With this release, the Ethereum and EOS networks are now successfully connected using pNetwork v4's innovative modular architecture.

This milestone represents the culmination of years of effort to deliver a fully decentralized protocol, empowering blockchain communities to achieve seamless cross-chain interactions while maintaining complete control over their assets.

What is pNetwork v4?

pNetwork v4 is a groundbreaking shift in the pNetwork ecosystem. No longer a canonical bridge, it is now a modular interoperability protocol, or, if you prefer, a bridge enabler, designed to empower projects with full independence and operational control over their cross-chain infrastructure.

What does this mean? It means pNetwork v4 provides the infrastructure for token issuers to easily build their own bridges—which they control and secure entirely! No dependencies, no centralization points, no lock-in!

Token issuers (projects) can deploy their own tokens and bridges on pNetwork v4, enabling their tokens to seamlessly expand across multiple blockchain networks.

pNetwork v4 is built to serve EVM-compatible and non-EVM chains alike, offering high flexibility for a broad range of use cases.

Key highlights of pNetwork v4

1. Full Decentralization: The protocol ensures integrity through decentralized verifiers, eliminating the need for trust in a central authority.

2. Enhanced Token Ownership and Control: Thanks to xERC20 and a pNetwork-powered custom token standard on EOS, token issuers maintain complete ownership and operational control of their tokens across host chains, with no dependency on third-party wrapped tokens. pTokens are effectively discontinued!

3. Modularity: The architecture supports a broad range of configurations. Projects can operate pNetwork v4 standalone or integrate it with other bridges, aggregators, and validators to customize their level of security and trust.

4. Flexibility: Designed for both EVM-compatible and non-EVM chains, pNetwork v4 is adaptable to a wide variety of blockchain ecosystems.

5. Delegated Gas Costs: Users execute transactions on the destination chain, maintaining transparency and control over gas fees.

6. Security and Configurability: Token issuers and projects can design their security configurations, with verifiers tailored to meet their specific requirements.

This unique design eliminates liquidity fragmentation, simplifies cross-chain interactions, and places all control in the hands of token issuers.

The v4 modular architecture

pNetwork v4 introduces a collection of independent, decentralized components that projects can manage autonomously:

• pNetwork Adapter Contract: Facilitates wrapping/unwrapping of tokens and serves as the entry point for UIs.

• Lockbox: A secure vault for collateral, ensuring the integrity of token wrapping/unwrapping operations.

• pNetwork Fee Contract: Accumulates node operator fees, ensuring fair distribution via the Security Council.

• pNetwork Authorization Module (PAM): Verifies and authorizes operations across chains.

• pNetwork v4 Nodes: Decentralized verifiers that ensure data integrity and validate cross-chain operations in a trustless manner.

• Security Council: Governs fee distribution and ensures the reliability of protocol operations through decentralized oversight.

Each of these components operates independently, ensuring maximum flexibility. Only the fee contract is immutable, ensuring consistent fee accrual for the pNetwork nodes.

Call to Action: pNetwork in the hands of its Community

With the completion of pNetwork v4, the pNetwork Community Association has reached its goal of delivering a fully decentralized, open-source, and modular cross-chain protocol**.** While we no longer have the resources to continue growing and developing the protocol, we are proud to leave behind a promising, decentralized, self-sustaining infrastructure.

Now it’s time for the community to take over. Your contributions are essential to pNetwork’s ongoing success. All documentation, resources, and source code can be found on the Association’s GitHub and through official pNetwork channels.

Celebrating the Journey

We extend our deepest gratitude to all those who made this journey possible. To the DAO members, White Knight, stakeholders, and community members who provided unwavering support over the years—thank you for believing in our vision.

Special kudos to the amazing developers and contributors who brought their expertise, resilience, and friendship to this challenging yet rewarding project. Your dedication and innovation have shaped pNetwork over these years.

Though this chapter closes, the future of pNetwork remains in the hands of its community. Together, let’s continue to build and grow the decentralized future we’ve worked so hard to create.

Onward!

Resources for building on pNetwork v4

All pNetwork v4 work is open-source and publicly available, enabling token issuers to autonomously deploy their tokens and allowing developers to continue the development or review the protocol.

• Generic Resources: GitHub - pNetwork Resources

• Onchain Contracts: GitHub - pNetwork v4 Onchain Contracts

• Off-chain Event Attestator: GitHub - Event Attestator (Nitro)

• Library to Interact with the Protocol: GitHub - pTokens.js

• dApp: GitHub - pTokens dApp

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token, and protocol. It aims to contribute to the development, growth, and education of anything pNetwork-related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

It’s our 7th monthly update and let me tell you, the bullish of the year so far!

Fasten the seatbelts friends cuz I really feel our portfolio tracker will soon look like Pamplona’s street on the 8th of July!

Why?

Well, the macro outlook doesn’t look super-ugly anymore. The FED announces its first rate cuts since f**king 2022!

Will this be enough to get us out of this very long crypto-winter? Dunno, but there are good reasons for optimism:

• rates have never been that high since 2001 - ergo: we’ve lived in the tightest monetary policy of the past 20 years (🥶);

• inflation in the US is down & stable;

• quant-driven funds are already shifting from fixed-income investments into equities

In short, soft-landing looks closer than ever, Carbonaut is already 60% leverage and we are ready to puuuump.

Back to us.

Two weeks ago we held the 4th edition of pNetwork Unchained - our Community Call -, covering key updates and next steps for the protocol.

If you missed it, don’t worry, here is the slide deck.

Two things stood out as the main topics of discussion:

• pNetowrk v4 Security Council

• pNetowrk v4 Nodes

These are crucial components of the pNetwork v4 architecture and key governance decisions: we want everyone to be part of the decision process.

Take action by joining the discussion on our forum.

Now let’s have a closer look at what’s at stake.

Security Council 🔐

What is the Security Council and why is it needed?

The Security Council has the goal of overseeing the operational aspects of pNetwork v4. In practice, it will perform two main taks:

• fee distribution: it will manage the distribution of protocol fees to node operators at the end of each epoch;

• node monitoring: the Council will verify that

  • a) APIs are operational and provide accurate data;

  • b) the node’s executable signature is valid and only legitimate and up-to-date software is used.

How is the Security Council composed? 5 DAO-elected members will manage a multi-signature wallet with a 3-of-5 configuration. Because of its responsibilities, a share of the protocol fees should be retained as compensation for Security Council members for their efforts.

To date, we suggest at least 10%, but the discussion is open.

Every member of the community can decide to be part of the Council, so if you want to propose yourself, comment on the thread here.

It gives a bit of The Untouchables vibe, doesn’t it?

Onto the next one.

pNetwork v4 Nodes 🪢

As is already the case for pNetwork v2, nodes are a crucial component of decentralized protocols. In particular, v4 nodes will:

1. Run the event attestator codebase, which verifies cross-chain events transactions between blockchains are accurately tracked and validated

2. Register their API endpoints on a low-fee blockchain (like Polygon) with their staking address (details can be found in the pNetwork WIKI).

For their activity in securing the protocol, v4 nodes will earn rewards (as it was already the case for v2 nodes).

We strongly invite v2 nodes to migrate to v4 nodes, and new folks to show up (repeat: you’ll earn rewards 💰)

Any questions?

With a lot changing during this crucial time for our protocol, we can’t stress enough how much we value your input. These updates involve both architecture and governance, so it’s important that we get them right—together.

Your voice matters, and we’re here to build this the right way, as a community.

Well, I guess that’s all folks! 👋🏽

Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

It’s our 6th monthly update - September - and y’all know what that means:

• temperatures cooling down, cortisol ramping up;

• official surf season kickoff in Caparica, aka Carbonaut ghosting our DMs on TG 🏄🏽‍♂️

• VCs back from summer retreats answering emails sitting idle in their inboxes (#finally)

What better way to re-charge your batteries, re-center your chakras, and re-play that song that got you obsessed all summer?

And by the way…

..during our last monthly update, we left you with a riddle to solve. The scope? The first project who’ll feature the newest pNetwork v4 official bridge.

Crypto bros & sis, the answer is $CGG by... them!

Who guessed it? Don’t lie!

Now, let’s dive into the two (very hot) topics on the agenda for the month:

• EOS grant 💰

• “Bye Bye” pTokens 👋🏻

EOS grant 💰

Big news fellas… 🥁🥁🥁

pNetwork Community Association has secured a $60,000 grant from the EOS Network Foundation (ENF) to facilitate the deployment of pNetwork v4 on the EOS blockchain.

If you’ve been following us, you’ve likely already heard about pNetwork v4. Quick refresher?

pNetwork v4 is the new architecture that transforms our core product from a bridge to a bridge enabler. Its main innovation lies in:

• its adoption of the new token standard xERC-20, which gives token issuers total control and ownership over the tokens on the destination chains;

• its modular design, allowing its use as a standalone service or alongside other bridges and validators

And yes, we’ve talked a lot about it, BUT now we can touch with hand its impact, as it receives the validation of such an important player (ENF), who acknowledges its value and greets its deployment.

Within the scope of the grant, our team will:

• Develop an EOS-specific alternative to the xERC20 token standard, to ensure that the entire EOS ecosystem can benefit from it and unlock new cross-chain features;

• Create new on-chain contracts tailored for the EOS environment.

The deployment is well underway and the  first installment of $30,000 has already been received (transaction proof: Etherscan)

A lot of work and a lot of IQ are needed, so who other than our magician devs for the task?

As for us bizdevs, well, nothing left but filling our time with spare pages of crossword puzzles (I got one for you: replace the ‘E’ with ‘IQ’ and you’ll find Ulisse’s guilty pleasure)

On to the next chapter, captain!

“Bye Bye” pTokens 👋🏻

My ex-gf always used to say: “Every relationship ultimately comes to an end. It’s how it ends that determines whether you’ll hold onto good memories or bad ones”.

She was right.

As we strive to only hold onto merveilleux souvenirs with our community, today, we have an important announcement to make:

We will phase out specific tokens that do not align with the architecture of pNetwork v4 - as a result of minimal adoption and/or integration challenges.

This includes notable assets such as TLOS on BNB Chain and Ethereum and pBTC on Libre.

And this is very important: if you still hold any of the following pTokens, you are urgently invited to redeem (peg out) your native tokens as soon as possible using the pNetwork dApp.

This is the list of tokens:

• ANRX on BNB Chain

• pBTC on Arbitrum, Libre, and Telos

• PNT on Arbitrum

• IQ on Ethereum

• pKEYS on BNB Chain

• LUXO on BNB Chain

• pOPEN on BNB Chain

• pOPIUM on BNB Chain

• PTERIA on BNB Chain

• SEEDS on Ethereum

• TLOS on BNB Chain and Ethereum

• pUSDT on Libre and Telos

• pLIBRE on Ethereum

• PETH on Telos

• NUCO on Telos

• ZMT on BNB Chain

• pUSDC on Telos

⚠️ Important: The redemption period is limited. Please act promptly to ensure a smooth transition of your assets. For any questions or support during this process, feel free to reach out to us on Telegram or DM Carbonaut.

Dear pTokens, we’ve had a long stride, and we’ve enjoyed every bit of it.

We sail towards a more advanced & modular interoperability protocol, and we have to say “bye”.

Well, I guess that’s all folks! 👋🏽

Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

It’s our 5th monthly update AND the hottest of the year so far 🥵🥵

Temperatures have reached record highs in Milan, along with my budget for almond granita and watermelon ice cream 🍦

Wait a minute: are people even working in August?

We know some people might be enjoying their “margarita with salt on the rim”, but the only salt we can taste is that from our forehead’s sweat 🫡💦

Yessir, no baking hot Italian summer will ever stop pNetwork’s team from building the future of cross-chain interoperability!

And why should we?

White Knights have already committed almost $20k into the DAO Treasury!

A good boost of liquidity & a good boost to our devs 🥷 mood, prompting them into faster execution and more productive afternoons.

To all of you, aspiring White Knights, here is the sweet news: White Knight’s APR is around 65%!

Not a bad deal overall, considering that on top of buying PNT at a fixed price, you can receive protocol rewards in several currencies (TLOS, BTC, PNT, etc.). An example? Last epoch, White Knights who invested $2k, received $110 worth of TLOS.

For what better reason than, if not to help our team in the execution of the roadmap, from the spin-off of Proofcast to the implementation of pNetwork v4?

Speaking of which… 🪄✨

The roll-up of pNetwork v4 is well underway, and it is time for internal audits & testnet contracts to lead the pace (check our last Periodic Update).

To kick off with a bang 💥, we’re working with a partner to see the first official bridge of pNetowrk v4 be part of… opps, it’s still top secret 🤐

I will give you some hints:

• cooler than Civilization, smarter than WOW

• its market cap is higher than Bernie’s net worth

• it’s the only activity where @Carbonaut beat the whole team 🤕

You guessed it? In case not, don’t worry because we will soon make the official announcement.

The pNetwork v4 will also have a completely new look 💃🏻💃🏻💃🏻💃🏻

Proofcast? e don cast!

Lots of news on Proofcast territory too.

We have just published the first of a series of articles, where we communicate the “why” and the “how” behind Proofcast. Don’t miss it!

Last month we announced the first universal TEE-VM 🚀. Today, I’m going to drill down a bit into its workings for the sake of clarity.

With the teeVM, our goal is to play a role in the “new economy of proofs” by pushing forward 3 key features:

1. abstraction → Developers don’t need to bother with TEE setup and knowledge of trusted hardware to generate attestation; we abstract these complexities for you.

2. portability → you don’t have to customize your code. You can run the same program you run on zkVMs and multiple trusted hardware.

3. security → by supporting multiple trusted hardware providers (Nitro, SGX, Strongbox), we make sure proof-generation is more diversified in its sources, and thus more reliable and fault-proof.

What does the TEE-VM look like today?

• A machine on AWS with TEE configured and a public API that can be called.

• A toolchain (like SP1) that allows you to compile the code and get a binary file as output that can be placed on a RISC-V 64-bit machine.

The user can upload the application on a normal AWS machine and communicate with a command (JSON RPC interface) to launch the teeVM. As it runs the user’s program, it returns data related to the teeVM, the attestation of the application, and other information about the teeVM, such as the number of CPUs, memory, etc…

This is cool, but we have work to do left. In particular:

• refine I/O primitives;

• create a unique certification attached to the teeVM - uncorrelated with the program running within it;

• allow for arbitrary calls to exit the execution of the program

As we aim to simplify developers’ lives, we keep working on strategic partnerships to steer the development of our teeVM the closest possible to the needs of the end user ✨

The summer is slowly moving to its end, and we are more than ready for “la rentrée” 🚌

Happy to be part of this amazing journey and to bring you all along the way 🫡

Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!

New month, new update, same host 😉 (#gang)

It’s our 4th monthly update 👏🏼, and this time we are going to keep it small & dense, like the grandma’s pudding I dreamt of tonight 🥲

ETHCC u next year 🫡🫡🫡

I don’t know if you opened your X account last week, but the whole crypto industry was in the French Fries capital of the world: Bruxelles.

The reason? The Ethereum Community Conference, the most important conference of the Ethereum community - and lowkey of the crypto industry tout court.

Amid dodging mugging attempts and surviving an unexpected monsoon rain, we were there too!

Proud ambassadors of the present of cross-chain interoperability & the future of coprocessors.

We will spare you the endless querelle of ‘ethCC takeaways’ bullet points.

What we can say for now is that infrastructure is keeping its momentum, with scalability, composability & interoperability as its main areas of interest.

With loads of new projects and interest from VCs, we are more confident than ever that we’re building what is needed, in the right segment, at the right time (#bold)

Proofcast innnnn 🦄🦄🦄

A lot of news from the other side of the river.

First of all, we are starting to get very active on X, so please, click on those hearts and show us some love! ❤️

https://x.com/ProofcastLabs/status/1810406975521353750

It was announced last month. It is live now. Ladies and gentlemen, the first-ever teeVM is here.

Our teeVM is unique in that it allows the execution of generic code inside of a Trusted Execution Environment (TEE).

In short, if you want to run a program securely, you don’t need the expertise on how to do computation securely. Our teeVM is abstracting the complexity related to enclave configuration, cryptographic keys, and all the headaches involved in setting up a TEE. You can off-load and abstract the complexities of managing a TEE, while only caring about your program and receiving your attestation(i.e. proof) that the program is running as expected inside of a TEE.

What’s juicy about it is that it follows the RISC-V architecture, thus making it the first and only teeVM to be universally compatible with other zkVMs (Jolt, SP1, Risc Zero etc…) 🔥

This is a pivotal feat in the newly forming economy of proofs.

And talking about proofss…. progress has been made on our Event Attestator, the second product of the Proocast suite.

It can be used to get proof that an arbitrary event has taken place in a blockchain (proof of inclusion, proof of validity). Once an event proof has been output from the Event Attestator, it is possible to verify it on-chain with a Solidity smart contract.

We are working on a series of articles to better communicate what we are building and why, so stay tuned.

In the meantime, a round of applause 👏🏼 for our devs Ulisse & Enrico, bringing light where there was previously darkness ⚡️

Speaking of which…

…White Knights, welcome! ⚔️

The first visionaries have shown up: 4 cavaliers are onboard, and we invite you to do the same.

As a reminder, White Knights can buy PNT directly from the DAO Treasury at a fixed price to diversify the Treasury and support DAO initiatives.

Instead of buying the token in a DEX (or CEX) at the market price, you get it directly from the source (us) at a fixed price, avoiding slippage and liquidity headaches.

With a more diversified Treasury, the DAO will be able to support initiatives such as:

• Development and roll-out of v4

• the initial development of Proofcast (with financial upsides if the project gains traction)

• Liquidity incentive initiatives

• Other rewards and activities to boost pNetwork protocol and its community.

Those who participate as White Knights benefit from receiving protocol rewards in several currencies (TLOS, BTC, PNT, etc.)

You can purchase the PNT in USDT/USDC or ETH, and the tokens will be locked in the DAO for 6 months, giving you governance power to steer the protocol.

If you made it till the end, you rock 🤘🏾

Bear with us because it’s going to be a hot summer 🥵

That's it for today folks! Back to the neurons’ gym now 🏋🏽‍♀️

Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

Good morning pNetworkerzzz ⚡️

Welcome to the 3rd edition of our Monthly Update 🎉

I am your host y4nnickdez4 🧑🏽‍🦱🖊️ and today we’re going to cover the ins & outs of our beloved team building the future of cross-chain interoperability.

Before delving into it (it’s not GPT I swear), I want all of us to take a deep breath and digest a quote from our CLO Carbonaut:

“Every day you are born again. It’s what you do today that matters the most”

Thank you for your wise words, sir 🙏🏼

Ready to take off.

First stop? Berlin! 😎

Our devs/magicians 🪄 Ulisse and Enrico were in pole position at ETHBerlin, expanding our network and giving advice to the old friend Vitalik.

And this is just the tip of the iceberg of our devs’ work 🧊, because in case you didn’t notice…

…pNetwork v4 has been announced! ☄️☄️☄️

Can we give a round of applause to our team?

No, it was not a trivial task.

Yes, it transforms our core product from bridge to bridge enabler (which is like the cooler kid of the block 😎)

I know, bridge architecture can often be like that after-party 3 am shawarma: difficult to digest.

For the busy ones, here is what you need to retain:

Number ☝🏽: v4 adopts the new sexiest token standard, xERC-20, very attractive for projects because it gives token issuers more control over their supply & avoids liquidity fragmentation. A testament to our ability to keep up with tech evolution.

Number ✌🏽: thanks to a new modular design, projects can use pNetwork v4 as a standalone service or alongside other bridges and validators. This will zero the lock-in effects on pNetwork and allow each project to set verifiers’ parties as they please.

Number 🤟🏽: there are no changes to the user experience. Using our bridge will feel the same (except from a super-cool new dApp 🔥). The new architecture is mainly relevant to our partners, to make it easier, more tailored, and more secure to work with us.

For the curious ones, we made a blog post covering more in-depth the new architecture 🔎

We have discussed pNetwork v4, along with other topics, in our last Community Call.

You weren’t there? No problem, you can have a look at the slide deck ✌🏽

And if pNetwork v4 shows that we can keep up with the current tech landscape, our spinoff Proofcast (previously known as Multiproof Labs) demonstrates that we can move ahead of it 💨

Proofcast is where our real edge is built 💎

So what’s up there? Juicy new stuff.

As a reminder, Proofcast is a suite of products designed to empower builders who need to access a variety of cross-chain states and events in a generic, verifiable fashion.

In simple terms: we make it easy for developers to prove stuff on blockchains, by giving them a variety of tools.

Some of these tools are already available for builders, and today, we will dive into TEE-VM!

What is it?

A RISC-V runtime environment inside a Trusted Execution Environment (TEE), which enables builders to write Rust code allowing the execution of guest programs inside a RISC-V VM to provide proof of execution.

Ready-to-use TEE devices are the best solutions for developers to write coprocessors, generate proofs and verify states cross-chain.

All this while preserving low gas impact and going faster than current zkP alternatives.

Current use cases are:

• Cross-Chain Asset Transfer

• Chain Synchronization

• Event Verification

And there will be many more!

If you are curious about the other products of the suite, have a look at Proofcast documentation, which will perfectly segway to the last chapter of the day 😢

We invite all builders out there to join the Telegram group, and for the rest, you can follow us on X!

Partnerships & Initiatives 🤝🧚🏻

• White Knights, we need you! 🗡️

• Should we jump in the Pool 🏊

White Knights, we need you! 🗡️

Do you remember that scene from the Lord of the Rings?

We need you Gandalf the Whites, and we don’t ask you to hop on a horse’s saddle but to invest in the future of our project ✨

White Knights can buy PNT directly from the DAO Treasury at a fixed price to diversify the Treasury and support DAO initiatives.

Instead of buying the token in a DEX (or CEX) at the market price, you get it directly from the source (us) at a fixed price, avoiding slippage and liquidity headaches.

With a more diversified Treasury, the DAO will be able to support initiatives such as:

• Development and roll-out of v4

• the initial development of Proofcast (with financial upsides if the project gains traction)

• Liquidity incentive initiatives

• Other rewards and activities to boost pNetwork protocol and its community.

White Knights can also operate a pNetwork node and earn monthly protocol fees.

You can purchase the PNT in USDT or ETH, and the tokens will be locked in the DAO for 6 months, giving you governance power to steer the protocol.

Up for it?

You can reach out to us on Telegram 😊 (& read more about it in the pNetwork forum)

Should we jump in the Pool? 🏊

Last but not least, the EFX-PNT LP has been increased in size, with a better trading experience for the two tokens.

Cheers to Effect.ai crew who made this happen!

Well, I guess that’s all folks! 👋🏽

Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

The pNetwork Community Association is thrilled to announce pNetwork v4 - Plug & Proof, a modular interoperability protocol or, in short, a bridge enabler.
This upgrade is a radical change and moves pNetwork away from the traditional bridge category.

pNetwork v4 will initially support EVM-based chains including Ethereum, BNB Chain, Gnosis, and Polygon. As we move forward, integration efforts will extend to non-EVM chains such as EOS-like chains (Telos, Libre, Ultra, etc.), Algorand, and Solana.

Revolutionizing pTokens

In pNetwork v4, pTokens are taking the biggest leap forward in pNetwork history. Now, native token issuers can control their pTokens on any host chain supported by pNetwork. This eliminates the traditional dependencies and lock-in effects associated with bridges, handing over ownership and operational control from pNetwork to the protocol or project behind the native token (e.g. Telos Foundation for pTelos, Effect.ai for pEFX, etc.).
This evolution positions pNetwork not anymore as a bridge but as a modular interoperability protocol, greatly enhancing service flexibility and user autonomy.

Additionally, the new standard aims to reduce liquidity fragmentation by ensuring that each whitelisted cross-chain protocol mints/burns a single version of the wrapped pToken. This improvement in fungibility is designed to provide a seamless experience across chains.

On EVM chains, we will adopt the xERC20 standards and explore similar solutions on non-EVM chains where this standard is unavailable. In cases where no equivalent solution exists, we are committed to developing one ourselves. We are already in touch with teams from other networks to ensure the deployment of v4 on all currently supported chains and more.

Flexibility and Modularity

Projects can leverage pNetwork v4 as a standalone service or in combination with other bridges and validators. This open and modular approach allows projects to customize their security configurations according to their unique requirements, enhancing overall security and adaptability.
Plug…and proof! 🔌

An example of this flexibility is our integration with Hashi, where pNetwork v2 is already integrated. We aim to continue our collaboration with Hashi, ensuring that pNetwork v4 is available within their ecosystem as well.
In any case, token owners can autonomously decide which and how many verifiers they want or need for cross-chain transfers.

Key Features of pNetwork v4

1. Decentralized verification: Utilizing one or more verifiers (pNetwork node operators) to ensure data integrity across blockchain networks in a fully decentralized manner.

2. Delegated ownership and control: New token standards, such as xERC20, empower token issuers to manage their pTokens on each host chain, increasing control and eliminating lock-in effects.

3. Modular design: Operate pNetwork v4 independently or alongside other bridges and validators, providing customizable security and configuration options.

4. Global pTokens: Users receive the same pToken when bridging across chains, ensuring a reliable and consistent experience.

5. Delegated gas costs: Users are responsible for transaction execution on the destination chain, promoting transparency and control over gas costs.

The architecture of pNetwork v4 is designed to be simple and easier to audit than previous versions. This reduction in complexity translates into enhanced security.

Details of the new architecture, the various on-chain entities, and the new pNetwork Authorization System can be found in the attached dataflow diagram and more technical details can be found in the updated pNetwork Wiki.

What happened to pNetwork v3?

pNetwork v3 was released in December 2023 as a beta release. Despite its innovative direction towards decentralization, v3 was complex, challenging to maintain, run, and audit. It also required active participation from pNetwork nodes, which did not materialize as expected.

pNetwork v4 takes the best aspects of v3, achieving the same decentralization goals with less effort, more flexibility, and greater simplicity.

With the launch of pNetwork v4, the current pNetwork v2 architecture will be phased out over the coming months. This transition, which won't require any changes on the user side, is essential for the continued support and enhancement of our products.

The transition to pNetwork v4 is a significant step forward for pNetwork, reversing our approach to cross-chain interoperability.
Join us in this journey, follow us on X, and join our Telegram group to learn more and chat with the team!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token, and protocol. It aims to contribute to the development, growth, and education of anything pNetwork-related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

My name is Yannick (y4nnickdez4 on TG 📩) and I will be the voice & pen of our Monthly Updates 🧑🏽‍🦱🖊️

A nice starter?

Forget your espresso and upgrade your daily caffeine intake by joining the matcha latte movement! 💚

It is our second Monthly Update 🥈🎉,

a place where we share the progress of the pNetwork Community Association and sum up all the big announcements relevant to our community 📢

But more than this!

It’s a good spot for you to get to know our team more intimately, the brains and minds behind our products.

Wait. Someone forgot to turn on the AC? It’s way too hot in the room 🥵🥵🥵🥵

It might be the presence of our stellar team! A rare footage from last month of Matteo, Mauro, Ulisse, and Enrico, reunited to break code, fix stuff, build bridges, advance humankind and pNetwork’s vision into the future 💫🪐☄️

https://x.com/pNetworkDeFi/status/1782105475120599244

A special round of applause 👏🏻👏🏻👏🏻 to our Chief Lacquer Officer Carbonaut, for its unique ability to preserve the shape of his hair intact under the most challenging conditions.

Back to the serious stuff.

Welcome to the devs corner 👨🏻‍💻👩🏼‍💻🧑🏽‍💻💫

i.e. the most precious corner of the pNetwork Community Association!

A place where fingers slide fast on the keyboard. Problems get troubleshoot. Infrastructure is built.

This month, the work of our devs has been divided into preparing two battlegrounds:

1. pNetwork v4

2. Multiproof Labs (soon to be rebranded 👀)

Let’s dive into each of them!

1. pNetwork v4: a leap into the future 🪐

Wait a minute.

Weren’t we talking about v3 until yesterday? Yess you are right!

After a long period of architecture review, study and validation with our nodes, our cde wizards 🧙🏼‍♀️ embarked in a set of changes and updates, so transformative that it didn’t fit anymore in the boundaries of the “older” v3 architecture (designed more than 12 months ago).

The result?

The birth of pNetwork v4, a new leap forward in achieving our vision of decentralization ✨

We will deep-dive on pNetwork v4 on a separate communication soon 🔜

As a little teaser, I’ll just say that pNetwork v4 (“Plug & Proof” 💪🏽) shifts away from the protocol as you know it and transforms pNetwork into a fully decentralized proving tool for cross-chain use cases.

More on it later on, so stay tuned 🔌

2. Multiproof Labs: where the real edge is built 🧪👨🏼‍🔬

I know some of you might still find it puzzling, so let’s answer this simple question together: what's Multiproof Labs? 🧐

Multiproof Labs is our ambitious R&D initiative that wants to expand the concept of cross-chain bridging from light client and message passing, to include any cross-chain state and to provide a diversified, on-demand way to select and validate such state.

How?

By leveraging two of the most popular, trust-minimized technologies used today: Trusted Execution Environments (TEE) and Zero Knowledge proofs (ZKp).

Does it ring a bell? 🔔

As with most things in life, there are pros and cons with both.

• While TEE-backed proofs are significantly faster and present a cheaper on-chain verification process 🚙💨, they might raise security concerns, due to their recent history of security breaches ⛑️

• ZKp’s on the other hand provide stronger cryptographic guarantees of as-expected execution🔐, although they are slower and more expensive 🐌

We are using libraries such as Succint’s SP1 and Risc0, which allow to perform arbitrary computations inside of a RISC-V virtual machine (VM) with a ZK proof of their execution.

Aaaaaannddd…… the first light client is live! 💫

It is a prover for Bitcoin blocks, proving the chain's integrity, transactions, and proof of work on a per-block basis (you find the public repository here)

Our second product is a TEE-VM, a tool builders can use to access and verify states across different blockchains. We are currently in the phase of launching this spinoff with a new brand and more details will be shared in the next days!

Want to follow up more closely?

The team has set up an automated process on GitHub to update and maintain this documentation. All info is easily accessible and kept current!

Partnerships & Initiatives 🤝🧚🏻

This corner is for the code noobs who had to reconvert to something called business development. Very useful, don’t get me wrong.

The main updates can be summarized by two quotes:

• “Be the change you want to see in the world!✌🏽💛”, &

• “You can't move a rock by yourself. You need a lever to change the direction of that rock 🪨⚒️”

Let’s get into the meaning of each one.

Be the change you want to see in the world! ✌🏽💛

The real power of our DAO? Everyone can make a difference.

Today, a new liquidity pool EFX-PNT is live on Pancakeswap 💥

⬇️⬇️⬇️

https://x.com/effectaix/status/1790729762173821132

Concretely, it means better liquidity for token holders and improved trading volumes in the future.

It also means a step forward in the execution of one of our pillars (if you don't know what pillars, here is a refresher from the Community Call)

What's special about it?

• It started with one of our partners, Effect.ai, reaching out on pNetwork community channels;

• It was crafted and curated by a DAO member;

• Proposed and voted on pNetwork DAO;

• Approved;

• Sbam 💥

pNetwork’s resilience lies in the strength of its DAO: a living proof of the real leverage of the decentralized governance we have built over the months, with its freshly minted fruits 🍒

And this is just the beginning!

So if you are as proud as I am about our values, please make some noise on X 📢

https://x.com/pNetworkDeFi/status/1790729893543583815

“You can't move a rock by yourself. You need a lever to change the direction of that rock.” 🪨⚒️

In a world of rising interest rates, who is brave enough to bet against the environment and secure loans for growth?

Us! 🙋🏻‍♂️

The DAO has approved PIP-39 to provide a loan of 1.6 million PNT tokens to the pNetwork Community Association to operate four nodes.

The loaned tokens are staked into the DAO and they are NOT into circulation.

This loan aims to cover a portion of the operational costs of the Association, without impacting the PNT token's market price by selling any tokens in the market.

As you all know, we’ve been running low budget for a while. We want to keep our operations going and achieve our mission, while making sure stuff gets done without inflationary pressure on our token.

With this solution, it is a win-win-win-win situation.

Well, I guess that’s all folks! 👋🏽

Is there something you would like to read in our Monthly that hasn’t been included? Write me at @y4nnickdez4 on Telegram and I will make sure to include it in next month’s review!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

Welcome to the first pNetwork Monthly Update! Here, the pNetwork Community Association will share comprehensive updates, diving into the latest developments and insights on a monthly basis. For those who seek more frequent insights, Periodic Updates will continue to be published on the Association's website, in a simpler and more technical form, ensuring you stay informed about all our ongoing progress.

The past month has been quite intense on several fronts, but also filled with significant developments and active engagement across our community 🔥

Let's get to the heart of what has been happening 🔛

…but first, farewell to Binance 👋🏻

While pNetwork does not rely on Binance for its operations, the delisting of PNT was a setback that negatively impacted the PNT price.It caught us off guard and, frankly, it's a disappointing turn of events for us and for the whole pNetwork community.

We're not standing still.We've been open about our position and the strategic steps we're taking to address the situation.

Despite the negative price impact, it's important to note that our TVL has remained stable at around $40-$45M, as has our relationship with our partners, both of which are even showing signs of improvement!

In addition, our protocol volumes have been consistently strong since February, generating revenue that has been distributed to our node operators.For a closer look at our statistics, please visit pNetwork Watch 👀

Looking at the bigger picture, this situation has highlighted a critical dependency of decentralised projects like pNetwork on CEXs, even though the operations are completely unrelated to these platforms. This dependence on centralised entities, which have the power to significantly influence a project's fate, represents a failure to stand independently as DeFi projects should.

But now, let’s start with the updates!

Strategic pivot on pNetwork v3

In response to the new circumstances, the pNetwork Community Association has taken decisive action with our first major move: a strategic pivot in the roadmap towards pNetwork v3. This shift transforms pNetwork v3 into a leaner, more cost-effective cross-chain protocol, while preserving its core fundamental goal of full decentralization throughout the whole architecture and among its actors.

This iteration builds on the foundation of delegate token ownership, utilising concepts such as xERC and OFT, and steering towards a more general purpose. Our goal is to seamlessly integrate with third-party solutions while maintaining the utility of the PNT token.

By reusing parts of the code base from the first v3 BETA, we ensure that the new version is easier and cheaper to audit, optimising both functionality and security 🔐

Launch of Multiproof Labs 🧪

The second pillar of the Association's response to recent challenges is the launch of Multiproof Labs, marking our bold leap into the future. While the pivot of pNetwork v3 represents a progressive innovation to preserve and enhance the value of pNetwork, Multiproof Labs aims for something even more ambitious. Multiproof Labs aims to bring disruptive innovation to interoperability through recent developed cutting-edge technologies such as coprocessors, light clients, zero-knowledge proofs, and TEE (Trusted Execution Environments).

This new brand marks a commitment to a community builder-centric approach, ready to rapidly release a series of continuous proofs of concepts (PoCs) 🔩

By targeting first-mover advantages on non-EVM and exotic chains, Multiproof Labs aims to facilitate new partnerships and grant applications, leveraging our in-house expertise. This initiative is designed to generate and return value directly to pNetwork DAO and PNT token holders, reinforcing our commitment to growth and sustainability 📈

The pivot of pNetwork v3, the launch of Multiproof Labs and more changes are part of what we have called pNetwork Unchained, you can read the full plan here.

We also held our first Community Call, which was a success with lively participation and discussion. If you missed it or would like to revisit it, here is the summary of the conversations and pitch deck presented during the call 🙋🏻‍♂️

Uniswap v3 LP incentives 💰

Ensuring liquidity for PNT has become a priority, especially now that Binance doesn't support PNT anymore. Fortunately, pNetwork doesn't need to rely on centralised exchanges, but has the power of decentralisation on its side 🎯

In February, the DAO approved and launched incentives of 30,000 PNT per week for the PNT-ETH liquidity pool on Uniswap v3.

These incentives, distributed in a non-custodial manner in collaboration with the Merkl protocol, aim to increase liquidity and promote the adoption of PNT within the Ethereum ecosystem. With one month to go, we invite the pNetwork community to participate and earn >160% APY 📊

Wondering where else you can buy PNT? Check out the Pancakeswap v3 pool!

On the pNetwork forum, community-led discussions are underway to launch new incentive LP initiatives on other chains, some in collaboration with pNetwork partners such as Effect.ai. Join the conversation on the forum to add your perspective.

That's all for this first pNetwork Monthly Update! Let us know your feedback so we can improve on future articles.

To discuss these and other topics with the team, join our next Community Call on Tuesday 16th April at 6pm CET.

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

The PNT-ETH Liquidity Pool (LP) on Uniswap v3 is accessible here:

https://app.uniswap.org/add/0x89ab32156e46f46d02ade3fecbe5fc4243b9aaed/0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2/3000

We invite pNetwork community members to deposit their PNT-ETH liquidity in the range they prefer. Given the current market volatility, we recommend setting a wide range for your liquidity position. This approach will help ensure that your position remains active and continues to earn rewards even if the market fluctuates outside of a narrower range.

LP incentives and distribution

As stated in PIP-36, LP incentives will be distributed as ethPNT.
ethPNT is an extension of the PNT token with cross-chain functionality, maintaining the same token economy and functionality as PNT on Ethereum, including its DAO governance power.
Distribution will be facilitated by the non-custodial Merkl protocol. Users can claim their rewards from the Merkl page here:

https://merkl.angle.money/pool-report?pool=0x35fa1AC87b9BC3BaF1Ca6f0cE5F8Aa560c63336B&chain=1&to=1708082185&from=1705662985

This campaign will run for three months. Before its end, the pNetwork Community Association will propose to the DAO the extension of the campaign to ensure the continuity of our efforts to increase liquidity and adoption.

Transition from Uniswap v2 to v3

As part of this strategic shift to consolidate our liquidity mining efforts on Uniswap v3, the current incentives provided by the DAO Treasury to the PNT-ETH LP on Uniswap v2, amounting to 15,000 PNT per week, will be suspended.
We therefore invite current liquidity provider to move their LP position to Uniswap v3 by unstaking and claiming their remaining rewards on steroids.finance, which will likely not be used anymore.

The move to Uniswap v3 brings several benefits, including the use of its advanced concentrated liquidity, which allows liquidity providers to concentrate their assets within specific price ranges, thereby increasing the attractiveness and capital efficiency of PNT trading pairs.

Benefits of participation

We strongly encourage the pNetwork community to contribute to the PNT-ETH liquidity pool on Uniswap v3. By participating in the new LP,

• You will receive structured rewards for your participation, aligning your personal financial incentives with the growth of PNT;

• You will contribute to and benefit from PNT's growth and success within the ecosystem;

• All users will benefit from improved transaction efficiency by ensuring smoother trades and reducing slippage;

• Increases the attractiveness of PNT, potentially driving adoption and new users

• The decentralised markets of the PNT will be strengthened.

Thank you to our entire community for your continued support and participation. Together we're driving the success and sustainability of the pNetwork ecosystem. We look forward to continuing this journey with you.

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

pNetwork position in the DeFi sector

When pNetwork v1 was first released in 2019, the landscape of cross-chain solutions was scarce, with only a few early-stage alternatives, such as Ren, wBTC, and imBTC.
Now, in 2023, there are more than 80 different cross-chain solutions, demonstrating how strong the need was and is for bridges that can foster connectivity, reduce fragmentation and improve interoperability between different networks.
However, despite the impressive proliferation of such solutions and approaches, none has emerged as the dominant solution, liquidity remains fragmented and security concerns reduce confidence in bridges.

Today, pNetwork is on a mission to be something different, building on the roots of its past experience, but with new principles and strengths.

pNetwork is getting ready to unleash pNetwork v3!

The mission remains the same: to create an easy-to-use cross-chain solution that connects different networks, in order to reduce fragmentation and isolation between ecosystems, liquidity, arts and communities.

The objectives to be achieved in building pNetwork have always been:

• inclusiveness, achieved through the integration of non-EVM chains, among others, which are often "forgotten" by other bridges due to their complexity; without ignoring the involvement of DAO members in key decisions regarding the protocol and treasury funds;

• usability, achieved through the development of a user-friendly dApp and a simple, transparent and efficient user journey to exchange tokens;

• interconnectivity, achieved with pNetwork v2 and its host-to-host feature, which allows cross-chain swap of tokens between multiple (non-native) host chains, speeding up operations and reducing unnecessary barriers.

• and decentralisation, partially achieved with the introduction of the PNT governance token and the DAO logics that govern the most important decision and the DAO treasury.

These features are the backbone of pNetwork and are here to stay.

To date, pNetwork has achieved more than $1.1 billion in cross-chain transactions and secured up to $280 million in crypto assets (TVL on November 2021). It has been able to remain competitive in the 4 years since its inception, thanks to its ability to be flexible and deliver real value even in market downturns.

However, the protocol must evolve with the industry to remain competitive and thrive in the next phase of the DeFi industry.

Decentralisation needs to be cool again

Although the word 'decentralisation' has been on everyone's lips for a long time, very few protocols have fully embraced it.

While DeFi protocols have become more mature and robust over time, they have tended to add (or retain) elements of centralisation to make it easier to introduce new features and overcome problems and limitations (such as speed), at the expense of full decentralisation. By relying on architectures with multiple points of centralisation, not-fully-decentralised protocols are more vulnerable to exploits, as it increases the attack surface by relying on a single person and limited access points that can be easily compromised.

Also, decentralised protocols can be limited, locked or made inaccessible when they rely on third parties servers that are centralized (like AWS, Microsoft Azure and Google Cloud), or when a dApp’s external components (like a wallet required to connect with the dApp) are made incompatible with the dApp itself (e.g. Wallet Connect 2).

As far as possible, decentralised projects and their dApps should operate as frictionlessly and independently as possible, but this turns out to be impossible if elements of centralisation are involved.

On the other hand, centralised companies are moving closer to the decentralised world with their own public blockchains (such as Binance with BNB chain and Coinbase with BASE), but centralised elements remain hidden behind the curtain.

The result of this convergence is a mix of decentralisation and centralisation at the core level of products that are intended to be decentralised, leading to confusion, mistrust, and security issues.

This “centralization in decentralisation” undermines security, limit transparency, compromise accessibility and loose control over the protocol.

The approach to decentralisation must gradually return to its original concept, purified of the shortcuts and compromises that centralisation entails.

Decentralisation needs to be cool again.

There’s a new sheriff in town - MiCA walks into the room

A push towards full decentralisation is also given by the introduction of MiCA (Markets in Crypto-Assets) regulation in the European Union, which aims to introduce a comprehensive legal framework to harmonize regulatory requirements for cryptocurrency services across Europe. The regulation will require crypto exchanges and digital wallet companies to get licensed to operate in the EU. Licensed companies will be subject to strict disclosure and consumer protection requirements.

MiCA does not explicitly address decentralised finance (DeFi) protocols, however, partially decentralised crypto services are subject to the MiCA regulation, while fully decentralised services provided without intermediaries are not. (Source: DeFi and MiCA: How much decentralisation is enough?).

The law on these matters is still very opaque, and it's impossible to predict how it will develop.
Whatever the case, the adoption of a completely decentralised protocol will certainly contribute to lowering users’ entry barriers and delivering a frictionless experience.

pNetwork’s road to decentralisation

pNetwork v1 and pNetwork v2 are only partially decentralised, and both architectures have elements of centralisation.

Being aware of these issues, we've worked to reduce the centralisation points as far as possible keeping the current infrastructure (pNetwork v2), while building the pNetwork v3 which embraces decentralisation at its core, by default in all its infrastructure’s components.

Some of the actions implemented to make the pNetwork v2 protocol more decentralised are:

• pNetwork dApp website available on decentralised domain (ENS + IPFS) - some of the benefits are:

  1. Censorship resistance: Decentralised domains (ENS) and decentralised content hosting (IPFS) make it more difficult for bad actors or other entities to censor or block access to a DeFi project's website or application.

  2. Resilience: A distributed network of nodes hosting content and maintaining the domain registry makes the system more resistant to attacks, hardware failures, and other issues that can cause downtime in centralized systems.

  3. Transparency and security: The use of blockchain technology for domain registration and ownership ensures that the process is transparent, secure, and resistant to fraud or manipulation.

• pNetwork dApp can be pointing to third-party nodes - this assures that:

  1. Network resilience: If a single node or a group of nodes goes down, the dApp can still function by connecting to other nodes. This ensures that the dApp remains operational even in the face of network disruptions, reducing the risk of a single point of failure or control.

  2. Improved Privacy - Giving users the option to choose which nodes the dApp connects to provides them with more control over their data and transactions. This can be particularly important for privacy-conscious users who want to ensure that their data is not being monitored or controlled by a single entity.

  3. Improved User Control - Because the user can easily run the open source code without any backend infrastructure and connect it to their own node, it is easier than ever to have full control over the dApp, even running everything locally on their own laptop.

• Inclusive governance via the pNetwork DAO - granting:

  1. Democratic Decision-Making: decisions are made collectively by the community, rather than being concentrated in the hands of a few individuals or a central authority. This decentralisation of power can lead to more democratic and transparent decision-making processes, which can ultimately result in better outcomes for the project.

  2. Resilience and Security: a DAO distributes decision-making power, making it harder for bad actors to manipulate the system or for mistakes to have a significant impact on the project, making the project itself more resilient and secure.

  3. Automatic vote execution: DAO proposals can be programmed with a dedicated script that triggers a smart contract and executes the approved proposal. In this way, the execution of a DAO vote can’t be impeded by anyone and DAO members are the only ones who have control over it by voting for or against the execution of that proposal.

All these actions already position pNetwork as one of the projects in the DeFi industry that values decentralisation, privacy and security the most.
However, the actual architecture is not yet fully decentralised and deeper changes need to be made.

pNetwork v3 is our answer to the purest level of decentralisation, at its core and in all its branches. pNetwork v3 will remove all aspects of centralisation, while retaining all the principles that characterise pNetwork.

Decentralisation is king, pNetwork v3 is queen

The pNetwork v3’s architecture is completely decentralised from its new design, and new actors (Relayers, Sentinels, Guardians, and the DAO) have been introduced to avoid any centralized entity requirement.

pNetwork architecture, in a nutshell:

The new architecture uses the optimistic approach and multi-provers.
The optimistic approach expects an actor, called Relayer, to make a proposal for the issuance or redemption of a pToken; after the proposal, a period of time, called challenge period, allows other actors to verify the legitimacy of the proposal, which is optimistically expected to reflect the original request of the user who instructed the swap.

If the proposal is assessed as illegitimate, it can be cancelled, which means that it is no longer executable after the challenge period has elapsed. Cancellations should come from actors belonging to different classes (multi-provers), which we have identified as Sentinels and Guardians.

Any entity, known as Relayer, can suggest a transfer execution on the destination chain after the challenge period. This differs from pNetwork v2 where transactions were exclusively processed by bridges run by select permissioned nodes.

Being a fully decentralised protocol, pNetwork v3 will naturally fall out of the scope of MICA regulation and therefore it won’t be required for any KYC, AML or other requirements that can bring friction and rise barriers at the user experience level.

Despite the protocol should maintain its decentralisation, pNetwork is actively seeking ways to prevent malicious individuals from using the protocol for unlawful purposes and/or illicit funds.
Further details are expected to be released in the upcoming months to illustrate this new concept.

Fortify v3 security

pNetwork v3's security is ensured through the collaboration of multiple actors tasked to intercept fraudulent cross-chain transactions. These include:

• Sentinels, registered entities that emit fraud-proof supported by a TEE attestation

• Guardians, DAO elected actors that can independently file dismissal requests

• pNetwork DAO, involved only when conflicts emerge from specific situations

The multi-provers approach challenges user proposals, and if any of these three elements are triggered, a Relayer's request can be dismissed.

In specific (and rare) situations where conflicts arise and Sentinels and Guardians fail to reach a consensus on a Relayer proposal, the intervention of the pNetwork DAO becomes necessary. This intervention serves as a mechanism to address and resolve disagreements. When such conflicts occur, a new vote will be automatically initiated, providing an opportunity for the DAO to express its stance by voting either in favour or against the disputed transaction.

The security of the pNetwork DAO should not be confused with the security of the pNetwork protocol as a whole.
To put it simply: taking over the DAO doesn't mean taking over the pNetwork v3 protocol. Let’s find out why.
While the DAO plays an important role in governance and decision-making, it does not have the authority to change the fundamental behaviour of the pNetwork protocol. Rather, the DAO's security functions are limited to those of one actor among many, and its actions are designed to support and enhance the functionality of the protocol, as it operates in the service of the protocol.
What's more, the DAO Treasury is not part of the protocol itself, and its eventual exploitation will in no way affect pNetwork's cross-chain operations.

The framework of pNetwork v3 can be designed as follow:

Optimistic vs MPC approach

The decision to use the optimistic approach with multi-provers validators over Multi-Party Computation (MPC) is primarily due to two reasons:

1. More Decentralisation: In some MPC implementations, a limited number of parties are involved in the computation, which can lead to centralization concerns. If a majority of the parties collude, they can potentially compromise the system.

2. Less Complexity: MPC protocols can be computationally intensive and require significant communication overhead, which can impact the performance and scalability of the system.
   In addition, MPC protocols can be very complex, and it’s very difficult to understand the inner workings of their mathematical principles or the caveats of the code of the libraries they rely on. Complexity can often lead to mistakes, which can lead to security breaches.

Although the challenge period of the optimistic approach could potentially extend processing times, we believe that this trade-off is acceptable. The emphasis on complete decentralisation, superior scalability and un-compromised security outweighs the need for speed. This balance is a strategic decision to ensure the integrity and resilience of the system in the long term.

Additionally, the potential delay caused by the challenge period isn't inevitable. It can be mitigated by adopting supplementary solutions designed by pNetwork or by integrating suitable third-party protocols that will provide the user with a faster experience.

What’s next

pNetwork v3 embodies the pNetwork Community Association’s vision of future DeFi cross-chain solution: pure and comprehensive decentralisation while providing reliable, secure and inclusive cross-chain experience, to reduce fragmentations and barriers among liquidity in different ecosystems.

With this goal in mind, the development of pNetwork v3 is proceeding fast and steadily; since its conception, the pNetwork Community Association has already released the white paper and the MVP.

As we look to the horizon, we aim to achieve the following objectives:

• No centralisation shortcuts: Despite potential obstacles, the pNetwork is determined to navigate through them without compromising on full decentralisation. The commitment to this principle remains firm and unwavering.

• Strengthening old partnerships and forming new ones: By leveraging the new architecture and strengths of pNetwork v3, the project aims to solidify existing relationships and create new partnerships. These collaborations are essential to the continued growth and success of pNetwork.

• More community involvement: pNetwork's ambition to become a community-led project, with the DAO at its core, reflects a commitment to actively involve the community in the decision-making process. The intention is not just to inform, but to empower the community as the project evolves.

Just as pNetwork anticipated the huge demand for cross-chain solutions in 2019, today pNetwork is ready to take another pioneering step in DeFi.

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

After the release of the new pNetwork DAO v2 in beta, the pNetwork Community Association announces the launch of its pNetwork DAO Test Drive.

As part of this program, beta users who complete various tasks will receive points, and top users will be rewarded with PNT tokens and non-monetary prizes.

The goal of the initiative goes beyond rewarding users for completing quests. It's mainly about receiving detailed feedback from the beta testers in order to improve the DAO and its UX. By involving the community in this way, the pNetwork Community Association hopes to create a more user-friendly platform that meets the needs of its users.  Additionally, the initiative aims to entertain users while they participate in the beta testing process. The quests are designed to create an enjoyable experience for users as they explore the new technology and familiarise themselves with the new DAO mechanism.

So not only will beta testers be helping to improve the platform with their feedback, but they'll also be having fun and engaging with the pNetwork community along the way.

It’s important to note that the rewards are on top of organic rewards destined for active participants of the pNetwork DAO v2, specifically nodes and PNT lenders, who will always get a share of the protocol fees. More details about the new DAO can be found here.

Quests and points

Quests give a specific number of points and they can be done only one time (except for the feedback form).

Below you will find all the quests with relative points:

• Stake PNT on pNetwork DAO v2 - 2 point

• Stake on multiple chains - 3 points for each other chain

• Lend PNT - 5 points

  • Additional points are given proportional to the lock time (1 week = +1 point)

  • Claim lender rewards - 1 point

• Borrow PNT - 3 points

• Run a node with borrowed PNT - 10 points

  • Claim node rewards - 2 points

• Vote on PIPs - 5 points for each PIP

• Open a new vote - 15 points

• Referral program - invite up to 3 friends on Twitter to try out the DAO and participate in the Test Drive campaign (in order to be counted, the invitee has to get at least 10 points) - the inviter gets 3 points for each eligible friend

• Send feedback (1/week) - 3 points

  • Additional points proportional to the quality of feedback:

    • very good = +3 points

    • excellent = +5 points

• Be part of the pNetwork Guild - 2 points

• Join the pNetwork Community Association - 10 points

Complete the tasks and fill out the form in order to get the rewards! If you want, you can also join the dedicated Telegram group.

Tips:

• The amount of PNT is not relevant (as the scope here is to test the new DAO).

• Some of the quests depend on time and early users can get more points because they are participating for longer (see locking time for lending).

Example:

Pippo tries out the beta of pNetwork DAO v2 and stakes his PNTs on a specific chain (2 pt) and on another chain (3pt). Then, he lends some of the PNT staked (5pt) and sets a lock time of 6 weeks (6pt). One day, a pNetwork governance proposal is opened and Pippo participate in voting (5pt). Pippo invites his friend Pluto and Pluto gets at least 10 points (3pt). Pippo also completes the tasks of the pNetwork guild (2pt) and last and more importantly, sends detailed and comprehensive feedback (3pt) that is evaluated as “excellent” (5pt) by the pNetwork team.

At the end of the programme, Pippo earned 34 points and most likely he’s on top of the leaderboard!

Rewards

The pNetwork DAO Test Drive will last until the end of June when a leaderboard with the winner addresses will be shared.

Rewards will be distributed based on the number of points earned by each tester.

The top three testers will receive PNT prizes as follows:

1. 3,000 PNT

2. 1,200 PNT

3. 800 PNT.

Testers who rank between the fourth and tenth positions will receive 100 PNT tokens each.

The total rewards account for 5,700 PNTs provided by the pNetwork Community Association.

• In addition to PNT tokens, testers who complete the required tasks will receive badges in the Association Discord (in the case they are/become members), providing an opportunity to showcase their achievements to the community.

• For the occasion and because we’re approaching mid-year, the annual fee required to join the pNetwork Community Association is now half of the price ($30 value in PNT instead of $60 in PNT, at today's price, 150 PNT).

• It is important to note that users who will join the DAO will benefit from early access to the lending pool, and the possibility of running a node with borrowed PNTs.

• Last but not least, for those who accumulate more than 10 points, there will be an AMA between testers and the pNetwork team - a chance to connect with like-minded people and learn more about the project.

So what are you waiting for? If you're a crypto enthusiast looking for a fun and rewarding way to test a new technology, the pNetwork DAO Test Drive is the perfect opportunity for you.

Whether you're an experienced user or just starting out, there are quests for everyone to participate in and earn points. So join the pNetwork DAO v2 today, complete some quests, and start earning those rewards!

Try the pNetwork DAO v2, complete the form here and join the dedicated Telegram group here!

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.

Today, the pNetwork Community Association is thrilled to share with you the pNetwork DAO v2 and its launch in open beta! 🚀 Join it here! 👇

https://dao-v2.p.network/

This new decentralized autonomous organization is a big step forward from the pNetwork DAO v1 and serves as the core of pNetwork's governance.

Reasons for pNetwork DAO v2

pNetwork DAO v2 overcomes the limitations of its predecessor and brings new features and dynamics to the pNetwork ecosystem.

Firstly, with DAO v1 there are entry barriers for node operators due to the large number of PNT tokens required and the technical skills needed. This is significant because having more nodes makes the protocol more decentralized and secure.

Secondly, the high Ethereum gas fees limit the active participation of users in governance. Wide participation is essential for decentralization and a community-driven approach.

Lastly, in DAO v1 there are no incentives other than participating in the pNetwork governance for those who staked PNT in the DAO. Wider governance makes the protocol more democratic and the more staked PNT the lower the circulating supply.

It's essential to note that the new DAO v2 doesn't take over the place of the previous one yet. The pNetwork DAO v1 will continue to operate and be maintained, and pNetwork nodes registered on the DAO v1 will continue to receive protocol rewards as usual, until a gradual migration to the DAO v2 is implemented once the new DAO will be fully integrated into pNetwork v3.

The goal of the new DAO is to make it more accessible and improve PNT's utility.

Let's have a look at how pNetwork DAO v2 achieves these results.

What’s new with pNetwork DAO v2

pNetwork DAO v2 is the core of pNetwork’s decentralized governance, where DAO members can propose and vote pNetwork Improvement Proposals (PIPs) to shape the future of pNetwork.

pNetwork DAO v2 is also the home of pNetwork Nodes, where node operators can register, manage, and claim organic protocol rewards in different currencies.

The new DAO is built on Polygon but is also available from other chains in what we call “compatibility mode”, making it more accessible and favouring the onboarding of multiple communities. Today, it supports Ethereum and BNB chains. Other networks will be added in the future, in line with the pNetwork philosophy of increasing interoperability.

Now it's easier than ever to run a pNetwork node! With DAO v2, wannabe nodes can borrow the PNT they require and earn organic protocol fees from cross-chain volumes.

At the same time, every active DAO participant gets a share of the protocol revenue thanks to the innovative lending mechanism.

Let's take a closer look at this groundbreaking feature.

PNT lending

One of the key features of pNetwork DAO v2 is the built-in lending mechanism for staked PNT. Lenders can deposit staked PNT in the lending pool, and in exchange, they can receive fees from the borrowers.

The lending only works within the DAO's constraints, and borrowed PNT tokens are only tied to pNetwork node use and cannot be taken out of the DAO because it has no collateral.

The interest rate is floating, based on residual locktime (minimum 1 epoch = 30 days) and pool utilization. This system protects against the volatility of the number of node operators and prevents emptying the lending pool at the end of epochs.

Rewards currencies vary depending on the tokens bridged by pNetwork's users, including more than 50 different tokens, such as pBTC, PNT, and stablecoins.

A participation DAO vote is required for lenders to be included in the rewards distribution, lenders who don't vote will not be eligible to receive rewards for that epoch.

Borrowing node

Have you ever dreamed of running a pNetwork node and sharing in the protocol fees, but the PNT requirement has kept you from doing so?

Now, if you have the technical skills, you can easily join the network of pNetwork nodes by borrowing the required PNT in exchange for a small fee for the lenders.

The amount of tokens that can be borrowed is 200,000 PNT, which is the minimum amount to run a pNetwork node.

Be aware that if the node shuts down before the end of the epoch, an oracle reports it and removes it: the borrowed PNTs are released and made available to others, and no rewards are accrued for that epoch for that node.

Lenders and pNetwork nodes are rewarded with fees generated by the cross-chain activities, resulting in 100% organic rewards and not artificially generated rewards. Reward currencies vary depending on the tokens that pNetwork users have bridged. This includes over 50 different tokens, including pBTC, PNT, Stablecoins, etc.

Conclusion

pNetwork DAO v2 is a significant improvement over its predecessor, with features that make it more accessible, interoperable, and secure.

The built-in lending mechanism is a unique feature that lowers accessibility barriers for node operators and improves PNT tokenomics.

The DAO's new features and benefits will help improve pNetwork's governance and enable wider participation in its decision-making.

The launch of pNetwork DAO v2 in open beta is a significant milestone for the pNetwork Community Association in the journey towards making pNetwork more decentralized, secure, and user-friendly.

To better explain the new features and dynamics that the new DAO brings to the pNetwork ecosystem, and to answer questions from the community, an AMA will be organised. Vote for your preferred date and time here.

Join the beta of pNetwork DAO v2 here or via the decentralized domain:

https://dao-v2.pnetworkprotocol.eth.limo/

Open beta - risks and additional rewards

The DAO v2 is released in beta, and the code is not audited; there could be bugs and additional risks. Please don't stake large amounts or assets you can't afford to lose. Despite all safety measures and the safeguards we have put in place, there is still risk involved in using it, and we advise you to proceed only if you are comfortable with the possibility of encountering bugs, glitches and funds loss.

To encourage testing, interaction and feedback from our early adopters, we are launching a gamified campaign that rewards beta testers depending on how much they contribute to testing and improving the DAO v2 beta. 🎮

You can already provide feedback by filling out this form.

By participating in the campaign, you will not only help us identify and resolve any issues, but also earn rewards for your contributions. More information on the campaign and rewards will follow 👀

The pNetwork Community Association is a Swiss association led by community members who are long-term supporters of pNetwork as a technology, token and protocol. It aims to contribute to the development, growth and education of anything pNetwork related.

pNetwork is a protocol that enables cross-chain operations, such as transferring assets from one blockchain to another. It is designed to provide interoperability between different blockchain networks, allowing users to take advantage of the unique features and capabilities of each network while still being able to access and use their assets on other networks.