ParallelChain inches closer to its mainnet release in Q4 2022. Thanks to $50 million in a token subscription facility from GEM Digital, the team can continue its ecosystem growth and innovative approach to censorship-resistant characteristics.
ParallelChain Lab has positioned itself as an enterprise-facing blockchain-as-a-service (BaaS) provider focusing on high performance and resilience to censorship. Its native network, ParallelChain, provides a proof-of-stake Layer-1 technology stack coupling public and private blockchains.
That unique approach is a crucial step to establishing a super-ecosystem of universal smart contracts bringing traditional and decentralized finance closer together.
Under the hood, the ParallelChain Mainnet uses delegated proof-of-stake (DPoS) consensus through an innovative multi-class validator design. Therefore, ensuring a fair distribution of network power to validate transactions is essential. In addition, the ParallelChain Enterprise network is a permissioned solution leveraging proof-of-Immutability (PoIM) to ensure transaction secrecy.
Both platforms are fully interoperable and position ParallelChain as the gateway for enterprises seeking to deploy and operate confidential blockchains while remaining committed to compliance.
Since its foundation in 2018, ParallelChain has continued to build and grow. The team spans over 30 full-time on-site engineers with expertise in artificial intelligence and distributed systems. Moreover, they have worked tirelessly to achieve crucial milestones and deliver on the initial roadmap. The next major objective is the DPoS mainnet launch in Q4 2022. That launch will coincide with the XPLL token hitting multiple centralized exchanges.
ParallelChain CEO Ian Huang comments:
“Blockchain technology has fundamentally altered the way we exchange value and do business. Yet, the current iteration of Web3 doesn’t fully account for the potential stakeholders that can genuinely advance adoption or, for that matter, figure out how to bring Web2 services into the mix. Our unique two-pronged layer-1 approach forms a conduit between public and private blockchains. This allows developers to select the most valuable features for any given use case. We see this solution as the answer to enterprises’ privacy and compliance demands while simultaneously addressing the need for scalability across many public applications, namely DeFi. With fresh funding in play, ParallelChain will be able to support diverse stakeholders as they seek to realize their Web3 ambitions, all while benefiting from the unrivaled functionality we believe is necessary to attract mass-market embrace.¨
The $50 million injection by GEM Digital will fund ParallelChain’s community development, R&D efforts, and funding decentralized projects and dApp developers building on its technology stack.
GEM Digital Limited (GEM), based out of the Bahamas, is a well-respected digital asset investment firm sourcing, structuring, and investing in blockchain utility tokens found across various centralized and decentralized exchanges worldwide. The financial commitment by GEM serves as a token subscription facility.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice