- ParallelChain®: The blockchain to rule them all
By Anjali Sriniwasan, Journalist at AMBCrypto
This article originally appeared on AMBCrypto.
Blockchain technology and cryptocurrency have evolved a lot over the past few years, and it is now gaining enough momentum to go mainstream in the near future. For cryptocurrency and blockchain to have real-world applications, scalability is a pain point that needs to be solved. A lot of current blockchains are unfit to handle a large number of transactions and lack speed, latency, privacy, and security.
With ParallelChain®, we finally have a blockchain that has seemingly solved these glaring inefficiencies. Developed by Digital Transaction, ParallelChain® delivers near limitless scalability with speeds in excess of 100,000 transactions per second and an average latency of 0.003 seconds, both of which are the fastest among current blockchain networks. And with the private sales of its XPLL token heating up, this could be a project worth your consideration.
What is ParallelChain®?
ParallelChain® is the world’s first public-personal- enterprise blockchain unites the fragmented market with a parallelism approach. The heterogeneous nature of a fragmented blockchain marketplace (public, private, consortium, and hybrid) has always struggled to achieve interoperability, and also made the network vulnerable and difficult to keep up with.
ParallelChain® is the only network that can be configured into all four modes of blockchain. This makes it versatile in terms of its use cases, which can be applied to a number of sectors; be it FinTech, smart transportation, airports, container ports, hospitals, factories, or the central bank digital currency (CBDC).
Coupled with its industry-leading throughput and real-time latency, ParallelChain® is one of very few existing blockchains that adheres to the European Union’s GDPR (General Data Protection Regulation) and other international data protection laws, meaning data persisted on ParallelChain® can be permanently removed upon request.
ParallelChain® keeps the interchain communication private while allowing for seamless migration from Ethereum and Hyperledger. It deploys a Proof-of-Immutability (PoIM) algorithm, the first of its kind, for the validation process wherein any node is free to write its own data which are then identified via the hash value that is stored by that particular node’s hash vault.
This data remains untouched until it becomes relevant to a transaction that involves other nodes and then needs to be verified to prove that it is not tampered with. This method allows for higher efficiency and guaranteed data privacy when comparing to other scalability solutions found in existing blockchains.
Putting an end to the most common business pain points
ParallelChain®’s ecosystem is not only decentralized, but also comes with five custom-made applications that tend to solve what a lot of its predecessors couldn’t. They address each of these issues with their unique architectures and attributes.
1.Workplace security and threats: Although every network and organization takes measures to protect themselves from external hacks and threats, internal threats can prove equally fatal. PreventiveChain helps businesses monitor employee patterns and pre-empt improper use and leakage of confidential data. All records and activities are stored on the ParallelChain® blockchain in real-time.
Run-of-the-mill facial recognitions often cannot distinguish between three-dimensional faces and two-dimensional prints. PreventiveChain incorporates an anti-spoofing technology to distinguish prints from real human beings. This video gives a clear demonstration of how a company employee might use PreventiveChain.
2. Risky and error-prone KYC: Crypto and financial service providers employ a Know-Your-Customer process to authenticate and verify their applicants’ and users’ identity, but this process can be time-consuming and error-prone. The eKYC-Chain’s live anti-spoofing facial detection and blockchain-enabled ability can detect duplicate entries, making it impossible for malicious users to outsmart the system.
All the data collected from the verification process is stored immutably on the ParallelChain® and every access to this data is tracked and recorded, thus ensuring the prevention of data leaks.
3. Unreliable trading platforms: Stock and crypto exchange platforms suffer from pain points such as slow settlement time, insecure network security, and questionable privacy. ChattelChain is a fast asset tokenization platform built on the powerful ParallelChain® that allows its users to instantly tokenize and trade carbon assets, stocks and also share ownership of the real estate, art pieces, or anything of value. It supports both fiat (Euro, USD) and crypto (Bitcoin, Ethereum).
4. Lack of accountability: While working on a single project, there could be a lack of agreement between different departments or companies regarding decisions, completion of tasks, or failure to meet requirements. In such a case, ApprovalChain documents every activity immutably and makes sure that tasks are signed off as completed only when all the parties involved reach an agreement over execution of smart contracts.
The XPLL Token
XPLL is the utility token (ERC-20) issued by Digital Transaction. The total token supply is capped at 1,000,000,000 for the first 3 years after the Private Sale, which is currently ongoing until the end of May. Interested participants can now purchase the XPLL token through a SAFT (Simple Agreement for Future Tokens) on Digital Transaction’s website before it gets listed on crypto exchanges later this year.
The XPLL token uses the Proof-of-Immutability mechanism to provide validators with incentives for protecting the community’s interests and safeguarding the network. With this reward system in place, decentralization of the network is ensured. XPLL holders can even use their XPLLs to redeem for software licenses of ParallelChain®-based products.
The tokens can be stored in any ERC-20 compatible wallet along with other crypto-assets or the users also have the option to store them in their ParallelWallet. More information about the token can be found on the XPLL Whitepaper.
The ParallelWallet is a cryptocurrency wallet powered by ParallelChain®, and since it is based on a blockchain, there is an added level of security due to the unhackable nature of blockchains in general. All activities, transactions, and assets in the ParallelWallet are automatically stored and backed up onto their personal ParallelChain®, which is designed to obstruct access from the public.
The user, therefore, is the only one who can access their wallets. This level of security protects them from the increasing number of thefts and hacks in the crypto space. In addition, ParallelChain®’s built-in privacy means anytime a wallet owner would like to cash out their cryptos, they have the option to exercise their privacy rights.
About Digital Transaction
Digital Transaction, founded in 2018 and headquartered in Hong Kong, boasts a team that is well-versed in their knowledge and areas of expertise headed by Ian Huang, their CEO and Founder. The company aims to provide an all-in-one solution to the pain points of the current blockchain and crypto spaces with its ParallelChain® ecosystem.
With a parallel approach to counter the problems faced by the current cross-chain approach, Digital Transaction is bringing a tailor-made experience befitting any user or business in any industry. Blockchain technology and cryptocurrencies are on the verge of mainstream adoption and with ParallelChain®, Digital Transaction is well on its way to emerge as a leader in this burgeoning industry.
- Date of publication:
- Wed, 04/21/2021 - 21:51
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