How ParallelChain® Redefined The Mechanics of Blockchains
This article originally appeared on Bitcoinist, and is written by Writer Taylor Scott.
Since its inception, blockchain has struggled to find its feet in the enterprise and consumers spaces; from concerns around scalability, privacy, transaction fees, to slow speed and high finality, the inherent limitations of blockchain have made it difficult for industries to fully accept this disruptive technology. In comes ParallelChain®, a fast-emerging layer 1 protocol that not only has overcome nearly all mainstream blockchain pain points that have thwarted its development, but is also purposely constructed to address a multitude of real-world applications and needs, from FinTech to crypto storage, and almost anything in between.
ParallelChain®, developed by blockchain technology startup Digital Transaction, has honed in on being the fastest blockchain currently available in the market, with the ability to execute over 100,000 TPS per chain at an average latency of 0.003 second. It is privacy-friendly and can scale limitlessly without degrading its performance in the slightest. What’s more remarkable about ParallelChain® is that it can be seamlessly configured into three different blockchain modes — public, personal and enterprise, depending on what the user wants or needs. This gives the chain substantial talk points when it comes to advantages in the marketplace, especially versatility and agility.
Last year, third-party tests on ParallelChain®’s throughput by Accenture, management consulting firm Arthur D. Little and blockchain company BiiLabs amazed technologists and blockchain experts, with the fastest speed reaching an industry record of 144,927 transactions per second. The firm is already working on ParallelChain® 2.0 (scheduled for a July 2021 release), which will see a further increase in throughput while being GDPR-friendly and enabling multi-biometric user registration.
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 patent-pending blockchain technology and products have been available for quite some time, and are currently used by clients from both the public and private sectors.”
In addition to ParallelChain®, the team has built is a host of other software applications on its blockchain, including the ParallelWallet, eKYC-Chain, Preventive Chain, ApprovalChain, and ChattelChain. . As outlined in the project’s Whitepaper, each product is used for a specific industry purpose, such as addressing identity verification for KYC compliance, bolstering enterprise’s internal security, streamlining workflow management, and more.
Parallelism vs. Cross-Chain Approach
ParallelChain® is also leading the charge in connecting the highly fragmented blockchain market by implementing a one-of-a-kind parallelism approach. Most blockchains that suffer from interoperability issues adopt a cross-chain approach to facilitate cross-platform transactions, as seen in the likes of Ethereum and Polkadot, but this makes the blockchain networks vulnerable to attacks and impossible to share validation due to their different consensus protocols. ParallelChain®’s parallelism approach enables the blockchain to scale limitlessly while maintaining its high performance and bulletproof security.
ParallelChain®’s aforementioned flexible configuration around public, enterprise and personal deployment means it is able to offer asynchronous (loosely coupled) and synchronous (tightly coupled) token trading while ensuring confidentiality within and across companies. Privacy and autonomy are preserved — while any risk of malicious penetration is negated. Whether you are a multi-national conglomerate with thousands of internal departments, an airport or a telecom company, you can deploy whichever mode of ParallelChain® that suits the entity’s needs and requirements.
An Eco-Friendly Technology
In a landscape of growing concerns around the environmental impact of cryptocurrency mining, particularly in the wake of Tesla CEO Elon Musk’s recent comments around Bitcoin, ParallelChain® looks to play a leading role. Rather than operating by way of Proof-of-Stake (PoS), the network eliminates problems caused by mining by implementing a non-consensus-based mechanism called Proof-of-Immutability (PoIM). Tokens on the blockchain are minted according to their tokenomics, not mined, while blockchain smart contracts are utilized around immutably pre-programmed parameters.
While PoIM helps address one of the most focal concerns around blockchain technology today, it also offers a variety of other advantages as well, such as guaranteed security and earned trust via validation without compromising the privacy of data owners.
The ParallelChain Token (XPLL) is Digital Transaction’s native utility token The team has recently concluded the second round of its XPLL private sale after an initial seed sale, and the token is scheduled to hit exchanges soon. XPLLs can be leveraged for redeeming ParallelChain® software licenses, staked to earn rewards, and staked to propose and vote for network changes.