14 years since the day blockchain was conceptualized, the technology has gone through peaks and valleys to gain traction in the enterprise and consumer space.
ParallelChain is one of the fastest, most scalable, and secure blockchains on the market, and it has the potential to be a game-changer for all businesses, particularly those in the financial sector.
ParallelChain is on a mission to make blockchain in general, and DeFi in particular, more accessible, safe, and ideal for all types of businesses and customers.
Blockchain has definitely played an essential part in developing and altering current finance, setting the framework for many technological breakthroughs.
One of the most successful applications of blockchain technology is Decentralized Finance (DeFi). DeFi, along with NFTs, is the primary crypto trend in 2021, and this revolutionary financial system has plenty of space to expand in the coming years.
As the world rapidly moves into the digital era, blockchain technology is gaining traction, and it is well-positioned to become the network backbone for Artificial Intelligence (AI), Virtual Reality (VR), and the Internet of Things (IoT).
The technology fosters trust, transparency, and digital safety. However, due to the fact that most blockchain solutions are now peer-to-peer and designed particularly for cryptocurrencies, blockchain is not yet widely used in business.
Furthermore, despite the fact that blockchain technology has advanced dramatically in recent years, there are still some limits in terms of scalability, privacy, transaction fees, and speed, making it difficult for institutional organizations and industries to completely embrace the technology.
What Is ParallelChain?
ParallelChain is a layer-1 protocol that is wrapped up in ParallelChain products to meet the different demands of any individual, business, or community.
The blockchain infrastructure is made up of two layer-1 networks: the public mainet and the private networks, which ensure that real-time and real-world applications run at fast speeds while adhering to the best standards for security and privacy protection.
As cryptocurrencies become more popular, the blockchains that power them must become more efficient, safe, interoperable, sustainable, and provide the privacy required for general use.
Despite the availability of popular blockchains, traders are now constrained by slow transaction speeds, high gas fees, and a lack of privacy protection when completing transactions.
Furthermore, due to the harmful impact on the environment, businesses are hesitant to accept bitcoin payments, impeding industry growth.
ParallelChain was built not only to address all of the primary blockchain pain points but also to consciously meet a wide range of needs and real-world applications, ranging from fintech to cryptocurrencies and everything in between.
The ParallelChain project team consists of individuals with years of experience in building blockchain applications for enterprises.
They share insight into performance standards and essentials to assist businesses in protecting their privacy, regulatory compliance, and other concerns in the use of blockchain.
Key Features
Underlying Technology
ParallelChain is powered by an algorithm known as Proof-of-Immutability (PoIM).
It is distinguished by the fact that it does not require consensus in real-time while ensuring ParallelChain’s extraordinary performance attributes in terms of reliability.
There is no real-time latency, no branching, no exploit, and no data leaking.
This algorithm provides real-time consistency, works even when the internet is unavailable, and can retain security even if the internet is attacked or hostile actors seize control.
The most significant advantage of ParallelChain is its transaction speed. The system can handle over 120,000 transactions per second. Because of this disruptive ability, it is the fastest on the market.
ParallelChain Private For Enterprise
ParallelChain Private is an enterprise-focused blockchain system that operates at the maximum speed and with the lowest latency.
It has a top speed of 120,000 TPS, a latency of 0.003s, and faster scaling. Another significant feature for organizations is data security in accordance with the EU GDPR privacy regulation.
The breadth of fraudulent acts expands with the advent of technology. Maintaining secure protocols, on the other hand, is one of the most important duties in the transaction process.
ParallelChain Private uses the Zero–Knowledge Proof cryptographic technique for auditing, which ensures that no information is divulged in a transaction other than the exchange of some value known to both parties.
ParallelChain Private also has a flexible connection with ParallelChain Mainet, enabling the easy conversion of applications from Hyperledger to Ethereum.
ParallelChain Private For Individuals
ParallelChain Private is also a separate and highly personal blockchain that ensures each biometrics, crypto asset, transaction record of customers are kept safe and private in their ParallelWallet.
ParallelChain Mainnet
ParallelChain Mainnet is the next stage of the project after the Private.
Created in 2020, it is a layer-1 public blockchain capable of handling 80,000 transactions per second with negligible fees, the ultimate blockchain for decentralized applications. Transaction time is faster with lower fees, bringing an absolute convenience.
ParallelChain Mainnet is open source and aims to give support for projects that seek to build on ParallelChain. Anyone can join the network and launch decentralized projects.
The platform is designed for multiple programming languages such as Go, Rust, WASM, and more that will be added in the future.
ParallelChain Mainnet will also play as a bridge that connects the DeFi/Metaverse and the traditional systems.
Token: XPLL
XPLL token is the utility and governance token that powers the ParallelChain network. The use cases are diverse in both utility and governance.
Users can use XPLL tokens to pay for transaction fees on ParallelChain. XPLL tokens are likewise used to run node validation or authorization to earn block rewards.
Playing the role of governance, XPLL tokens are used for network management and proposal making, voting on ParallelChain. Users can also use the tokens for the ParallelChain software license exchange.
Tokenomics
- Token Name: ParallelChain
- Ticker: XPLL
- Token standard: ERC-20
- Contract: updating
- Token type: Utility, Governance.
- Total Supply: 250,000,000
Token Distribution
- Seeds: 4%
- Public: 3%
- Node: 37%
- Development Grant: 20%
- Strategic partners: 5%
- Team: 12%
- Ecosystem: 12%
- Liquidity & Listing: 5%
- Advisor: 2%
Core Products
ParallelChain Mainet and Private are certainly the two important features of the protocol. Inter-ParallelChain Communication will be the next step of development.
In addition to these key features, the project team has created a variety of blockchain-based software apps, expanding the ecosystem and providing more options for all users.
ParallelWallet, eKYC-Chain, Preventive Chain, ApprovalChain, and ChattelChain are among the sophisticated applications available.
Each solution provides a unique benefit and industry-specific use case, such as addressing identity verification for KYC compliance, improving business internal security, streamlining workflow management, and many more.
ParallelChain Wallet
The ParallelChain wallet is a hybrid of custodial and native wallets. It can be used to hold XPLL tokens.
The wallet reduces the possibility of forgetting or losing a passphrase. ParallelWallet accounts are protected via multi-biometric authentication, in which users generate a unique biological key (using a combination of their face, palm, and voice biometrics) for identity verification and account recovery.
There is no guarantee that you will always remember your key, whether you are a blockchain expert or a newcomer. With this product, you can easily regain access to your wallet in case of loss or forgetting.
Each ParallelWallet account is backed up by its own ParallelChain, ensuring that owners have complete personal control over their data, including account activity and biometric data.
eKYC-Chain
Despite the efforts over the previous year, the bitcoin business remains far from widespread. As a result, traditional businesses that join the trend frequently face difficulties.
eKYC-Chain is a combination of blockchain and biometric techniques for safely and effectively verifying and authenticating identity. eKYC-Chain features KYC & AML (Know Your Customer & Anti Money Laundering) applications specifically designed for the crypto space.
eKYC-Chain provides numerous outstanding benefits, including rapid facial ID recognition, anti-fake identity, duplicate-record identification, and fraud-risk warning.
The system is distinguished by its built-in live anti-spoofing face detection and blockchain support for detecting duplicate entries and enforcing configurable access controls.
An Amazing Platform that is Growing
ParallelChain is one of the most interesting blockchain projects out there today, and if you want to learn more about it, please click right here!
Source: https://blockonomi.com/parallelchain-guide/