Introduction
What is ParallelChain
ParallelChain is a Layer-1 proof-of-stake public blockchain platform that places digital identity at its core, empowering the decentralised web and its users with trusted identities that users fully own, control, and have the power to monetise.
Integrated with BINGO, an AI-powered identity verification platform, and cutting-edge privacy technologies, ParallelChain brings trusted digital identities on-chain and facilitates anonymous verification without intermediaries. This model not only enhances user privacy but also ensures compliance with stringent data protection regulations like GDPR, empowering decentralised applications (DApps) with compliance readiness.
ParallelChain has a strong focus on security, scalability and interoperability. It aims to provide a robust identity system for developers of every blockchain to build more secure and compliant applications.
Digital Identity Reinvented
ParallelChain is engineered to provide a secure and user-centric digital identity framework. By embracing self-sovereign identity (SSI), users can issue, manage, and revoke identity credentials without relying on centralized authorities. This decentralized approach fosters greater privacy and data ownership, allowing individuals to selectively share personal information with third parties while keeping sensitive details private. ParallelChain’s Verifiable Credentials system, anchored on the blockchain, ensures that identity attestations are tamper-proof and can be verified instantly in real-time across multiple platforms.
The SSI model removes reliance on centralized identity systems, reducing risks such as hacking and unauthorized access to data. It also supports seamless cross-border identity verification, streamlining processes in industries like finance, healthcare, and e-commerce where secure digital identities are critical. By combining Zero-Knowledge Proofs (ZKPs) with advanced cryptographic techniques, ParallelChain allows for identity verification without exposing unnecessary personal information, creating a privacy-first ecosystem that remains compliant with stringent regulations like GDPR and other global data protection laws.
ParallelChain also integrates BINGO, an AI-powered identity engine that supports one-to-many and one-to-one biometric verification. This makes the platform highly suitable for applications that require secure and real-time identity validation, such as financial services, healthcare, and government institutions.
What is XPLL
XPLL is the native utility token of ParallelChain Mainnet (TXPLL in Testnet). It is used to pay for transaction fees, participate in staking, and engage in network governance. XPLL operates within a Delegated Proof-of-Stake (DPoS) consensus mechanism, which ensures network integrity and security. Users pay transaction fees in GRAY, the smallest unit of XPLL, where 1 GRAY = 0.00000001 XPLL.
XPLL also plays a key role in incentivizing network validators and participants to maintain security and efficiency, while punishing any malicious activity that threatens the network’s stability. Validator nodes stake XPLL to process transactions, contributing to the network's decentralization.
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
XPLL can be acquired through several channels:
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Staking Rewards: Users can stake XPLL by delegating it to validators, securing the network while earning additional XPLL as rewards. To learn more about staking, read Staking.
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Exchanges: XPLL can be purchased on exchanges that support the ParallelChain ecosystem.
- Gate.io
- Biconomy.com
- Letsexchange.io
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Participating in the Ecosystem: Developers, validators, and ecosystem participants can earn XPLL through their contributions to the network, including running nodes, participating in governance, or building decentralized applications (dApps).
ParallelChain Foundation
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.