In the world of cryptocurrencies and blockchain, technologies are constantly evolving, striving to offer faster, safer, and more economical ways to conduct transactions. One such innovation is the Parallel Network - a second-level scaling solution built on the Ethereum blockchain.
What is Parallel Network?
Parallel Network is a second-level scaling technology designed to improve the performance of the Ethereum network. Based on optimistic rollup technology and compatible with Ethereum Virtual Machine (EVM), the platform allows users to perform all the same operations as on the main Ethereum network, including functions such as:
| Operation | Description |
|---|---|
| Contract Deployment | The process of creating and deploying a smart contract on the blockchain, allowing specified logic or conditions to be executed automatically without intermediaries. |
| Using Web3 Applications | The process of user interaction with decentralized applications (DApps), operating on the blockchain, through a web interface or API. |
| Interacting with Wallets | The process of user interaction with a digital wallet for conducting transactions, managing keys, and controlling funds stored on the blockchain. |
However, thanks to the use of rollups, transactions become cheaper and faster.
Features of Parallel Network
Parallel is a resource built on a second-level blockchain (L2) with built-in capabilities for earning, lending, staking, trading, and much more in one place. It is worth noting such features of the project.
- Optimistic Rollups
Parallel Network uses optimistic rollups, which assume that all transactions are valid by default. This speeds up transaction processing but introduces a "fraud proof" mechanism to verify the validity of operations.
- Nitro Technology
The product is built on the basis of Nitro technology - the latest version of Arbitrum technology. It includes an optimistic rollup system, a sequencer, token bridges, fraud proofs, and much more. Nitro is fully compatible with EVM, allowing developers to transfer contracts from the main network to Parallel Network without any changes.
- WebAssembly and Stylus Execution Environment
Parallel supports the WebAssembly execution environment using Stylus, which enables the creation of smart contracts in languages like Rust, C, and C++ that compile into WASM. This allows for significantly faster contract execution and lower gas costs.
- Gas and Gas Sponsorship
Gas measures the computational efforts needed to execute transactions and protects the network from malicious attacks. The network applies a dynamic and selective approach to gas sponsorship to improve user experience while maintaining high security standards.
- Running Your Own Validator
Any user can run their own validator, providing an additional level of security and data verification in the network.
Parallel Network represents a significant step forward in the development of blockchain infrastructure and decentralized technologies. By ensuring high speed, security, and transaction efficiency, it opens up new horizons for developers and users of decentralized applications.
Achievements of Parallel
The joint efforts of Parallel Finance and ParaX have led to significant successes in the innovation and scaling of the Web3 and DeFi spheres, reaching more than 150 million dollars in total locked value (TVL).
As a result of the merger, the products of Parallel Finance and ParaX will be integrated into the Parallel platform, creating a wide omni-chain platform that will unite both products.
The team's goal is to provide users with the Parallel super app, built on the basis of existing ParaX and Parallel products. This application will include NFT lending with cross-margin leverage, staking, trading, L2, and much more. The L2 developed by Parallel is aimed at significantly improving functionality in DeFi by simplifying interactions with complex blockchain networks and lowering the entry threshold for newcomers.