Pharos Network Launches Advanced Layer 1 Testnet for RWA Transformation

Pharos Network, a groundbreaking blockchain platform aimed at revolutionizing the management of real-world assets (RWAs), has officially unveiled its highly anticipated Testnet. This initiative is designed not only for institutional-grade RWAs but also to facilitate enterprise-scale decentralized finance (DeFi) solutions. By addressing significant bottlenecks that have historically hindered institutional entrance into the Web3 space, Pharos is positioned as a game-changer in the industry.

In a digital landscape that demands efficiency and speed, the Pharos Testnet achieves a remarkable throughput of 30,000 transactions per second, boasting a finality time of just one second. This performance sets a new standard for Layer 1 blockchain technology. Furthermore, its architecture, comparable to that of graphics processing units (GPUs), allows the network to cater to billions of users while reducing storage needs by up to 80%.

Noteworthy features of this Testnet also include integrated support for decentralized artificial intelligence (AI) and privacy-preserving solutions such as SPN. With the implementation of ZK-based Know Your Customer (KYC) and Anti-Money Laundering (AML) features, Pharos assures users of top-tier security and compliance, making it enterprise-ready.

One of the standout elements of Pharos’s platform is its compatibility with Ethereum Virtual Machine (EVM), which facilitates faster and cost-effective transactions. Moreover, it promotes flexible on-chain innovation, making it an attractive option for developers and businesses venturing into the space of RWA.

The Pharos architecture directly tackles the fundamental issues synonymous with RWA adoption — scalability, compliance, and flexibility. The system unlocks a plethora of use cases across diverse sectors, including finance pertaining to renewable energy, payment solutions, supply chain finance, and tokenized real estate. Such versatility is crucial as it aligns with the growing regulatory and performance expectations of the financial industry, ensuring that Pharos remains competitive in the rapidly evolving blockchain ecosystem.

Founded by a team of accomplished individuals from AntChain and Alibaba, Pharos Network is distinctly positioned to meet the enterprise demands for solutions encompassing green finance, innovative payment systems, and new forms of programmable ownership and asset tokenization.

According to Alex Zhang, CEO of Pharos Network, "The launch of our Testnet marks a critical milestone in our journey to fully unlock the potential of RWAs. By offering a robust, scalable, and adaptable platform, we aim to seamlessly transition real-world assets onto the blockchain and enhance the utility of these assets. We look forward to witnessing the innovation that will emerge from our platform and contributing to the convergence of traditional finance with decentralized technologies."

Developers and interested users can get a firsthand experience of the Testnet through the official site testnet.pharosnetwork.xyz.

About Pharos

Pharos Network stands at the forefront of blockchain innovation, offering a state-of-the-art Layer 1 platform that sets pivotal benchmarks in decentralized technologies. With an impressive transaction performance that can reach up to 50,000 TPS and groundbreaking initiatives like SmartCogent, an AI toolkit for large language models, Pharos is on a quest to become the preferred blockchain infrastructure for RWAs and enterprise-grade DeFi solutions. For more detailed insights, visit pharosnetwork.xyz.