23 March 2021
BeInCrypto Explains the Buzz Surrounding XPLL Token and ParallelChain™
by Shilpa Lama, Author at BeInCrypto
This article originally appeared on BeInCrypto.
Since it was first announced in 2019, ParallelChain™ has come a long way as a full-fledged blockchain ecosystem with a legitimate claim to the world’s “fastest public blockchain” title.
So, when Digital Transaction Limited announced the pre-sale of the XPLL token, the native utility token in the ParallelChain™ network, it expectedly invoked a largely favorable response from investors with a keen eye for new opportunities.
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™, and by extension, the XPLL token, is backed by a strong technological foundation with good economic prospects.
Let’s begin with an overview of ParallelChain™ and the team behind it.
What is ParallelChain™?
ParallelChain™ is the brainchild of Digital Transaction Founder and CEO Ian Huang, who saw an opportunity in the three major pain points plaguing first-generation blockchains, i.e. speed, scalability, and security.
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™, which has since evolved as a high-performance blockchain platform offering a transaction speed of more than 100,000 TPS, among other perks.
ParallelChain™ — How Does It Work?
ParallelChain™ is the first-of-its-kind platform packing private, public, and enterprise blockchains under the same roof. Yes, you can configure it into any of these three types depending on your requirements.
• 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.
• ParallelChain™ keeps all inter-chain communication private and you could theoretically deploy as many differently configured ParallelChains as you want to enable cross-platform transactions.
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.
ParallelChain™’s real-time latency at 0.003 second, coupled with its lightning-fast throughput, means it is the only blockchain platform able to emulate the internet “even faster” with the speeds and bandwidths needed to power any native applications, including bandwidth-hungry ones such as forex or crypto exchanges.
To make the ledger perform even more optimally, ParallelChain™ deploys a unique Proof-of-Immutability (PoIM) algorithm.
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 formidable alternative to existing blockchain platforms are:
• 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