Functionalities

 

Announced this week, pNetwork, an interoperability solution for blockchains, is partnering with the Algorand Foundation to introduce cross-chain solutions on the Algorand blockchain.

The Foundation, the lead development firm of Algorand, granted pNetwork an undisclosed amount to enhance the decentralized finance (DeFi) ecosystem via “pNetwork bridges” in order to boost asset liquidity and NFT transfers across blockchains.

Algorand Foundation team will mentor and work with the pNetwork development team in creating Algorand-focused bridges allowing users to connect and communicate with other blockchains and external assets, a statement to our desks reads. 

Blockchains are innately built to receive and process data from internal systems in order to preserve and improve security. However, this makes platforms such as Algorand natively difficult to integrate and interoperate with other platforms and blockchains outside its blockchain.

Once the bridges launch on pNetwork, users and…


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