Since its inception, blockchain has struggled to find its footing in corporate and consumer spaces; Concerns about scalability, privacy, transaction fees, slowness and high finality, the inherent limitations of blockchain have made it difficult for industries to fully embrace this disruptive technology. Comes ParallelChain®, a rapidly emerging Layer 1 protocol that has not only overcome almost all of the weak points of traditional blockchain that have hampered its development, but is also purposefully designed to meet a multitude of applications and needs of the real world, from FinTech to crypto storage, and almost everything in between.
ParallelChain®, developed by blockchain technology start-up Digital Transaction, has strived to be the fastest blockchain currently available on the market, with the ability to run over 100,000 TPS per chain at an average latency of 0.003 seconds . It is respectful of privacy and can evolve ad infinitum without degrading its performance in the least. What’s more remarkable about ParallelChain® is that it can be seamlessly configured in three different blockchain modes – public, personal, and enterprise, depending on what the user wants or needs. This gives the chain substantial talking points when it comes to market advantages, especially versatility and agility.
Last year, third-party testing of ParallelChain® throughput by Accenture, management consulting firm Arthur D. Little, and blockchain company BiiLabs amazed blockchain technologists and experts, with the fastest speed reaching an industry record of 144,927 transactions per second. The company is already working on ParallelChain® 2.0 (scheduled for a July 2021 version), which will see a further increase in throughput while being compatible with the GDPR and allowing the registration of multi-biometric users.
CEO Ian Huang, who founded Digital Transaction in 2018, told Bitcoinist: “ParallelChain® is not a paper design with untested and unproven claims and specifications. Our technology and patent pending blockchain products have been available for some time and are currently in use by both public and private sector clients. “
In addition to ParallelChain®, the team has built a host of other software applications on their blockchain, including ParallelWallet, eKYC-Chain, Preventive Chain, ApprovalChain, and ChattelChain. . As stated in the White paper of the project, each product is used for specific industry purposes, such as verifying identity for KYC compliance, strengthening internal company security, streamlining workflow management, etc.
Parallelism vs inter-chain approach
ParallelChain® is also leading the charge in connecting the highly fragmented blockchain market by implementing a one-of-a-kind solution. parallelism approach. Most blockchains that suffer from interoperability issues take a cross-chain approach to facilitate cross-platform transactions, as seen in Ethereum and Polkadot, but this makes blockchain networks vulnerable to attack and impossible to share validation due to their different consensus protocols. ParallelChain®The parallelism approach of the blockchain allows the blockchain to evolve without limit while maintaining its high performance and foolproof security.
ParallelChain®The aforementioned flexible configuration around public, enterprise, and personal deployment means that it is able to offer asynchronous (loosely coupled) and synchronous (tightly coupled) token exchange while ensuring privacy within and between enterprises. Confidentiality and autonomy are preserved – while all risk of malicious penetration is eliminated. Whether you are a multinational conglomerate with thousands of internal departments, an airport or a telecommunications company, you can deploy the mode of ParallelChain® that meets the needs and requirements of the entity.
In a landscape of growing concerns about the environmental impact of cryptocurrency mining, especially following recent comments by Tesla CEO Elon Musk on Bitcoin, ParallelChain® seeks to play a leading role. Rather than operating through proof of stake (PoS), the network eliminates problems caused by mining by implementing a non-consensus mechanism called Proof-of-Immutability (PoIM). Tokens on the blockchain are minted based on their tokenomics, not mined, while blockchain smart contracts are used around immutably pre-programmed parameters.
While PoIM helps address one of the most focal concerns in blockchain technology today, it also offers a variety of other benefits, such as guaranteed security and the trust gained through validation without compromising the privacy of data. data owners.
The ParallelChain (XPLL) token is Digital Transaction’s native utility token, and the team recently completed the second round of its private XPLL sale after an initial seed sale, and the token is expected to go public soon. XPLLs can be tapped to trade ParallelChain® software licenses, staked to earn rewards, and staked to propose and vote for network changes.