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Vienna University of Technology to Launch Multi-Blockchain Transfer System

Vienna University of Technology to Launch Multi-Blockchain Transfer System
Vienna University of Technology and Austrian crypto exchange Bitpanda to launch multi-blockchain token system "Pantos".

Bitpanda, an Austrian trading platform for cryptocurrencies is partnering with the Vienna University of Technology to develop an open-source platform called "Pantos" for real-time arbitrage trading between different Blockchain tokens, Cointelegraph auf Deutsch reported on Wednesday, March 7.

In partnership with the Vienna University of Technology, researchers from the Research Institute for Future Cryptoeconomics (RIAT) in Austria are also participating in the project.

The research project called "Pantos" aims to solve the problem of the increasing fragmentation of Blockchain tokens and to allow "worthwhile transfers of tokens over several blockchains" for the first time, Bitpanda announced in its press release on on Wednesday, March 7. This will enable traders to capitalize on price differences between pairs of digital currencies on one single platform.

The Pantos system will be financed by using an Initial Coin Offering (ICO) limited to 1500 BTC (about $14.8 mln at press time) for a new token called PAN. As the Bitpanda makers emphasize in the announcement, the ICO will not serve to fund a new startup, but to finance the development of technology which afterwards can be freely used through open source licenses.

Pantos will initially be launched on the Ethereum platform. Support for the cryptocurrencies Bitcoin, Litecoin, Lisk, Komodo, and Wave will follow shortly thereafter.

Pantos is not the first Blockchain-based project for Vienna University of Technology. At the end of November 2017, in a project called "Ethertrust", the research group "Security and Privacy" led by Professor Matteo Maffei published work that improves the security of Smart Contracts for the cryptocurrency Ethereum.

There are several German universities and research institutions which are currently exploring the use of Blockchain.

In March 2018, the Institute for Industrial Management FIR at the RWTH Aachen University, Fraunhofer FIT, and Demofabrik Aachen will begin a joint study on "Blockchain for Industrial Applications" under the leadership of KEX AG, a technology and market information provider.

The aim of this project is to identify potential applications of Blockchain technology for the industry, to evaluate them in concrete terms, and to find ways in which they can be implemented and used.

07.03.2018 / 13:40 82
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