#USA #Hong Kong #Testnet #Pharos Network #RWA Adoption

Pharos Network Unveils a Cutting-Edge Testnet

Pharos Network made headlines with the introduction of its high-performance Testnet aimed at revolutionizing the integration of real-world assets (RWAs) into blockchain technology. This innovative platform seeks to address significant hurdles that institutions face when adopting decentralized finance (DeFi) solutions.

What is Pharos Network?

Founded by former leaders from AntChain and Alibaba, Pharos Network has been meticulously engineered to provide a robust solution for RWAs and enterprise-grade DeFi applications. The launch of their Testnet marks a pivotal step in the evolution of blockchain technology, aimed at promoting greater accessibility and security for institutional players.

Testnet Highlights

The Pharos Testnet boasts impressive capabilities, achieving up to 30,000 transactions per second with a one-second finality. This groundbreaking performance sets a new standard for Layer 1 blockchain operations. Notably, its architecture mimics GPU performance, allowing it to support billions of users while reducing storage requirements by up to 80%.

Moreover, the platform’s unique features support various applications, including decentralized artificial intelligence and privacy-preserving Smart Private Networks (SPNs). With support for ZK-based KYC/AML solutions, Pharos prioritizes enterprise-level security and compliance, making it an attractive option for institutions.

The Testnet remains fully compatible with Ethereum's EVM, ensuring faster and economical transaction processes while offering flexibility for on-chain innovations.

Addressing Bottlenecks in RWA Adoption

Pharos wants to tackle the core obstacles that have historically hindered the adoption of RWAs. Their infrastructure is carefully designed to be scalable, compliant, and flexible, catering to various sectors including renewable energy, payment solutions, supply chain finance, and tokenized real estate. This infrastructure not only promises security for RWAs but also meets the stringent performance demands of the financial sector.

Growing Ecosystem

An exciting array of projects is already in development on the Pharos Testnet. Notable early collaborations include partnerships with OKX Wallet and a variety of innovative projects such as Zenith Swap, ELFi, Buzzing Club, Nextmate.AI, Faroswap, R2, OpenFi, Hemera, Blocksense, Supra, among others. This growing ecosystem underscores Pharos's ambition to catalyze new DeFi use cases for RWAs.

A Vision for the Future

CEO Alex Zhang expressed his enthusiasm about the Testnet launch, seeing it as a crucial milestone in unlocking the vast potential of RWAs. He emphasized that Pharos is committed to creating an adaptable and scalable platform that meets the needs of both traditional and decentralized finance ecosystems.

Conclusion

As the Pharos Testnet opens its doors to developers and users alike, it stands poised to fundamentally change how real-world assets are represented and utilized in the blockchain space. Interested parties can explore the Testnet by visiting testnet.pharosnetwork.xyz.

By aiming for the highest benchmarks in performance and scalability, Pharos Network is not just developing a blockchain; it’s creating a pathway for future financial innovations.