ParallelChain® has been differentiating itself from competitors in the Blockchain Space by providing a comprehensive package of features and functionality designed to be used in the real world. Characterized by disruptive innovation with regards to its unparalleled performance, ParallelChain® looks to expand later into 2021 with the release of new business solutions, a next-gen cryptocurrency ecosystem, and its native XPLL Token Offering, and the world’s first multi-biometric-based cryptocurrency wallet.
What Is ParallelChain®
ParallelChain is a new generation blockchain that specifically focuses on speed, scalability, and security. With the disruptive throughput of 120k transactions per second— the fastest on the market, and no performance degradation regardless of the number of network nodes, ParallelChain® is perfectly positioned to be the building block for large-scale applications and powering Web 3.0 infrastructure across different verticals, especially finance.
While blockchains are typically categorized as being of one type or the other, ParallelChain® achieves unprecedented configurability: it is a public ledger for cryptocurrency transactions, and at the same time can be deployed in private mode for enterprise as well as individual users. Due to the suboptimal scalability, throughput performance, and lack of features, traditional public blockchain platforms suffer serious limitations in their real-world applicability.
The public ParallelChain® is a modern and eco-friendly cryptocurrency network that achieves fast block finality, strong security, and data privacy. On the flip side, enterprise users can choose between a permissioned or permissionless approach to suit their business needs.
What sets ParallelChain® apart from newer blockchain platforms like Solana and Ethereum 2.0 is its ~0.003 seconds near-real-time latency, making ParallelChain® one of the few blockchain platforms able to emulate the internet “even faster” with speeds and bandwidths needed to power any real-world applications. Finally, ParallelChain®’s Proof-of-Immutability algorithm guarantees high efficiency and complete data privacy throughout the distributed peer-to-peer network.
Foresight: An Eco-Friendly Blockchain Network
Last month on May 13th, 2021, Elon Musk tweeted that Tesla would not accept Bitcoin for car payments in the midst of environmental concerns regarding the rapidly increasing use of fossil fuels like coal used in Bitcoin mining and transactions.
“Cryptocurrency is a great idea… but this cannot come at great cost to the environment”.
The team at ParallelChain® foresaw this fundamental problem regarding cryptocurrency mining and was able to step around it through the disruptive Proof-of-Immutability (PoIM) that consumes only negligible energy to achieve block finality.
PoIM utilizes two parties: record creators and selective nodes (chain participants and/or independent parties whose identities are KYC-ed). Any nodes can write their own records, and each record is identified by its hash. In turn, this hash is distributed to selective nodes once the written record is stored in the ledger. Each selective node has its own hash vault to store incoming hashes, but the record of the hash is solely carried by the creator.
This record is untouched until it becomes relevant to a transaction, therefore needing to be verified that it has not been tampered with. This is where PoIM comes into play, as selective nodes compare each other’s hashes, along with the creators to verify that no tampering has been done. This operation rests on unanimity to confirm immutability records, and selective nodes will be rewarded with XPLL tokens (the network’s native cryptocurrency).
In addition, when ParallelChain® is deployed as a private blockchain for business usage, PoIM embeds privacy into the network and allows enterprises to participate without worrying about data leaks –because non-creators only have access to the hash of data, so there is no data being distributed. Another advantage is that trust is earned, as the immutability of each record can be randomly and repeatedly validated.
The future of cryptocurrency is arriving with the imminent launch of ParallelWallet – a blockchain + multi-biometric cryptocurrency wallet where users can experience the aforementioned security and efficiency of ParallelChain® on a personal level. ParallelWallet provides users complete privacy and control over their data with distinctive features that do not exist elsewhere.
Supported by multi-biometric recognition technology, ParallelWallet delivers both security and convenience by offering flexible authentication where users can mix and match between FaceID, VoiceID, and PalmID. All biometrics data and account activity records are securely stored with triple redundancy on each user’s personal ParallelChain®, utilizing a smart contract to unlock the personal vault itself.
In addition, transaction records and account balances are updated in an average of .003 seconds, preventing inflated balances with real-time information. In addition, ParallelWallet has a built-in privacy feature (i.e. Right-to-be-Forgotten) that gives users the option to freely transfer assets while keeping their identity and details of transactions private. The significance of this technical breakthrough extends well beyond user experience, it truly bridges the worlds of fiat and cryptocurrency.
Roadmap 2021: Other Launches
ParallelChain® stays busy developing and launching products aimed towards solving common issues in the business world. ParallelWallet and its voice recognition system are among a plethora of projects set for launch. Others include ChattelChain 2.0, a utility / white label exchange integrated with ParallelWallet that will offer instantaneous digital asset trading and digital currency minting. Future releases still in the pipeline are PreventiveChain 3.0, an upgrade from the 2.0 system that forced logouts in response to identifying a camera in front of the screen or the face of a third party that is not the user, and Ultra-fast Anti-Money Laundering Analysis.
The XPLL token, while initially offered as an ERC20, is set to be the native token of ParallelChain®. This tradable utility token can be used to pay for transaction fees on the ParallelChain® network, to earn interests from staking, to reward node operators, and to exchange for ParallelChain® software licenses.
The XPLL project has completed several private rounds with a roaring success, during which time a strong community has been built — with a Telegram group of over 63k members and about 60k Twitter followers (as of today). Those who missed the early bird sale are going to have to wait for the token listing scheduled for Q3 2021 to get their hands on the XPLL. To remain up to date for this exciting launch, follow ParallelChain® Twitter and Telegram.
Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.