ParallelChain aims to create an architecture that functions in confidentially while enabling transaction validation as a proof-of-stake layer-1 protocol.
Following the introduction of its mainnet and native token listing, XPLL, in Q4 2022, digital asset investment company GEM Digital Limited (GEM) has pledged $50 million to support ParallelChain Lab.
ParallelChain attempts to bridge the infrastructure gap between centralized finance (CeFi) and decentralized finance as a proof-of-stake (PoS) layer-1 protocol (DeFi). The next ParallelChain mainnet is open source and is built on a PoS consensus method intended to uphold an equitable power distribution.
On the other side, the permissioned ParallelChain Enterprise will use a patented proof-of-immutability mechanism to guarantee the confidentiality of transactions. Together, the two platforms hope to create a secret architecture that nevertheless enables transaction validation. Ian Huang, CEO of ParallelChain, commented on the invention as follows:
“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.”
GEM intends to use its $50 million investment in ParallelChain to fund decentralized initiatives and decentralized app (DApp) developers in addition to market expansion, community development, research and development, and fundraising.
About GEM Digital Limited
A company that invests in digital assets. The Bahamas-based company actively seeks out, structures, and invests in utility tokens that are listed on more than 30 CEXs and DEXs throughout the world. A $3.4 billion alternative investment firm called Global Emerging Markets ("GEM") with offices in Paris, New York, and the Bahamas. GEM has completed over 530 transactions in 72 countries while managing a wide range of investment vehicles with a concentration on emerging markets. The level of operational control, risk-adjusted return, and liquidity profile differ for each investment vehicle. GEM and its partners have access to small- to mid-cap management buyouts, private investments in public equities, and specific venture investments through the family of funds and investment vehicles.
About ParallelChain Lab
With innovative blockchain and A.I. solutions, ParallelChain Lab (https://www.parallelchain.io) facilitates value linkage in the digital economy. With improved scalability, security, and public/private interoperability, this new breed of blockchain, which was founded in 2018, aims to power Web3. The layer-1 proof-of-stake blockchain with DeFi and CeFi utilities is called ParallelChain.
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