Introduction
What is ParallelChain
ParallelChain is a dual-blockchain ecosystem powered by two Layer-1 blockchain networks, ParallelChain Mainnet and ParallelChain Enterprise.
ParallelChain Mainnet is a Delegated Proof-of-Stake open-source platform that is suitable for building decentralised, web2 and web3-interoperable blockchain applications; and ParallelChain Enterprise is a business-native, permissioned blockchain that supports decentralised enterprise solutions that feature stronger privacy, scalability, and compliance features. The coupling of both blockchains in a permissioned-permissionless blockchain interoperability will bring Web2 and Web3 into a scalable, networked economy.
The continued development of ParallelChain is supported by the ParallelChain Foundation, an independent governance body based in Switzerland, and it is dedicated to increasing awareness and growing a strong builder community for ParallelChain.
What is XPLL
XPLL is the native cryptocurrency of ParallelChain Mainnet (TXPLL in Testnet). The users of the ParallelChain Mainnet need XPLLs to pay for their transaction fees when using the network. The transaction fee is denoted in GRAY, the smallest unit of XPLL, where 1 GRAY = 0.00000001 XPLL. Other than that, XPLL also plays an important role in this Delegated Proof-of-Stake (DPoS) Mainnet; it incentivizes good behaviors and punishes actions that threaten the network's security, availability, and user experience.
Utilities
XPLL acts like your ticket to the ParallelChain Ecosystem; its utilities include the following:
- Pay transaction fees on ParallelChain
- Stake XPLL to run a validator node
- Delegate to earn block rewards
- Vote on proposals and help govern the network
Denomination
The smallest denomination of XPLL is called Gray. Users buy XPLL to pay for gas costs with the ParallelChain Mainnet and other purposes as mentioned in previous Utilities section.
The goal of defining a denomination for XPLL is to standardize its scale with all currencies in the financial system. The table below shows the different denominations of XPLL, their abbreviations, and their equivalent values in terms of XPLL.
| Denomination | Abbreviation | Value in XPLL |
|---|---|---|
| Gray | Gr | 0.00000001 XPLL |
| KiloGray | KGr | 0.00001 XPLL |
| MegaGray | MGr | 0.01 XPLL |
| XPLL | XPLL | 1 XPLL |
| TeraGray | TGr | 10000 XPLL |
| PetaGray | PGr | 10000000 XPLL |
Gray is named in honor of James Nicholas Gray, a renowned computer scientist who was considered a pioneer in modern database technology. He was the award winner of the prestigious ACM Turing Award in 1998, which is the highest distinction in the field of computer science.
How to Get XPLL
There are several ways to obtain XPLLs, the native tokens of ParallelChain.
Staking Rewards
Users can stake XPLL with the network validators to help secure the blockchain and earn rewards in the meantime. Staking is a process of locking up a certain amount of XPLL for a period of time in the process of validating transactions, adding new blocks, etc. Therefore, users will be rewarded with additional XPLL for contributing to the security and integrity of the network.
To learn more about staking, read Staking.
Ecosystem Activities - Ambassador Programme
Users can earn XPLL by participating in our Ambassador Programme on Zealy.io. There are a variety of tasks and missions for community members to complete. In return, community members will receive rewards, perks, and badges by leveling up on Zealy. This is an opportunity for community members to earn XPLLs while keeping everyone engaged.
For more information about the ParallelChain Ambassador Programme, read here.