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.
Why ParallelChain?
ParallelChain excels where most other blockchains stumble, providing:
- speed,
- scalability, and
- connectivity.
ParallelChain's dual-blockchain ecosystem drives near instant transactions. The public ParallelChain Mainnet and permissioned ParallelChain Enterprise both offer extremely high transaction speed—the latter operating at 130,000 transactions per second with a 3 millisecond finality.
This speed brings scalability to public decentralised applications and enterprise solutions alike. Both networks help projects and companies scale up the amount of bandwidth needed, especially during peak usage where on-chain activities such as NFT minting periods could otherwise clog up the network and raise transaction gas fees.
Moreover, heterogenous blockchains are unable to inter-communicate meaningfully due to their difference in architecture and consensus mechanism. With ParallelChain, the blockchain network achieves true native chain communication between permissioned and permissionless chains for deep level interoperability and allow enterprise users to tap into the decentralised space in a private, secure manner with Inter-ParallelChain Protocol (IPP).
IPP essentially acts as the bridge that connects the enterprise chain to DeFi networks built on the ParallelChain Mainnet, and this enables decentralised applications (dApps) to work across both layers. By doing so, we create wider accessibility between communities that are traditionally isolated.
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.
For more information about XPLL, including allocations, circulation, and inflation, please refer to the XPLL Token Metrics.
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.
KuCoin
XPLL is now listed on KuCoin, and the XPLL/USDT trading pair is available on the KuCoin platform. You can simply create an account on KuCoin, deposit your fund, and start trading for XPLL.
KuCoin is a global cryptocurrency exchange with a user-oriented platform that focuses on inclusiveness and community action reach. It offers over 700 digital assets and currently provides spot trading, margin trading, P2P fiat trading, futures trading, staking, and lending to its 27 million users in 207 countries and regions. KuCoin is currently one of the top 5 crypto exchanges, according to CoinMarketCap.
For more information about the listing of XPLL, read here.