Eidoo and pNetwork: How They Collaborate and Complement Each Other
Updated: May 20, 2021
Eidoo was established in 2017 during the hype and excitement that surrounded blockchain technologies and cryptocurrencies. Back then Eidoo was the first, open, and inclusive effort to create an effective blockchain-to-human interface. During those early days, it was pivotal that access to blockchain-based assets was simplified since all the backend tech was and still is extremely complex for someone wanting to explore the world of crypto.
Eidoo’s main aim was to put out a set of products that were easy to use, intuitive, and safe, making it simple to store, buy, sell, and transfer crypto assets. Almost 4 years later it's fair to say that Eidoo has done just that. We have built an ecosystem that has weathered the storms that the overall blockchain and crypto industry have undergone. Eidoo has responded to changing market trends and met its user’s wants, needs, and expectations. We recently announced our VISA Crypto debit card and our ecosystem embodied by the Eidoo App is a gateway to a myriad of new DeFi services.
Eidoo is backed by the Poseidon Group which invests in blockchain projects that are brave enough to develop and deliver solutions that challenge and evolve the current traditional financial system. It is no wonder that Eidoo resides within their portfolio. The Poseidon mantra is that the user experience should lie at the heart of their services.
Within the Poseidon, Group is another blockchain project that embodies their principles - Provable Things. The Provable Things blockchain project uses decentralized and trusted computing technologies to provide services for DApps.
The London-based startup enables traditional financial services to move into the decentralized economy. Founded in 2015, the expertise garnered over the last five years of providing a reliable connection between smart contracts and Web API's means that the Provable team is now able to tackle the cross-chain composability which will expand the reach of crypto to more users, making it less difficult for them to adopt an alternative financial system.
Provable Things created the pNetwork, which includes a DAO (Decentralized Autonomous Organization), PNT governance token, and pTokens technology. These developments have added new features to Eidoo which now hosts a non-custodial DeFi wallet with fiat on-ramp and off-ramp options, a DEX, integrations with lending protocols, and DeFi tool.
pTokens have been designed to solve the problem of cross-chain composability through a simple and secure foundation that makes any token movement possible on any blockchain. The pTokens system bridges a variety of blockchains, powering the free movement of crypto liquidity. The bridges can be built in each direction and are used by a network of node operators that verify the cross-chain asset switch and guarantee the 1:1 peg with the underlying asset.
Thanks to the cross-chain DeFi interoperability offered by pNetwork and pTokens, the tools in the Eidoo ecosystem will no longer be limited to Ethereum users. Similarly, crypto assets belonging to non-Ethereum platforms such as Bitcoin or EOS will be able to explore and use the Eidoo ecosystem with pNetwork. Users can engage with different blockchains just by “wrapping” their currency in order to utilize it safely, and without losing any value.
Overcoming the challenge of cross-chain communication and operability is something that Eidoo and the pNetwork are conquering by building bridges across from one blockchain to the next.
We hope this explains effectively how Eidoo and pNetwork collaborate even though we are independent of one another; we are backed by the same group and driven by our communities that are passionately and fiercely committed to safe and secure decentralization. We are also both set on broadening and growing access to decentralized finances and hope to grow our synergies going forward to ensure only the best user experience. For more information, follow us on Twitter or join our Telegram group.