Professional Documents
Culture Documents
Problem
Aim
Approach
Roadmap
The Pantos Project will be rolled out in three phases, moving incremen-
tally toward decentralisation and community ownership and control.
Phase one allows PAN to be shifted between multiple blockchains via
the Bitpanda platform. The second phase involves the release of a
public API facilitating automatic shifting of PAN between blockchains.
The third and final phase involves the utilisation of atomic swaps,
Lightning Networks and smart contract technologies to accomplish
the complete decentralisation of PAN trading.
Vision
3
00 Executive Summary
01 Motivation
02 Background
03 Introducing Pantos
04 Roadmap
06 Team
6.1 Bitpanda
6.2 Technical Advisors & Partners
6.3 Industry Partners
6.4 Strategic and Legal Partners
6.5 Universities and Scientific Partners
07 Contact
Chapter 1
Motivation
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According to a study by Deloitte, 92 per cent of the blockchain pro-
jects launched in the last three years have ultimately stagnated or
failed. In fact, this is a reality not just for blockchain technology, but
for open source development in general, with most projects ending
up abandoned, superseded, or failing to achieve a meaningful sca-
le. Despite sharp rises in the valuation of many well-known crypto-
currencies in recent years, the blockchain space is far from immune
to the dangers associated with open-source development. Our con-
clusion, therefore, is that deep and sustained collaboration between
blockchain projects, currencies and communities is vital to the value
of the crypto ecosystem as a whole. The keystone to such a fruitful
collaboration, we feel, is the development of technology that allows
freer movement of tokens and value between existing blockchains;
increasing the fungibility of crypto tokens will necessarily improve the
health of the ecosystem as a whole, for users, developers and resear-
chers alike.
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Chapter 2
Background
2.2 Cryptocurrency
Smart Contracts
Smart contracts were first described by Nick Szabo in 1996, and refer
to computer protocols that facilitate, verify, and enforce the nego-
tiation and execution of contracts. Many types of contractual clau-
ses can be made partially or even completely self-executed, self-en-
forced, or both. Smart contracts have the goal of providing greater
security than traditional contract law and thus, have the potential to
reduce costs associated with contracting. Currently, smart contracts
are implemented based on blockchains and associated with crypto-
currencies, but are likely to figure into novel blockchain developments
in the near future.
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phic workload, simply appending signatures from the transaction as
a separate structure after the main part of the transaction has been
processed.
Since its successful implementation for Bitcoin, it has also been in-
corporated into other cryptocurrencies, such as Litecoin, Decred and
Vertcoin.
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How it Works
An atomic swap is, from the user’s perspective, very similar to a re-
gular cryptocurrency transaction, but allows cross-trading of multip-
le currencies. Using the built-in scripting languages of a given cryp-
tocurrency (e.g Script for Bitcoin, Solidity for Ethereum), one current
technical implementation of an atomic swap system creates hashed
time-locked contracts, which, in turn, utilize the multisignature and
time lock features available in the basic scripting language used
for most cryptocurrencies currently in existence to synchronize two
transactions on two independent blockchains without having to trust
each other. The digital signatures act as a functioning escrow that
prevent one party from sending coins to another party, and not recei-
ving the bargained for swapped coins in return.
Both parties, in our example Alice and Bob, submit their individual
transaction to the appropriate blockchain:
Alice claim Bob’s Z coins and reveals her secret number (X) publicly
on Blockchain Z.
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The recipient can only claim his/her desired coins by revealing a secret
number, X, which is the missing piece needed for the other party to
claim coins. This results in a coupling of the two transactions, despite
the fact that each took place on a different blockchains.
Status Quo
13 easy-to-use atomic swap technology will only increase; for this rea-
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son, we find it timely to begin active development of a high-quality,
open-source atomic swapping protocol, believing that facilitation of
currency swapping will have the additional benefit of bringing cur-
rently separate blockchain-based projects closer together, enhancing
cooperation, reducing duplicated efforts, and resulting in a healthier
crypto ecosystem.
Currently, Bitcoin transactions are neither instant nor free. With Bit-
coin, payments are widely regarded as confirmed after six or more
block confirmations (i.e. inclusion of the transaction within a block,
and the inclusion of this block within five blocks to follow). Because
Bitcoin blocks are generated at intervals of approximately ten mi-
nutes, full agreement regarding a transaction’s existence can easily
take over an hour. This problem is exacerbated when the transaction
pays a very low mining fee, which disincentivises miners from inclu-
ding the transaction in an upcoming block. Furthermore, the increase
in popularity of Bitcoin has made space within blocks more precious;
at multiple points in 2017, for example, Bitcoin fees rose to all-time-
highs, as users clamoured for space within crowded blocks.
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How it Works
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Chapter 3
Introducing Pantos
01 The prefix pan- is derived from the Greek πãv, used in English for
‘all’, or more liberally, ‘everything’. The second syllable, -tos, is
simply a shortening for Token System.
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3.1 Seamless Cross-Chain Token Transfers
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3.1.1 Real-Time Cross-Chain Arbitrage
Arbitrage
Arbitrage
Profit
Profit
Arbitrage Profit
End:
End: Start:
Start:
End: Start:
PAN/BTC
PAN/BTC
= 0,00001
= 0,00001 PAN/ETH
PAN/ETH
= 0,0001
= 0,0001
PAN/BTC = 0,00001 PAN/ETH = 0,0001
1,1 1,1
BTC BTC 1010
ETH
ETH
1,1 BTC 10 ETH
Assumptation:
Assumptation: Rate
Rate
changes
changes from
from
Assumptation: Rate changes from
BTC
BTC
devalues
devalues10%
10%
compared
compared toto
ETH,
ETH, ETH/BTC
ETH/BTC= 0,1
= 0,1
20 the
the
quickly
quickly
BTC devalues
corresponding
correspondingPAN
PAN 10%
rate
rate
the—corresponding
enough
enough —
arbitrage
arbitrage
compared
doesn‘t
doesn‘t to ETH,
change
change
PAN raterises
opportunity doesn‘t
opportunity rises change ETH/BTC
ETH/BTC
ETH/BTC = 0,1
= 0,11
= 0,11
quickly enough — arbitrage opportunity rises ETH/BTC = 0,11
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3.1.2 Blockchain Domination Index
100%
Blockchain 1
Distribution among Blockhchains
0–100% Percent of Pantos
Blockchain 2
Blockchain 3
0%
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3.2 Advancing Market-Readiness of Decentralised Blockchain Solutions
Pantos is not only the first multi-blockchain token system, but also an
open-source scientific research project aiming to further decentralise
blockchain solutions and increase their suitability for the mass mar-
ket.
The research results gained from the TAST project could extend to
Pantos, functioning as a traffic monitoring and management system,
locating and establishing atomic swaps and Lightning Networks. The
creation of such a system could greatly facilitate the mainstream
market access to decentralisation technology.
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Chapter 4
Decentralised solutions for a decentralised currency
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Roadmap
Feel free to contact us for any advice on how to support Pantos with
your cryptocurrency project.
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4.2 Phase One - Proof of Concept and Interim Solution
ETH
T
Bitpanda.com
BTC
T
Deposit Chooses
Blockchain
User Wallet
T
Withdraw
NXT
T
OTHER
T
27 10 10 10
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4.3 Phase Two - Automation and Trustlessness
ETH
T
Bitpanda.com
BTC
T
Deposit Chooses
Blockchain
API Wallet
T
Withdraw
NXT
T
OTHER
T
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4.4 Phase Three - Decentralisation
In the third and final phase, Pantos will represent a critical advance-
ment in blockchain technology, functioning as a fully decentralised
multi-blockchain token system, and as a de facto open-source stan-
dard for cross-chain token transfers. The complete technical specifi-
cations for the system will be published in peer-reviewed, open-source
research papers, and as a publicly accessible technical whitepaper. In
short, similar to a decentralised autonomous counterparty organisa-
tion, PAN tokens will interact via various distributed smart contracts
to facilitate trades. Users will be able to meet and exchange PAN to-
kens directly between blockchains with no centralised party involved.
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Chapter 4
Initial Coin Offering
During the initial coin offering (ICO), Pantos as a company will issue
digital currency tokens called Pantos (PAN). Forty per cent of the total
PAN supply will be available to the public. Participants of the ICO can
obtain a maximum of 400,000,000 PAN, which are offered at a
hard cap of 1,500 BTC.
Investor A participates with 0,01 BTC in total amount of 1,000 BTC is raised
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The retained amount of PAN will be used as follows
Company Reserve
Team
100,000,000 PAN or ten per cent of all the total supply will be
allocated as a motivational tool to align the interest of the Pantos
management and development team with the ICO investors.
Bounties
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5.6 Bitpanda Airdrop
Ensuring that Pantos kick starts with a large user base, 10,000,000
PAN will be airdropped to eligible Bitpanda account holders. Eligib-
le Bitpanda users are those who accept the Pantos terms of service.
They can claim their airdrops in their Bitpanda accounts throughout
the entire runtime of the ICO and will receive an equal share of the
airdropped PAN, irrespective of their past or current account balan-
ce. Bitpanda users who open accounts when the ICO is running alrea-
dy will also have the opportunity to participate in the airdrop.
5.7 Timeline
PAN Distribution
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Chapter 5
Team
6.1 Bitpanda
Bitpanda has grown to become one of the the largest group of indivi-
duals in European teams working on blockchain, digital currency tech-
nology and the future of the overall digital currency ecosystem, with
more than 60 people working in our Viennese headquarters. The team
has a proven track record of success, having built and grown a lea-
ding cryptocurrency brokerage platform, offering Bitcoin, Ethereum,
Litecoin, Dash, Bitcoin Cash and Ripple, as well as fully integrated EUR
trading via in-house-developed wallet solutions for all digital assets.
Paul Klanschek
Eric Demuth
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Dipl.-Ing. Michael Borkowski
Andreas Petersson
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Ralph Pichler
Max Kordek
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Sasha Ivanov
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Chapter 6
Industry Partners
Lisk
Waves
Komodo
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Strategic and
Legal Partners
Wolf Theiss
Bitcoin Austria
Fintech Austria
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Dr. Pius Sprenger
Lennard Zwart
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Universities and
Scientific Partners
TU Vienna
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www.pantos.io
contact@pantos.io
www.bitpanda.com
support@bitpanda.com