Supontis, Chainlink and Monacoin to Advance Blockchain Networking in the Crypto Space
Cryptocurrency is changing the global economy, which could be the biggest change in the years to come. It is the most suitable choice for many business requirements such as online investing, trading, tokenization, etc.
Most cryptocurrencies are built on different blockchains. There is therefore a need for communication between these technologies. Bridges have been created in the crypto space. They are known as blockchain bridges.
Blockchain bridges work the same way bridges do in real life. They connect different blockchains and allow easy communication between them. They can also expose users to lower transaction fees and allow developers from various blockchain networks to collaborate on projects. One of the latest blockchain bridges is Supontis.
What is Supontis?
Supontis, as a word, is derived from the English word Super and a Latin word, Pontis, which means bridge. It means super bridge.
In the crypto market, supontis Token (PON), a new cryptocurrency, is slowly gaining popularity. Its native currency is PON and will be used for many functions including staking and as a DAO governance mechanism.
The supontis platform, based on the Binance Smart Chain, paves the way for a transparent cryptocurrency exchange. The token enables the transfer of assets between the blockchain systems of Binance, Ethereum, Tron, and Fathom.
How it works?
Supontis works as a gateway for the transfer
assets between blockchains. When an asset transfer is initiated, the mechanism locks the assets in the initial chain and creates an equal amount of wrapped assets in the final blockchain location. During transfer through the bridge, assets are not moved or sent anywhere. The mechanism instead uses a smart contract to execute the transfer request in a two-step process.
The Supontis ecosystem, running with its native $PON token, will feature staking
component, and will operate with a Decentralized Autonomous Organization (DAO) interface for its governance.
Staking with Supontis
With a Proof of Stake (POS) consensus mechanism, staking is possible, allowing users to support the integrity of a network while earning additional money. The proof-of-stake mechanism in the component locks tokens in certain blockchains and commits those tokens to issuing tokens wrapped in other blockchains.
Decentralized Autonomous Organization Supontis.
Supontis does not operate on centralized structures. It is a community-led DAO, and the community makes the governance decisions. Supontis uses a decentralized autonomous organization (DAO) which means that users have the power to make operational decisions and future proposals for the platform.
The ecosystem’s native utility token, $PON is a BEP20 token built on top of BNB SmartChain, which can be used to pay transaction fees. Holding this token gives users access to governance rights in the ecosystem. Token holders can vote on proposals in the Supontis DAO.
Chainlink is an oracle network and decentralized blockchain built on Ethereum. ChainLink continues to accelerate the blockchain payment of beneficial smart contracts through a simple and impenetrable access right to vital off-chain blockchain.
LINK is the native token of the platform. Users can pay Chainlink node operators for using LINK tokens. The token is used to fund platform growth and incentivize users to create additional tokens. Staking in Chainlink involves nodes, or members of the network, depositing liquidity in the form of LINK tokens.
In 2013, Monacoin was created as a hard fork of Litecoin. It does not use the Scrypt algorithm like Litecoin. Instead, it implements SegWit in its blockchain. MonaCoin, or MONA, is a digital currency used primarily in Japan. It was set up as a payment network for peer-to-peer transactions.
MonaCoin is frequently used through third-party mobile apps to pay tips, such as in online games, and as a means of payment by some Japanese stores, including online stores and physical stores.
For more information on Supontis;
Join the presale: https://register.supontis.com/register
Share this article
Do the sharing
About the Author
More info about the author