01 March 2021
E-Crypto News talks to Ian Huang about ParallelChain™
This article was originally published on E-Crypto News.
There are several events happening simultaneously in the crypto space. One of them is the emergence of new blockchains that have all kinds of capabilities.
One of these new blockchains is ParallelChain™.
This new blockchain offers some new innovations that will amaze many.
The company behind ParallelChain™, Digital Transaction Limited, recently launched its XPLL token at a pre-sale event.
E-Crypto News reached out to Ian Huang, Founder and CEO of Digital Transaction Limited. Here’s what he had to say.
How did you get involved with blockchain technology and distributed ledger technologies (DLTs)?
After decades working in the technology industry in the US, I came back to Hong Kong during the early 2010s when blockchain had just started gaining traction. I quickly realized that existing blockchains (only Ethereum and Hyperledger at that time) simply were not living up to their promises, and I believed that I could do it better. ParallelChain™ was born from an understanding of the enterprise requirements first, not trying to force-feed Bitcoin process into the enterprise space.
How does ParallelChain™ fare in terms of transactions per second?
ParallelChain™ is the fastest blockchain in the world today with a speed of over 100,000 transactions per second (TPS) for one ParallelChain™ instance. At a recent remote speed test by a customer in Taiwan running over the cloud, the speed clocked in at over 147,000 TPS. This remote testing capability is available to any customer through a request on the website to be done in the comfort of their own workplace, wherever that may be.
ParallelChain™ achieves real-time latency of less than 0.003 second. How does this actually work?
ParallelChain™ is underpinned by a unique and state-of-the-art algorithm called Proof-of-Immutability, or PoIM in short, that is defined by not needing consensus nor mining at the time of record writing, which guarantees efficiency and data privacy throughout the distributed peer-to-peer network.
What are you most proud of about ParallelChain™?
We strongly believe that ParallelChain™ is finally the blockchain gamechanger that the industry has been waiting for. It is a hyper-performing blockchain in all aspects, and is poised to become the backbone for the future of computing.
What’s notable about ParallelChain™ is its all-in-one capability – that is the agility to operate in different modes, i.e. Public, Private and Personal, with no compromise. The current baseline speed of well over 100,000 TPS is only being challenged by the upcoming ParallelChain™ 2.0 that is in the works and will reach speeds of over 200,000 TPS. Our technology innovation is staying well ahead of all the competitors.
What are the main benefits for anyone who wants to take advantage of using the ParallelChain™ blockchain?
To start, with the all-in-one capability, there is now no need for companies to have to deploy multiple un-interoperable blockchains to power their agile digital requirements for transformation. With ParallelChain™, they can operate in Public or Private modes and securely interconnect between them.
In addition, with seamless migration capability to ParallelChain™ from older Gen-1 blockchains such as Ethereum and Hyperledger, companies and especially financial institutions who have already deployed these are able to future-proof their investments and move to hyper-performing ParallelChain™ without having to re-design their operations. It’s pretty much “plug-n-play”. Both these benefits to start with will hit enterprises’ bottom line in a big way.
An additional benefit is ParallelChain™’s unique privacy compliance. There is an expectation that any underlying technology supporting business operations for both private business and governments, such as smart cities, must comply to the local data privacy regulations such as GDPR. This is also true for CBDC applications. ParallelChain™ is the only blockchain to date that can guarantee this.
Do you think blockchain systems such as ParallelChain™ are the future of the crypto space?
Absolutely – with the increasing retail and institutional interests pouring into the cryptocurrency market, crypto trading volumes have gone up ten-fold – transaction speed and network load become all the more important. Coupled with the availability of advanced technology infrastructures like 5G and edge computing, people are now expecting transactions to occur and be verified instantaneously.
Exchanges are looking to up their game with real-time offerings and abilities to make more revenue with instant transactions. As a result, we are already getting quite a lot of interest for ParallelChain™ to be the technology powering exchanges across the world, due to the features of speed and latency that I mentioned earlier. That is the future.
Are we seeing a rise in enterprise blockchain use? How will this trend continue across the board?
After years of falling short of industry expectations, enterprise blockchains, both public and private, are finally crossing the chasm and seeing adoption and applications being built on it on a global scale across multiple sectors. From the recent announcement of COVID-19 vaccine supply chains built on blockchains, to the International Air Travel Association that has launched its blockchain travel passport, we are now seeing blockchain everywhere in enterprises.
People are growing more concerned about the privacy of their personal information, while corporations want to have direct control over their data. Blockchain is truly the only way to insert trust in trustless transactions, and digital transformation simply cannot happen without digitizing human transactions.
Until now, enterprises had to make too many compromises in order to deploy blockchains due to their numerous limitations, including conflicting with business processes. The new blockchains such as ParallelChain™ are the ones that are enabling the entire technology to cross the chasm from early adopter to mainstream.
You have recently announced the launch of your native utility token XPLL. How can users hold XPLL tokens?
As with other ERC-20 tokens, XPLL holders can store their tokens in any ERC-20 compatible wallet, or more securely in Digital Transaction’s blockchain-backed ParallelWallet. XPLL tokens are already available for private sale today and will be listed later in 2021.
Do you have any plans to migrate the XPLL token to its independent blockchain? How will this occur?
Yes, in time we will look to ensure the XPLL token is widely available and will explore the most efficient strategy to that effect.
Just how secure is the ParallelWallet?
ParallelWallet is the only crypto wallet in the world that incorporates AI and blockchain as its underlying infrastructures. The user’s assets and activity records are stored and backed-up on their personal (single-user) ParallelChain™ in real-time, making themselves the sole owner of their data. What’s more, the unhackable nature of a blockchain means that the possibility of losing any data from malicious third-party attacks is completely eliminated.
And to give owners with an additional peace of mind, the only way to access funds in the ParallelWallet is by recognizing your face (factors in ageing) and palm prints. Gone are the days of private keys – your biometrics is your password!
Are we going to see any further events from you guys in 2021? Care to spill the beans?
We will be listing the XPLL token publicly on exchanges by June. At the same time, we are also nearing the launch of the ParallelChain™ 2.0 mainnet, which is slated to go live by mid-2021. ParallelChain™ 2.0 will see a two-fold increase of transaction speed reaching well over 200,000 TPS – watch this space!