Blockchain’s disruptive capabilities have penetrated multiple industries seeking to leverage the technology’s decentralization and beneficial attributes. Yet, enterprise adoption is one area where blockchain has struggled to gain traction, primarily due to demands from commercial applications for greater scalability, interoperability, and data concealment.
To answer these needs, layer-1 blockchain ecosystem ParallelChain addresses the shortcomings of existing blockchain technology while unlocking a diverse range of real-world applications. The blockchain ecosystem is highly customizable and consists of two layer-1 platforms: a public mainnet and private networks. By combining these two network types, ParallelChain grants enterprises the ability to create permissioned networks that satisfy their data security and scalability constraints.
The platform recently secured a $50 million funding commitment from GEM Digital. The Bahama-based firm is invested in a wide range of utility tokens listed across more than 30 global centralized (CEX) and decentralized exchanges (DEXs).
Funds are set for distribution via the “token subscription” feature after ParallelChain completes its mainnet launch and token listing. Per the project’s roadmap, the Delegated Proof-of-Stake mainnet launch and listing of its native token XPLL are planned for the fourth quarter of 2022.
This fresh capital injection post-launch and the token listing will support ParallenChain’s continued development. In addition, it will accelerate ecosystem growth through community and market expansion, research and development, and funding for developers and projects building on its infrastructure.
Unlocking Enterprise Adoption through Connectivity & Scalability
Unlike their permissionless, public, and decentralized counterparts, enterprise blockchains are controlled either by an individual or a single organization (private blockchains) or by several individuals and organizations (consortium blockchains).
This approach supports permissioned and private networks, meaning participation is by invite only, and the general public cannot join the network or access data contained within blocks. However, existing permissioned solutions are limited in terms of scalability and connectivity (interoperability) with other networks and applications.
ParallelChain addresses scalability and interoperability shortcomings through its proprietary Inter-ParallelChain Communication (IPC) protocol that facilitates connections between its public blockchain mainnet and private, permissioned blockchains built atop its network. IPC ensures that all ParallelChain networks are seamlessly connectable via a secure and private channel. This means that applications running on ParallelChain’s public mainnet can be accessed by private blockchains within the network.
This two-pronged blockchain design facilitates connectivity between the real world and the Metaverse by enabling applications to operate on public and private layers. ParallelChain can be configured into a public, private, hybrid, or consortium blockchain, depending on the requirements of any enterprise, organization, or individual.
The platform’s public mainnet also supports the scalability and cost-effectiveness that enterprise use demands via throughput of up to 80,000 transactions per second (TPS) and minimal gas fees. Likewise, the private network can deliver up to 120,000 transactions per second (TPS) alongside transaction confirmation that takes three milliseconds.
On top of these features, ParallelChain’s private network also conforms to GDPR and other international data protection frameworks, helping enterprises satisfy compliance needs that often thwart blockchain adoption.
“We see our angle as the answer to enterprises’ privacy and compliance demands while simultaneously addressing the need for scalability across many public applications, namely DeFi. Our unique approach of forming a conduit between public and private blockchains allows developers to select the most valuable features for any given use case, ” explains ParallelChain Lab’s CEO & Chief Architect Ian Huang.
“With fresh funding in play, ParallelChain will be able to support diverse stakeholders as they seek to realize their Web 3.0 ambitions, all while benefiting from the unrivaled functionality we believe is necessary to attract mass-market embrace.”