ParallelChain is an infrastructure blockchain that provides a public smart contract platform for running high-performance DApps; while enterprise applications are hosted in their private networks.
ParallelWallet, the native wallet of ParallelChain, is a trailblazing technological development. The mobile app is launching on iOS and Android in late 2021.
The ParallelChain Technology
ParallelChain is an infrastructure blockchain protocol with a public Mainnet and numerous private networks for running both enterprise-grade and decentralized applications (Dapps).
The public Mainnet is secured by a unique proof-of-stake system that is designed to make the protocol fair and accountable.
What competitive edge does ParallelChain offer, while others struggle to drive enterprise adoption? The architect behind ParallelChain is a technology company that provides enterprise blockchain solutions.
With years of experience in building blockchain applications for their enterprise clients, the team has gained acute insight into the performance standard and essential elements required to ease businesses from privacy, regulatory and other concerns in utilizing blockchain.
โIn the ParallelChain ecosystem, non-DeFi businesses can access the DeFi markets through the Mainnet – they have the flexibility in how they choose to interact, or not interact with the Mainnet.
Additionally, they’re also able to use rollups โ optimistic and zero-knowledge โ to piggyback on the Mainnet’s consensus and enjoy the security without putting their data in the public network, this ensures data privacy,” says ParellelChain Lab.
What is ParallelWallet?
ParallelWallet is a soft wallet that uses advanced biometric and blockchain technologies to bring users a new crypto experience.
An account in ParallelWallet is secured with multi-biometric authentication, where users create a unique Bio-key (with a combination of their face, palm, and voice biometrics) for authentication, including account recovery. This feature is particularly interesting as it is actively addressing a major problem in the crypto wallet industry: lost or forgotten private keys.
Another exciting feature being introduced is “full data ownership”: each ParallelWallet account is backed up with an individual ParallelChain to ensure the owner has full autonomy and control over their data, including account activity and biometric data.
This groundbreaking, patent-pending technique makes ParallelWallet the only blockchain wallet to date that provides users with GDPR-level data protection and privacy.
As a native wallet of the ParallelChain ecosystem, users will be able to use the app to view the live status of ParallelChain Mainnet, track the performance of XPLL (ParallelChain’s native token), and monitor their XPLL staking rewards.
Through the app, users will always be in the loop with news and developments of ParallelChain.
At launch, ParallelWallet will support XPLL, BTC, and ETH, followed by a range of ERC-20 and other token standards in the future.
ParallelWallet in a nutshell:
- It serves as a news outlet that keeps users updated with ParallelChain’s latest developments and news.
- It shows the live status of the blockchain.
- It’s a custodial wallet that can store XPLL (ParallelChain’s native token), BTC and ETH.
- For owners of private ParallelChains, the wallet is a user account that shows their network status, usage, and so on.
- XPLL stakers can monitor pool performance and manage their stakes on the app.
Need-to-knows about ParallelWallet
ParallelWallet is in late-stage development and is releasing a closed-beta test version with limited features. Registration for the closed-beta opened on September 29, 2021 and closed on October 6, 2021. There were only 50 slots available and only those from the XPLL pre-sale were eligible to participate.
There are plans to launch an open beta later in 2021.
Stay up-to-date with all the developments of ParallelWallet and ParallelChain here: Twitter | Telegram | Website | YouTube | LinkedIn | Reddit |
Disclaimer
In compliance with the Trust Project guidelines, this guest expert article presents the author’s perspective and may not necessarily reflect the views of BeInCrypto. BeInCrypto remains committed to transparent reporting and upholding the highest standards of journalism. Readers are advised to verify information independently and consult with a professional before making decisions based on this content.ย Please note that our Terms and Conditions,ย Privacy Policy, andย Disclaimersย have been updated.
