Penta, an exciting blockchain platform, debuts on the New York Times Square screen in Time Square on February 14, 2018 EST. The Penta project seeks to bridge the interoperability gap between blockchain networks, and to become the “chain traffic” superhighway between on-chain and off-chain systems.
Appealing to technology geeks and investors alike, the growth of bitcoin and other cryptocurrencies has taken the world by storm. But the rapid development of various blockchain networks has resulted in a scattered environment that lacks interoperability and interconnection. Blockchain projects that are supposed to bring people and networks together have, at the same time, caused a certain amount of isolation between incompatible networks. As a result, value cannot yet be transferred smoothly and securely from one blockchain to another. Nor can on-chain values flow efficiently to off-chain established network systems, like banks and logistics networks. Taken together, the challenges of interoperability and seamless on-chain/off-chain network interconnection have inspired the blockchain community to look for sustainable solutions. This was the impetus behind Penta.
The Penta Network has focused on the question of interoperability from its first day. The Penta team wants to create a secure chain traffic connector – a universal blockchain connector – that will benefit the ecosystem as a whole. In order to achieve its goal, Penta announced the formation of Penta Labs. In partnership with leading academic institutions in Australia, the US, and Asia, Penta will test the security and efficiency of its network, of which the beta platform will be released later this year.
Penta Labs is under the leadership of Dr. Steve Melnikoff, an interdisciplinary expert in mathematics, computer science, and physics. Dr. Melnikoff graduated from MIT, and completed a PhD in Physics from University of California. One of Dr. Melnikoff’s students was Julian Assange, founder of WikiLeaks, at the University of Melbourne. With his interdisciplinary approach, Dr. Melnikoff has helped Penta to structure its network architecture in a way that is different from other blockchain systems. Drawing upon Dr. Melnikoff’s reputation and the excitement surrounding the Penta platform, Penta Labs has attracted a team of first-rate talent, with developers from financial and technological institutions such as Google, Morgan Stanley, ABN AMRO, Deutsche Bank, IBM and others.
One of the things that sets Penta apart from other blockchain projects is that its platform is already far along in its development. Planning to release a beta version in the latter half of 2018, Penta will offer a blockchain architecture that neatly combines Dynamic Staking Consensus Protocol, Distributed Application Engine, Multi-Layer Distributed File System, Container-Level Database Protocol, Distributed Service Protocol, Penta Dock World, Soft eXchange Adaptor, Distributed Private Communication Protocol, Structured incentivization based on game theory, a novel security system that will protect against potential quantum computing attacks, and other cutting-edge features. The Penta team is confident the Penta Network will enable the blockchain world to achieve scalability, faster processing of transactions, safer consensus protocols, better tools for developers to develop on the Penta Network, dramatically reduced latency, lower fees, and a friendlier user experience. By building a strong infrastructure, Penta will become a dynamic blockchain platform capable of supporting a wide range of exciting applications that will provide meaningful solutions to an array of real-world issues.
Penta has never lost sight of what’s most important. Amid all the hype about blockchain, Penta has relentlessly focused on its goal of building a next generation of blockchain infrastructure, placing its emphasis on technical fundamentals.
Because of its robust technical strengths, Penta has been embraced by academic and scientific societies across the world, including PreAngel, BlockChain Global, loopering, QTBite, BlockFuture, Block VC, Bitrise Capital, BlOCKCH Global, ChainLinker, Chain Capital and more.
After its debut on New York Times Square, Penta will continue its journey to introduce Penta to the world in Tokyo, London, Seoul, and Sydney.
Company Name: Penta Foundation
Contact Person: Alice
Country: United States