Since it was first announced in 2019, ParallelChain
So, when Digital Transaction Limited announced the pre-sale of the XPLL token , the native utility token in the ParallelChain
Given the buzz surrounding the pre-sale, BeInCrypto has decided to give it a closer look to determine whether or not this buzz surrounding ParallelChain
Let’s begin with an overview of ParallelChain
What is ParallelChain
In 2018, Huang assembled a team comprising experienced computer networking, cybersecurity, and computer design technologists along with a group of innovators from some of the world’s top universities. You can find more about the Digital Transaction team here.
Barely a few months into the team’s formation, Digital Transaction had already developed the early version of ParallelChain
– How Does it Work?
- You could use it as a private blockchain to securely host sensitive personal data and assets such as your cryptos, transaction records, biometrics, and such.
- Similarly, ParallelChain
can equally and effectively morph into a public blockchain to serve as a distributed ledger offering data privacy and optimum efficiency. As previously stated, the public distributed ledger offers a lightning speed of 100,000 TPS, making it the fastest public blockchain in existence today.
- Meanwhile, enterprise users will have the option to deploy ParallelChain
in a permissioned or permissionless mode to facilitate their business requirements.
Under the Hood
The MainChain is the public layer of the network and it has been optimized to facilitate transactions while allowing anyone to access and audit transaction records.
To make the ledger perform even more optimally, ParallelChain
Simply put, PoIM is anchored in the Layer-1 architecture and it is a non-consensus-based mechanism. This means it doesn’t require any mining or consensus at the time of transaction validation and record writing.
Without delving too deep into the technical nitty-gritty, the key parties that PoIM takes into account while validating transactions are:
- Record Creators
- Selective Nodes, which can be chain participants or independent parties who have undergone the voluntary KYC process powered by Digital Transaction’s proprietary multi-biometric recognition technology.
Each public node is allowed to write its own records, which are then identified via the hash value that is stored by that particular node’s hash vault. The hash record of individual nodes remains hidden in their vaults unless they become relevant to transactions involving other nodes.
Overall, PoIM offers a higher efficiency and data privacy in the public ledger as compared to what we get from first-generation blockchains.
Key Perks of Deploying ParallelChain
Based on our initial impression, it looks like the key features that make ParallelChain
- A far superior throughput of more than 100k transactions per second.
- Ultra-low real-time latency (less than 0.003 seconds).
- Practically unlimited scalability with zero performance degradation
- The ability to instantly block double-entry.
- Quick and efficient migration from Ethereum and Hyperledger applications
- Compliance with data privacy regulations including GDPR – the only blockchain to date that guarantees this
: Real-world Use Cases
Any technology — however sophisticated — is as good as its scope in real-world applications. The team behind ParallelChain
From facilitating Central Bank Digital Currency (CBDC), which has been the hot topic of discussion on government levels in many major economies, to enabling smart city infrastructures to share data with one-other transparently and efficiently, ParallelChain
The following is a rundown of some of ParallelChain’s real-life use cases:
- Fast Settlements: The high throughput guaranteed by ParallelChain
makes it an ideal tool for cryptocurrency exchanges and financial services providers to expedite transactions and settlement times.
- Making KYC Manageable: Any large-scale organization handling massive amounts of KYCs usually finds it difficult to maintain, track, and update the data. Not to mention that the management of such huge volumes of data can be often error-prone. ParallelChain
deploys its native eKYC-Chain to fully digitize the KYC process by offering perks like instant selfie-to-photo ID matching, anti-spoofing facial recognition, and duplicate record detection.
- No more data loss: Being tamper-proof and immutable, ParallelChain
makes a good platform to host “virtual black boxes” for preserving data from IoT systems and vehicles. The blockchain ensures that the data stored in these systems are not irretrievably lost to physical damages or malicious actions such as cyber-attacks.
- Mitigating insider threats: Digital Transaction has skillfully blended its multi-biometric recognition technology with ParallelChain
’s native PreventiveChain to track all users in real-time using 2D/ 3D face ID biometrics with anti-spoofing. There is a separate AI system that warns administrators every time a malicious activity is detected. This appears to be a pretty effective preemptive way to counter cyber threats emanating from within an organization (Insider Threats).
- Better workforce management: Using ParllelChain
, organizations can log each internal activity and workflow process securely on the blockchain. The native ApprovalChain incorporates real-time image processing and millisecond facial recognition to ensure visibility and integrity along with the network.
Note that some of these use-cases have already made a big impact on a global scale. For example, ParallelChain
So as you can see, ParallelChain
This is where the true potential of ParallelChain
The XPLL Token and ParallelWallet
The team behind ParallelChain introduced the XPLL token earlier this year as a purpose-driven ERC-20 token that “fully utilizes Digital Transaction Limited’s competitive advantages that stem from its award-winning technology.”
As previously mentioned, XPLL is on a pre-sale and you can purchase it via a SAFT agreement. Once the pre-sale is over, the token will be listed on multiple popular exchanges.
The tokens will be minted by the end of Q2 2021 and listed on exchanges sometime around August. You can buy the XPLL token using USD, EUR, BTC, ETH, USDT, or USDC.
Once you receive your XPLL token stash, you can start redeeming them in exchange for Digital Transaction’s products and services. Alternatively, you can also hodl them by transferring to Digital Transaction’s homegrown ParallelWallet, or any other third-party wallet supporting ERC-20 tokens.
Speaking of the ParallelWallet, it is indeed packed with a range of high-end security features that collectively give it a clear edge over any run-of-the-mill third-party wallet. It has a Face-ID detection system with anti-spoofing technology, which means the wallet can instantly differentiate between a live face and a photo or video.
The wallet also supports palm recognition just in case you’re wearing a mask, as you should be in these trying times to protect yourself and others from COVID. Besides these security features, the wallet also supports real-time banking. All your transactions are verified and updated in as little as 0.003 seconds.
Also, any token holder with more than 100,000 XPLLs in their ParallelWallet is eligible to stake run and operating notes. They are essentially the maintenance crew of the network who earn XPLL tokens for their contributions.
A Governance Council will manage the XPLL ecosystem and take important decisions through a democratic process. Members of the Council will be elected for two years by way of a two-thirds majority of votes. Each Council member will receive a remuneration package of 1,000,000 XPLLs at the start of their term.
So, as you can see, XPLL is a good way to earn a stake in and benefit from the ParallelChain
As always, just make sure to do your homework thoroughly and consult an investment expert, if need be, before going all-in with the purchase.
As for our observation, the ParallelChain