ERC-20 (or similar) bridge to access DEFi Universe
The current decentralized and open-source PAI protocol was originally forked from BTC and has gone through several upgrades over the years by the developer community. Some of the upgrades include:
- Adding a storage layer
- Upgrading to a hybrid consensus mechanism which incorporates both mining and staking
- Permissionless mining
- Identification / Authentication protocol
All of the open source code can be found here: https://github.com/projectpai
One of the requests from the vibrant PAI community is to have smart contract functionality, similar to that offered by Ethereum’s ERC-20 protocol. PAI developers have been researching solutions which can be leveraged by the existing PAI protocol. One promising option is to launch a PAI-backed ERC-20 token (or similar) to create a bridge between the PAI blockchain and the DeFi universe. This venture would be modeled after Wrapped BTC: https://github.com/WrappedBTC
With Wrapped PAI (WPAI), users will be able to seamlessly transfer between the native PAI blockchain and Ethereum (or similar) blockchains, granting PAI holders access to the full wealth of the burgeoning DeFi ecosystem (DEXs, staking, farming, lending, NFTs, and much more).
