Pharos Network, a new generation Layer 1 public chain focusing on the Real World Assets (RWA) track, announced that its public testnet is officially online. Pharos Network focuses on institutional-level RWA application scenarios and enterprise-level decentralized financial needs, and is committed to solving the pain points and difficulties of traditional institutions entering Web3 by building a leading modular infrastructure, creating an efficient and low-cost payment network, and promoting the large-scale deployment of decentralized applications and the expansion of tokenized asset scenarios.
The Pharos testnet can process up to 30,000 transactions per second, with sub-second transaction confirmation capabilities, setting a new benchmark for Layer 1 blockchain performance. Its innovative GPU-like architecture improves storage efficiency by 80%. The platform uses zero-knowledge proof (ZK) technology to achieve KYC/AML compliance, built-in privacy protection SPN system and decentralized AI functions, and provides efficient and low-cost transaction services while maintaining full compatibility with EVM, while supporting flexible on-chain innovation.
In response to the long-standing challenges of scalability, compliance, and flexibility faced by RWA applications, Pharos has created a modular, high-throughput infrastructure that can directly support the secure and compliant on-chain deployment of RWA, while meeting the financial industrys dual needs for regulation and performance, and helping companies achieve breakthroughs in green new energy industry finance, payment, supply chain finance, real estate securitization and other fields in the future.
Pharos Network was founded by former core members of Ant Digits and Alibabas blockchain business. With years of experience in enterprise services, the team is committed to providing institutional-level solutions for innovative areas such as green finance, payment, new programmable ownership, and asset tokenization.
Alex Zhang, CEO of Pharos Network, said: “The launch of the testnet is an important milestone in our journey to unlock the true potential of RWA. By building a high-performance, scalable and adaptable platform, Pharos meets the need to bring real-world assets on-chain and give them practicality. We look forward to witnessing the flourishing of innovative products on Pharos and accelerating the connection between traditional finance and decentralized technology.”
Developers and users can now experience the testnet by visiting testnet.pharosnetwork.xyz.
About Pharos Network
Pharos Network is a revolutionary Layer 1 public blockchain that sets a new benchmark for decentralized technology with the best performance and scalability. Founded by Ant Digits and former head of Alibaba Blockchain, Pharos is committed to building the best RWA and enterprise-grade DeFi blockchain, achieving the highest performance of EVM Layer-1: 50,000 TPS and the first to reach 2 gigagas/second. In addition, Pharos is also the co-developer of SmartCogent (a large-scale language model AI toolkit) and the core development team of DTVM technology. For more information, please visit https://pharosnetwork.xyz .
