Vienna University to spearhead Multi-Blockchain transfer system
In a first, Vienna University of technology is partnering with a cryptocurrency trading platform based out of Austria, Bitpanda, to facilitate a multi-blockchain transfer system. The new open source platform is dubbed as ‘Pantos’ and will facilitate arbitrage trading between various blockchain token available in the market. Bitpanda announced the collaboration in its press release that was published on March 7. According to Bitpanda, the project is aimed at addressing the issue of increased fragmentation of different blockchain tokens. Pantos will facilitate the transfers and transactions of token over different blockchain and thereby allows traders to take advantage of the price differences between digital currencies on one of the platforms.
Pantos will be funded by utilizing the Initial coin offering and the token to be generated will be called PAN. The funding will be limited to 1500 BTC which equates to a sum of almost $14.8 million. The point to be noted here is that the initial coin offering will not be used to fund the startup, instead, it will be used to finance the development of the technology at a later stage that can be eventually used freely via open source licenses. The initial platform that will be used by Pantos will be the Ethereum. Many other cryptocurrencies like Lisk, Bitcoin, Komodo, Litecoin, Wave will be supported at a later stage.
The project is a promising one with a unique agenda of operation. This project is the latest undertaking by the Vienna University of technology which is known for its supporting stance for blockchain based projects. Last year, the university launched a project dubbed as ‘Ethertrust” wherein Professor Matteo Maffei published his distinguished work that can be utilized to enhance the security of smart contracts.
Many other universities are pioneering in undertaking blockchain powered projects. In a similar event, Fraunhofer FIT, Demofabrik Aachen, Industrial management at Aachen University undertook a joint study to look into possibilities of blockchain into various industrial applications. The study titled as “Blockchain for industrial applications” can pave way for great advancements that the blockchain technology can offer to the industrial sector.
Pantos is adding to the list of university collaborated blockchain projects. The project seeks to allow various blockchain to communicate with each other in a very standardized way and thus transfer values frictionless. This project will act as a link between many separate blockchains and thus allows them to grow interdependently.
The Blockchain is continuously mined for its applications in different parts of the world. Universities undertaking the studies to know and analyze the various applications this technology has to offer. Many universities are adding to the appeal by introducing blockchain courses for entrepreneurs as well. This infantile technology can offer much more in future. This is evident by the fact that the technology is studied and analyzed by think-tank universities all across the world. Some examples of the universities offering blockchain courses are University of Nicosia, Princeton University, Stanford University, Duke University, and University of California.