How ParallelChain™ Delivers On The Initial Promises Of Blockchain Technology

by Jean-Pierre Buntinx, Writer at Visionary Financial

This article was originally written by and published on Visionary Financial.

Competition is heating up in the world of blockchain technology. ParallelChain™ provides an all-in-one blockchain solution for different use cases. The recent XPLL token launch gives everyone an opportunity to be involved in this great blockchain project.

What Is ParallelChain™?
Blockchain technology is widely considered to be a revolutionary development for applications, infrastructure, and building Web 3.0. Public blockchains, such as Bitcoin and Ethereum, are an essential stepping stone to unlocking this potential. However, these networks also lack the necessary traits to scale to an enterprise-grade level.

ParallelChain™ is a different offering, as it can serve as a personal, enterprise, and public blockchain all in one. With a strong focus on speed, scalability, and security, it can become a crucial building block across all industries, especially in the financial sector.

How Does It Work?
As the only blockchain capable of suiting the needs of public/personal/enterprise users, ParallelChain™ packs a significant punch.

As a public blockchain, it will serve as a decentralized distributed ledger network guaranteeing high efficiency and data privacy. It secures all kinds of data for single-user purposes, including biometrics, crypto-assets, and transaction records. Enterprise users can opt for a permissioned or permissionless approach depending on their business needs.

Considering how ParallelChain™ can achieve a significant throughput — over 100,000 transactions per second — it is the fastest blockchain solution on the market today. More importantly, this ecosystem will always work at peak performance, as there is zero performance degradation regardless of how many network nodes exist. Having more nodes is beneficial, as it helps decentralize the network and distribute data more evenly.

On top of its record-breaking throughput is a real-time latency of fewer than 0.003 seconds. These two attributes make ParallelChain™ one of the very few blockchain platforms able to emulate the internet “even faster” with the speeds and bandwidths needed to power any native and real-world applications. This includes powering the most bandwidth-hungry concepts such as cryptocurrency exchanges and financial institutions, among others.

The data privacy aspect is something no other blockchain can provide in such an efficient manner. ParallelChain™ uses a unique algorithm called Proof-of-Immutability to ensure privacy-protected data validation at all times. There is no mining or need for consensus at the time of record writing through its Proof-of-Immutability algorithm, which guarantees efficiency and data privacy throughout the distributed peer-to-peer network. In this modern era, keeping information safe and private is an absolute necessity.

ParallelChain™’s Mainchain is the public layer of the network. It is designed to facilitate trade transactions and allows for the general public to see all information. Moreover, it can be used by auditors and other entities overseeing specific transactions.

It is possible to deploy multiple ParallelChain™s of different configurations to perform cross-platform transactions. A parallel design addresses cross-chain vulnerabilities, providing an extra security layer to users.

The Crucial Features
For an ecosystem that wants to cater to all of the different blockchain use cases in one swoop, it is crucial to provide the necessary tools and features. Strong points for ParallelChain™ include:

• Seamless migration from Hyperledger and Ethereum platforms
• High throughput: Over 100,000 transactions per second
• Real-time latency: Less than 0.003 second
• Lowest cost of ownership
• Unlimited scalability
• Real-time double-entry prevention
• The only blockchain compliant with GDPR and other data privacy regulations

To provide all of these features, Digital Transaction, the company behind ParallelChain™, acknowledged independent testing and auditing was an absolute must. The results provided by this testing have proven valuable, rendering ParallelChain™ the top blockchain for performance and total cost of ownership. Moreover, Arthur D. Little, the oldest management consulting firm in the world, rates this technology stack as the best solution for contract management, STOs, clean energy, and KYC procedures.

The Digital Transaction team is already looking toward the future by putting together the foundation of ParallelChain™ 2.0. The upgrade will increase the transaction throughput to over 200,000 TPS and is expected to be in operation by mid-2021.

The XPLL Token Launch
A few weeks ago, Digital Transaction announced the launch of XPLL, the blockchain’s utility token. XPLL is now available for pre-sale and will be listed on exchanges in 2021. As a purpose-driven utility token, it grants enterprises the option to maximize their business potential. Every XPLL is a fungible ERC-20 token and can be stored in ERC-20-compatible wallets.

One of the supporting wallets is ParallelWallet, developed by the Digital Transaction team. As a personal storage solution built on the ParallelChain™ blockchain, owners can acquire peace of mind when storing XPLL or other crypto assets.

Through XPLL’s Proof-of-Immutability mechanism, validators receive incentives to protect community interests and prevent malicious users from taking control. XPLLs are given to node operators who engage in staking, running, and validating the nodes’ transactions.

It is possible to exchange XPLL against the Euro, US Dollar, Bitcoin, and Ether.

Different Node Tiers
Becoming a node operator for ParallelChain™ is very straightforward. Anyone holding 100,000 XPLLs or more can stake, run, and operate nodes to earn additional XPLLs. Three different tiers of nodes are available for all community members.

Option 1 is the Authority Node, which is akin to running a full node by storing the entire network’s ledger history. Authority Nodes are the only entities capable of packing blocks yet will not compete with one another. Instead, the Auditor Nodes’ randomized algorithm will appoint Authority Nodes for packing blocks accordingly.

Option 2 is the Validator Node to ensure ongoing decentralization of the Mainchain layer. A validator node will regularly query full nodes for information and validate transactions if the Authority Nodes delegate them.

The last option is running a Support Node, capable of storing block headers of the Mainchain. There is no limit as to how many Support Nodes can exist on the network at any given time.

Ten Pending Patents and Awards
Digital Transaction, the team behind ParallelChain™, was founded by current CEO Ian Huang in 2018. After dealing with ample market frustration regarding empty promises in the blockchain space, Huang decided to address these inefficiencies by founding a new company. An opportunity arose to create a platform delivering on the initial promises of blockchain technology in terms of performance and governance protocols.

Headquartered in Hong Kong, Digital Transaction has ten patents pending with the US Patent and Trademark Office, the European Patent Office, and The People’s Republic of China. Every patent addresses a crucial aspect of this ecosystem, including scalability, parallel blockchain processing, fail-safe mechanisms for autonomous systems, and so forth.

With the help of these pending patents, the ParallelChain™ network has proven to be of great value to many players. It has also yielded the team various awards and recognition across the globe. This includes winning the FinTech of the Year 2020 in Start-up and the HKB Technology Excellence Award for Blockchain — Computer Software.

The Digital Transaction team is already looking toward the future by putting together the foundation of ParallelChain™ 2.0. The upgrade will increase the transaction throughput to over 200,000 TPS and is expected to be in operation by mid-2021.

Conclusion
As the only all-in-one blockchain technology stack available on the market, ParallelChain™ packs tremendous potential. Using one or multiple chains to process data (in parallel) addresses the problematic scaling public blockchains have to contend with. Without a proper solution like this one, mainstream blockchain adoption will remain impossible.

Additionally, the project has received a lot of international recognition to date. The customization options provided by ParallelChain™ can address many potential use cases in the public space. It has unlimited potential for deployment, and the XPLL utility token will play a significant role in governing the project.