KuCoin AMA With ParallelChain (XPLL) — Scalable and Interoperable Blockchain for Everyday Business
Dear KuCoin Users,
Time: June 8, 2023, 12:00 - 13:17 (UTC)
Official Website: https://parallelchain.io/
Whitepaper: Click to view
Ian Huang — Founder, CEO and Chief Architect, ParallelChain Lab
ParallelChain AMA: Q&A from KuCoin
Q: Where does the name ParallelChain come from?
Ian: The name 'ParallelChain' derives from – parallel processing technology and the dual-blockchain coupling unique to ParallelChain's infrastructure.
Parallel Processing Technology is the simultaneous execution of different tasks to increase efficiency and speed. In ParallelChain, parallel processing is applied to improve the scalability and transaction speed of the network.
ParallelChain also gets its name from the dual-blockchain coupling of its public and permissioned networks: ParallelChain Mainnet and ParallelChain Enterprise. By having both chains coupled in a coordinated manner, it offers ParallelChain improved security and native interoperability between two very distinctive chains, enabling them to leverage the unique functionalities of the other chain/network to improve scalability and scope of utility.
Q: List some killer features of ParallelChain that put you ahead of other projects.
Ian: What puts ParallelChain ahead of other projects is our well-established private blockchain that comes with several turnkey enterprise solutions. This includes our Know-Your-Customer (KYC) solution (i.e., e-KYC Chain). e-KYC Chain utilizes our proprietary anti-spoofing face, voice recognition, and passport/ID authentication.
Next, ParallelChain is heavily focused on ensuring the privacy of its users, whether they are enterprise clients or consumers. This is evident from our patent of "Proof-of-Immutability (PoIM)," where the customer data are stored as a hash on-chain and verified with the hash method without leaking any certifiable information. Hence, businesses comply with strict data privacy laws (e.g., EU GDPR) since no customer data is stored on a third-party database.
Furthermore, ParallelChain blends AI and blockchain technologies. While the terms may be buzzwords in Web3, ParallelChain keeps it real by applying AI models such as machine learning to our enterprise solutions. Coupling AI with the transparent immutability of blockchains creates impactful products with real-world applications.
Q: Can you give us an example use case that utilizes these features?
Ian: One such use case is our user authentication technology integrated into our suite of blockchain products, such as ParallelWallet, eKYC-Chain, PreventiveChain, and ChattelChain, to name a few. It is proprietary software that swiftly verifies users/customers and authenticates their identities in milliseconds while protecting their personal data's privacy.
Thanks to the integration of AI into our blockchain solutions, our deep learning AI facial recognition system detects fraud attempts (e.g., using screenshots or deep fakes) to bypass the security system.
While running on ParallelChain Enterprise, it will soon be applicable across both ParallelChain Mainnet and ParallelChain Enterprise, with the technology being used for the DeFi ecosystem.
Q: Why do you couple AI and blockchain?
Ian: While most companies are aware of the benefits of AI - many have already adopted it - however, most companies need proper data processing systems to utilize AI fully.
With its innate affinity towards data security and clear accountability, blockchain technology fits the description for companies seeking to adopt such infrastructures.
Blockchain, as a decentralized and immutable ledger, securely records transactions and stores data across multiple nodes, providing several advantages that align with the requirements of an AI-ready infrastructure.
Q: How do these enterprise use cases benefit the public side of ParallelChain?
Ian: While Web2 may be dominated by large companies that control the narrative, Web3 is a vastly different ballgame. Companies wanting to thrive and remain competitive in the Web3 era must embrace the new status quo.
In Web3, individuals have real ownership over their data and interactions, thus encouraging enterprises to democratize their control over user data.
By embracing openness in their business model, enterprises can tap into the seamless data exchange that will happen with the coupling of public-permissioned blockchains via Inter-ParallelChain Protocol (IPP), and this will allow them to tap into the wider Web3 ecosystem, access new markets, and access the collective resources available on the decentralized internet -- importantly, without having to compromise important business assets, namely, trade secrets, data privacy, level of compliance.
Q: What is the developers' biggest unique selling point to build on your chain?
Ian: One of our biggest unique selling points for developers is the modularity and ease of customization that ParallelChain offers.
Many SMR libraries (e.g., Tendermint) aren't just SMR libraries but more like frameworks to build "blockchains." But our state machine replication (SMR) library (i.e., hotstuff_rs) is written in a general, Lego-like manner for greater customizability.
These "everything in the kitchen sink" libraries have merits, but writing an SMR library with clearly defined edges is beneficial.
Let us draw an analogy between SMR solutions and Lego sets. If Tendermint were a Lego set, it'd be one of those sets they develop with media franchises (e.g., Transformers), while our SMR solution would be a handful of basic bricks.
If you want to build Optimus Prime out of Legos, use the licensed Hasbro set or basic bricks. The former build would probably look more integrated, but those bricks are so specifically shaped and colored that they would probably be ill-suited for any other build,
If you wanted to create a Transformers OC that looks different from other transformer characters, you probably wouldn't be able to modify your original build to achieve the desired effect.
We hope that hotstuff_rs' modularity is one of its long-term strengths. Concretely, we would like to see hotstuff_rs being used as a building block for larger libraries and customized solutions.
Q: Where's the portal to start with?
Ian: Developers who're looking to build on ParallelChain can reach out to our team directly. We're everywhere on Discord, Telegram, Twitter, Email.]
Q: What is the next milestone that you are looking to hit?
We will achieve this with continuous development and strategic partnerships that have a meaningful impact across industries and both Webs.
Furthermore, we are actively working to maintain our vibrant community, developer, and ambassador programs. We will dedicate our efforts to fostering meaningful engagement and providing avenues for active participation and feedback.
We look forward to new opportunities and the positive contributions we can make to the evolving blockchain ecosystem.
Free-Ask from KuCoin Community to the ParallelChain Team
Q: Blockchain projects always prioritize security and anonymity in developing project platforms and technologies. So, do you have any technological solutions or plans to enhance user trust in these issues?
Ian: That's a very good question. Yes, balancing user privacy and on-chain transparency is a challenging task in the public blockchain space. This is why we designed the dual-blockchain approach. In addition, we have ten (10) blockchain patents [six (6) granted, four (4) allowed to publish), out of which three (3) are designed to address the privacy and data compliance issues facing public blockchains nowadays.
Q: Do you have any Bug Bounty to check for weaknesses? In what way do you plan to make your project more complete?
Ian: Of course. We appreciate and appropriately reward those who help optimize our products. In addition, we also engaged a renowned blockchain security firm - Hacken - to be the auditor for the mainnet. And the teams are working closely to make ParallelChain secure and robust.
Q: Ambassadors play a very important role in every project. Do you have an ambassador program? If yes, how can I be one?
Ian: Of course. We just made an upgrade to the ambassador program by integrating with Zealy.
Q: Can you explain the ParallelChain Tokenomics Distribution? How many XPLL tokens Will be minted? And How many tokens Will be locked by the team?
Ian: XPLL has an initial total supply of 125m tokens, minted at Genesis in a proof-of-stake manner. About 12% of the supply is allocated to the team, with a 3+ years' vesting schedule, because we're here for the long run with the community!
Q: Smart contracts are prone to failure, and many projects fall victim to it, costing user funds and discrediting projects. How reliable and secure are your smart contracts? Did you test it with either party?
Ian: ParallelChain Mainnet supports smart contracts written in Rust, and we are currently developing a tool to enhance the security and quality of smart contracts deployed on ParallelChain, using formal methods -- a branch of programming language in computer science.
Q: Do you have tutorial videos so we can get to know your project more clearly, or do you have a YouTube channel or something? Can you share it with us?
Ian: Do check out our YouTube channel.
Q: Almost 80% of investors have just focused on the price of a token in the short term instead of understanding the real value of the project. Can you tell us the motivations and benefits for investors to hold your token long-term?
Ian: ParallelChain is a layer-1 project we build for the long term. A stable and secure foundation is critical to sustainable growth and scalability (performance and utility). We have many exciting projects in the pipeline, including the Inter-ParallelChain Protocol, which will complete the ParallelChain ecosystem. We'll continuously update our roadmap.
Q: Is your project a community only for English-speaking countries or for users not of other languages?
Ian: We have a global spread of communities.
Q: How does a project increase the token's value, liquidity, and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?
Ian: ParallelChain unlocks a new dimension of the blockchain network effect by providing entry to the Web2 community, which is currently inaccessible to DeFi. In addition, sustained efforts to build and gain the market mind-share in the blockchain industry; establish the technical reputation of being a top-tier and innovative tech company.
Q: What is your strongest advantage that will make your team lead the market?
Ian: Blockchain and AI are emerging technologies that require fresh thoughts and ideas to keep up with the fast evolution. Many of the traditional blockchain engineers come from MIS and business software backgrounds, while our senior engineers, with established track records and coming from advanced development, mentor the younger engineers to innovate truly.
KuCoin Post AMA Activity — ParallelChain (XPLL)
🎁 Participate in the ParallelChain AMA quiz now for a chance to win $10 in XPLL!
The form will remain open for five days from publishing this AMA recap.
ParallelChain AMA: XPLL Giveaway Section
KuCoin and ParallelChain have prepared a total of $2,000 in XPLLto give away to AMA participants.
1. Pre-AMA activity: $1,000 in XPLL
2. Free-ask section: $50 XPLL
3. Flash mini-game: $400 in XPLL
4. Post-AMA quiz: $550 XPLL
. . .
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