The blockchain network provides unlimited scalability and records 100,000 transactions per second – features that can change the way this technology is used.
ParallelChain, developed by Hong Kong-based blockchain startup Digital Transaction Limited, claims to be the only blockchain platform on the market that successfully tackles three major weaknesses of the first-generation blockchain chain without compromise: scalability, speed and security.
Speed is perhaps the most important of the three. At 100,000 tonnes per second, ParallelChain is four times faster than Visa’s 24,000 TPS throughput. It is also much faster than other blockchains such as Polkadot, Cardano and Cosmos.
Meanwhile, the extremely low response time of 0.003s on average gives ParallelChain the ability to run any Internet application or native application. Such an infrastructure can provide significant improvements in forex and cryptocurrency exchanges that require large bandwidth to handle a huge flow of transactions – with some current cuts on demand during peak hours.
The current transmission speed will increase to 200,000 TPS when the second iteration of the network, ParallelChain 2.0, arrives in mid-2021.
Create the best blockchains
ParallelChain’s end-to-end approach provides a public, personal and corporate blockchain interconnection environment under one roof, allowing users to deploy several different configured ParallelChain to their liking, depending on their business or personal needs. Although Ethereum 2.0 will not be available until 2022, the network is now available and is already being implemented by public and private sector organizations.
One of the characteristic features is the construction of a single-user digital ledger (personal blockchain) in the form of ParallelWallet, which is a crypto wallet that can store, back up and protect users’ crypto assets, biometric data and transaction transactions. The wallet is equipped with the most advanced anti-spoofing face recognition technology and privacy-protected cryptocurrency exchange function.
With the introduction of the “right to be forgotten”, ParallelChain is also one of the few blockchains to comply with EU privacy practices and other data protection laws – features that say features such as Hyperledger Fabric, R3 Corda and Polkadot. can not be matched. Compliance with the Privacy Act means that authorities or companies that use this technology have the discretion to request the deletion of sensitive data or inappropriate content. ParallelChain also maintains interconnection security at all times, while ensuring smooth migration of projects and applications currently built on Ethereum and Hyperledger.
Then there is security. Instead of a consensus mechanism such as Mining or Staking, ParallelChain uses the first of its kind Proof of Stability algorithm to validate transactions, avoiding the risk of 51% attacks that could override the “immutable” blockchain.
More information about digital restricted transactions here
Yang Huang, founder and CEO of Digital Transaction, a computer network and IT expert with many years of experience in Silicon Valley, made his blockchain debut in Hong Kong at the beginning of the technology, when it was mainly limited to Ethereum and Bitcoin. – and was convinced that it could be better.
He founded the company in 2018, and the award-winning ParallelChain blockchain was launched the same year.
The report, published by renowned consulting firm Arthur D. Little, praises the Digital Transaction suite of killer programs for delivering real-world business solutions and lists compelling uses where ParallelChain can offer a head start on competing blockchains. These include asset coding, contract management, clean energy, cross-border payments and KYC checks.
The ParallelChain network is part of a broader ecosystem with five specialized applications that harness the power of ParallelChain to solve many real-world problems.
EKYC Chain is a blockchain and biometric system with anti-spoofing face recognition technology in milliseconds for secure identity verification required to comply with the most popular Know Your Customer rules in the financial industry.
PreventiveChain, a blockchain and biometric cybersecurity system focused on identifying and protecting internal threats ranging from negligence to deliberate attacks.