Supontis (PON) is a new cross-chain bridging solution on the BNB Smart Chain and could be a competition for Harmony, a layer-1 blockchain with immense cross-chain interoperability. Cross-chain interoperability is a highly desired solution for a cryptocurrency market such as we have now. Value is spread across different networks, and it can be daunting for users wanting to move their assets to another chain for separate use. Before moving, such assets may need to be converted to a universal token like stablecoins.
Cross-chain bridges have made that very simple for tokens existing on multiple networks. Tokens of different standards can be traded against each other easily. Over the years, it has become somewhat evident that centralized cross-chain bridges cannot do the assignment like decentralized trustless bridges.
Users using trustless bridges don’t have to put their faith in a single authority or organization. The mathematical truth incorporated into the code is where faith is put. This fact is attained in a decentralized blockchain system by numerous computer nodes understanding the specifications outlined in the software. Employing openness and motivating public participation in DeFi solves many issues with centralized institutions, which are susceptible to corruption or the misuse of authority.
Harmony (ONE)
Harmony (ONE) is a layer-1 blockchain network that allows developers to build decentralized applications (dApps). The network improves on Ethereum’s scalability by introducing a new sharding-based solution. It uses a unique consensus mechanism that opens up the possibilities for quick transactions, lesser fees, and interoperability.
Zilliqa first introduced the sharding mechanism. However, Harmony and some other blockchain networks have found a way to own the mechanism by finding improvements in the areas where Zilliqa lacked. Zilliqa’s major issues were its consensus and storage mechanism. Both proved to be incompatible with sharding and, as such, could leave the blockchain network vulnerable.
Harmony supports transactions across shards, allowing for direct communication between the shards. The atomic locking system makes consistency possible and places Harmony (ONE) as a top network for several cross-chain bridges. Harmony uses the Fast Byzantine Fault Tolerance, an improved version of Practical Byzantine Fault Tolerance where delegates and validators are elected using a Proof-Of-Stake consensus mechanism.
Supontis (PON)
Supontis (PON) is a new cross-chain bridge on the BNB Smart Chain, and it should be an exciting project to watch, considering that the BNB chain is second to Ethereum in the DeFi market. Being on the BNB Smart Chain allows the cross-chain bridge to scale using the network’s scalability prowess enabled by sharding.
Supontis will enable seamless value transfer across top networks like Ethereum, BSC, Avalanche, Tron, etc. The PON token will serve as a utility and governance token. It will enable the DAO community to create proposals and vote consensus on the project’s future.
Cross-chain bridges are somewhat vulnerable as the mechanism of providing specific assets on another network can leave loopholes for bad actors to exploit. However, the BNB Smart Chain is one of the most secure networks to launch DeFi protocol cross-chain bridges with a reasonable level of guaranteed security.
The PON token is on stage 2 presale. Following the success of the stage 1 presale, this looks like a token that could be a big thing. It comes with several bonuses on the stage 2 presale. Join the presale, and you can also join the referral program that gives you $50 for every $200 your referee spends.
Buying with cryptocurrencies like ETH, BNB, BTC, or USDT can earn you up to 18% extra tokens. The bonuses accumulate over each of the criteria you meet, and consecutive purchases can be a way to fill your bags. Your second purchase gives you 30% extra, and your third purchase gives you 50% and progresses upward.
For more information:
Website: https://supontis.com/
Source: https://www.cryptonewsz.com/supontis-on-the-bnb-chain-may-be-a-competitor-for-harmony/