Pharos Network Launches Testnet: A New Era for RWA Adoption

Pharos Network Introduces High-Performance Layer 1 Testnet

Pharos Network, a high-performance blockchain dedicated to real-world assets (RWAs), has recently launched its Testnet. This new platform is tailored for institutional-grade RWAs and enterprise-level decentralized finance (DeFi) applications, striving to eliminate the barriers that currently hinder institutions from fully engaging with Web3. The innovative architecture enables a broad range of decentralized applications (dApps) and delivers efficient payment solutions while paving the way for novel uses of tokenized assets.

Impressive Performance Metrics

The Pharos Testnet boasts an impressive capability of handling up to 30,000 transactions per second, achieving finality in just one second. This performance sets an extraordinary standard for Layer 1 blockchain technology. By employing a GPU-like architecture, Pharos is designed to accommodate billions of users and remarkably reduce storage requirements by up to 80%. The system also integrates support for decentralized AI and features privacy-preserving security measures.

Enhanced Security and Compliance Features

With the inclusion of ZK-based KYC and AML features, Pharos ensures that security and compliance are at the forefront of its offerings, making it suitable for enterprises. Furthermore, the platform maintains full Ethereum Virtual Machine (EVM) compatibility, which enhances the speed and affordability of transactions while allowing for innovative developments on-chain.

Addressing Core Bottlenecks in RWA Adoption

The Pharos ecosystem is designed specifically to resolve significant issues surrounding RWA adoption, including scalability, compliance, and flexibility. This positions the network as a vital player across various sectors, such as renewable energy finance, supply chain financing, and tokenized real estate initiatives. Its state-of-the-art infrastructure supports secure and efficient deployment of RWAs while adhering to regulatory and performance standards essential in the financial marketplace.

Leadership with Deep Industry Knowledge

Established by former leaders from AntChain and Alibaba’s blockchain divisions, the Pharos team brings substantial enterprise experience to the table. This unique background equips them to provide elite solutions to institutions interested in exploring innovative finance models, payments, and new avenues in programmable ownership and asset tokenization.

Thoughts from the CEO

Alex Zhang, the CEO of Pharos Network, expressed, "The Pharos Testnet is a milestone in our pursuit to unlock the immense potential of RWAs. By offering a high-performance, scalable, and versatile platform, Pharos meets the increasing demand for transferring real-world assets onto blockchain and deriving functionality from these assets." Zhang's vision highlights the eagerness to witness innovation flourish on the Pharos platform, emphasizing the connection between traditional finance and decentralized technology.

Getting Involved with the Testnet

Developers and users interested in exploring the functionalities of the Testnet can begin their journey by visiting the Testnet platform directly. Accessing these innovative tools can offer valuable insights and contribute to the growing ecosystem.

About Pharos Network

Pharos Network represents a groundbreaking Layer 1 blockchain designed to set new standards in decentralized technologies, noted for its extreme performance and scalability. Founded by former blockchain experts from Ant Financial and Alibaba, Pharos aims to create the best environment for RWAs and enterprise-grade DeFi solutions, promoting the highest Layer-1 performance essentials. With the capability of reaching 50,000 transactions per second and being the first to achieve remarkable speeds of 2 gigagas/sec, Pharos is also a collaborative developer of SmartCogent, an advanced AI toolkit for large language models, alongside being pivotal in the development of DTVM technology.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

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