ParallelChain 2021 Year-End Update

First and foremost, let us express our deepest gratitude to those who have supported ParallelChain and given us constructive criticism over the past year – thank you for staying with us while we were navigating this new adventure.

In this blog post, we share some important updates about a new launch plan for the ParallelChain project and the relevant arrangements.

New Launch Plan for ParallelChain

After much consideration and feedback from key stakeholders, we’ve decided to adopt a new launch plan for ParallelChain and release XPLL as a native token on the platform from the start (note: the original plan was to launch the token in ERC20, then migrate it to the ParallelChain platform some months after). With that being said, the TGE of XPLL will take place after mainnet launch.
You can stay up to date with the network’s launch plan here: https://www.parallelchain.io/roadmap

For Presale Participants

Since XPLL will be launched as a native token, the pre-mined/pre-minted supply on Ethereum and the distributed tokens will be null and of no effect. Before TGE, we’ll provide instruction to presale participants on how to generate a ParallelWallet (which will be used for receiving their XPLLs), then we’ll collect your wallet address and confirm the balance — these balances will be included in the Genesis block of ParallelChain.

For Node Round Participants

Due to the changing order of TGE and mainnet launch, the node onboarding event will take place sooner than originally planned, it’ll be held before TGE. To onboard as a node operator for ParallelChain, node round participants will need to engage in KYC (applicable to Governing and Alpha nodes only), set up the node and stake (i.e. lock) their entire allocation. Those who wish to vest or delegate their node round allocations will be able to do so after TGE.

What’s Coming…

Token distribution arrangement for the airdrop event took place in May 2021 will be introduced in a separate blog post.

And for those who missed the early entries, we’ve got some good news for you in the coming days, so stay tuned!

To Conclude.

We truly believe this is the right direction for the ParallelChain project as it will allow it to strengthen the momentum and armour-up before hitting the market. If you have any questions regarding the contents of this update, feel free to ping us on Telegram, Twitter, or by email, we’re always here for you.

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