Executive Summary
Even though within the crypto space, there is a worldview that emphasizes anonymity and decentralization, there are also contenders holding opposing views. One such contender arguing in favor of accountability is ParallelChain.
ParallelChain is being developed by ParallelChain Lab, blockchain development and research company. ParallelChain, a blockchain infrastructure, is powering two layer-1 blockchain platforms – ParallelChain Private (targetting enterprise use cases) and ParallelChain Mainnet. The project’s ecosystem consists of the following elements:
- XPLL token
- Node operation system
- Inter-ParallelChain Communication (IPC)
- eKYC-Chain
- PreventiveChain
- ApprovalChain
- ChattelChain
- ParallelWallet
The network’s native token, XPLL, provides three utilities to the holders. The total supply is not finite, and the token issuance mechanism follows a fixed and declining rate schedule.
The Bahamas and Hong Kong, countries with different regulatory approaches, are jurisdictions for the governing law.
The project has an experienced executive team with a technical and entrepreneurial background. Different partners and venture-capital backers further strengthen the team.
However, the project is yet to launch on mainnet, and needs to reach additional milestones in the roadmap.
Product & Company Description
Introduction to ParallelChain
In 2018, Ian Hung founded ParallelChain Lab, blockchain development and research company. ParallelChain, a blockchain infrastructure, is developed by ParallelChain Lab. Two layer-1 blockchain platforms are powered by ParallelChain – ParallelChain Private and ParallelChain Mainnet.
ParallelChain Private is a permissioned business-native platform running market-ready software created for specific business purposes. It provides layer-2 solutions like company data leak prevention, tokenized products and loyalty programs, provenance and anti-counterfeit, supply chain and project management, and AI-Powered KYC and AML RegTech Suite. ParallelChain Private refers to the enterprise version of ParallelChain, called ParallelChain Enterprise, as featured on this page.
ParallelChain Mainnet is an open-source blockchain platform with which developers can build and deploy dApps using smart contracts. The use cases for ParallelChain Mainnet include NFTs, Games, DEXs, and other applications involving DeFi, for example.
Natively, ParallelChain supports Turing-complete smart contracts written in Rust, GO, and WASM (more in the future). ParallelChain is also leveraging optimistic rollups.
ParallelChain’s notable features include:
- Real-time double-entry prevention [1]
- ~ 0.003 second transaction confirmation
- 120,000+ transactions per second
- GDPR-friendly data privacy compliance [2]
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[1] “Blockchain, the Scaling Dilemma and ParallelChain™’s Proof-Of …” 17 Mar. 2021, https://medium.com/digital-transaction-limited/blockchain-the-scaling-dilemma-and-parallelchain-s-proof-of-immutability-poim-a82edc01865. Accessed 26 May. 2022.
[2] “ParallelChain® Enterprise.” https://www.parallelchain.io/parallelchain/enterprise. Accessed 24 May. 2022.
