The Interaction Process
All pTokens are transparently pegged to an underlying asset.
Anyone can deposit on the relevant pTokens smart contract a certain amount of the underlying asset (such as EOS or BTC) and request the equivalent 1:1 pegged pTokens representation (such as pEOS or pBTC)
Two traditionally-separated blockchains meet within a secure sandbox (Trusted Execution Environment)
and this is where the magic happens!
A network of secure sandboxes verifies the amount of underlying asset locked and these jointly trigger (via a Multi-Party Computation) pTokens minting mechanism. Newly minted pTokens are then available for the user to play with.
All pTokens are fully-backed and their underlying asset can be redeemed at any time.
Anyone holding pTokens can decide to destroy them to get access to their underlying asset. A network of secure sandboxes verifies the amount of pTokens submitted and these jointly trigger the pTokens burning mechanism. The underlying asset is then unlocked and available for the user.
Built for DEFI
A TEE-backed technology
The pTokens tool complements blockchain technology with Trusted Computing, resulting in a security-oriented bridge that tears down blockchain walls and makes cross-chain composability possible.
Trusted Execution Environments (TEEs) are hardware-isolated sandboxes that provide security features. Anyone can execute critical code with an attestation from the tech manufacturer certifying that the process has been executed correctly. The pTokens trust model moves the trust from the operator of the hardware to the tech manufacturer.
pTokens aim to use a multi-TEE approach where multiple different TEEs and operators ensure there is no central point of failure.
A MPC-backed network
The pTokens peg-in and peg-out processes are granted by a set of TEE operators (validators), that cooperate to jointly trigger the issuance of pTokens or the release of the underlying asset (in the reverse process).
Operations happen with the shared effort of validators that jointly generate the relevant key-pairs and jointly sign transactions authorising the peg-in and peg-out of assets leveraging a Multi-Party computation technique.
pTokens aim to be governed by a fully decentralized network of validators where multiple different TEEs and operators ensure there is no central point of failure.