ParallelChain Lab, an enterprise-grade blockchain-as-a-service provider that combines high performance with censorship-resistant characteristics, announced it has secured a $50 million financing commitment from GEM Digital.
This token subscription facility is “dedicated to funding ParallelChain’s continuous innovation and ecosystem growth following the launch of its mainnet and token listing in Q4 2022.”
GEM Digital Limited (GEM) is a Bahamian-based, digital asset investment firm that “sources, structures and invests in blockchain utility tokens listed on over 30 centralized and decentralized exchanges globally.”
ParallelChain is “a new proof-of-stake layer-1 that pioneers the native coupling of public and private blockchains, it aims to create a super-ecosystem of universal smart contracts that bridge the infrastructure divide between centralized and decentralized finance.”
The open-source ParallelChain Mainnet is “based on a unique, delegated proof-of-stake consensus mechanism that employs an innovative, multi-class validator design to maintain fair distribution of power; while the permissioned ParallelChain Enterprise is powered by the patented Proof-of-Immutability (PoIM) mechanism to ensure secrecy of transactions.”
With native interoperability between the two platforms, ParallelChain’s unique architecture enables enterprises “governed by strict compliance regimes to deploy and operate confidential blockchains where any single transaction can still be validated.”
ParallelChain CEO Ian Huang said:
“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.”
Since it was founded in 2018, ParallelChain’s team has “grown to comprise more than 30 full-time, on-site engineers specialised in distributed systems and artificial intelligence.” The project has hit multiple major milestones on its roadmap as it “gets closer to its goal of delivering real-world enterprise blockchain solutions with higher security and scalability.”
The $50M proceeds will be “put towards ParallelChain’s community development; vertical market expansion; adding fuel to R&D; and funding decentralized projects and DApp developers building on ParallelChain to strengthen its ecosystem.”
Huang continued:
“With fresh funding in play, ParallelChain will be able to support diverse stakeholders as they seek to realise their Web3 ambitions, all while benefiting from the unrivaled functionality we believe is necessary to attract mass-market embrace.”
ParallelChain’s Delegated Proof-of-Stake mainnet will “launch in Q4 of 2022, alongside the listing of its native token XPLL on centralised exchanges.”
As noted in the update, ParallelChain Lab enables connectivity of value “in the digital economy with breakthrough blockchain and A.I. solutions.”
