What Is Paralink Network (PARA)?Paralink Network (PARA) is a multi-chain oracle platform for DeFi and blockchain applications. The platform is built on Polkadot and uses the InterPlanetary File System (IPFS). The Paralink project stands out from the rest by sourcing data through the Paralink Query Language (PQL), which increases transaction speed, finds verifiable data in databases, websites, traditional APIs and receives information from other blockchains.
Developers have the option to create requests themselves and connect smart contracts to the API, and users have the option to receive important real-world data (sports, weather, shares, currency and more). The platform receives data for DeFi applications, currently focusing on the limitations of blockchain applications and delivering a high level of security.
Paralink technology has been in development since Q2 2020. It is designed to solve the oracle problem – blockchain applications can only access the state via public interfaces on the same chain, limiting access to real world data. Paralink wants to make it easier for distribution systems to interact with each other and the real world, where Polkadot acts as a supporting structure for integration. The functionality that is available on the Paralink platform is implemented via open source software – the Paralink node.
Who Are the Founders of Paralink Network?Jan Knezevic is the founder and CEO of Paralink Network. He is a Slovenian auditor with a background in business and economics. After working for KPMG, he got a grasp of blockchain technology and moved to blockchain consulting projects, including accounting, business development and internal audits. He was also a trader in the stock market, trading stocks and stock options before switching to cryptocurrencies.
Knezevi promptly realized how limited blockchain applications are when exchanging real-world information. In order to increase their value and implement them in complex industries, it must have a confirmed flow of information from the real world. In 2020, Knezevi started to implement a scalable and economic solution to the problem – the Paralink project.
What Makes Paralink Network (PARA) Unique?One of the most significant innovations of Paralink Network is the advanced queries and ETL (extract, transform & load) process. The developers believe that this move will change the attitude of people towards the creation of decentralized applications (DApps) and about decisions to transfer data to smart contracts. Paralink has a fairly flexible system due to cross-chaining capabilities; this aspect allows processing of information that was once unavailable.
Compared to projects of a similar focus, Paralink Network provides two main advantages: PQL – their powerful querying language, which features a PQL Query Editor, helps users quickly and easily query from common data structures (JSON, XML, SQL). When the oracle on the blockchain generates a request, the PQL definition is generated from IPFS, executed and submitted back to the original oracle. An overview of Paralink data ingress can be found here.
Another standout feature is the on-chain consensus model powered by Polkadot. Self-organizing groups of Paralink Node operators (called Relayer Quorums) have to agree on the result at a minimum threshold. This allows Paralink to aggregate multiple data sources in the chain, and exclude results that don’t meet the variance thresholds requirements. This benefit ensures additional security.
The main guideline for the development of Paralink nodes is the ability to exchange information in real time with real objects, while providing reliable asset valuation. Therefore, Paralink Network offers a secure economic solution for a streamlined and static exchange between chains and the real world, gradually demonstrating its potential to platform users.
Related Pages:Read about Polkadot (DOT) and Ethereum (ETH).
Read about the InterPlanetary File System (IPFS).
What are oracles? Check out an overview on our educational portal – Alexandria.
What is smart contract risk? Find out here.
The term DeFi was born in August 2018. Learn more facts about Decentralized Finance here.
How Many Paralink Network (PARA) Coins Are There in Circulation?The internal currency of Paralink Network is PARA, which is an incentive and governance token on Paralink blockchain. Staking is available to its holders. The maximum supply of the PARA token is 1 billion, and the tokenomics are structured as follows: 0.67% to public sale; 5.00% to private sale; 6.25% to strategic sale; 6.67% to seed sale; 13.5% to Paralink team; 20% to nominator rewards; 20 % to validator rewards; 10% to ecosystem and 17.91% to reserve.
Aside from the native token on Paralink blockchain, the developers plan to issue an ERC-20 token on Ethereum at their token generation event (TGE), which will be convertible one-to-one with the PARA token.
An initial DEX offering (IDO) took place on May 24, 2021.
How Is the Paralink Network Secured?Paralink on-chain consensus algorithm, which runs on Polkadot Substrate, provides the highest degree of application safety. Paralink Network offers three security models:
Simple Ingress – the most cost-effective option where Paralink nodes are used in multi-chain networks. This is done through any third-party data source, the authenticity of which can be quickly verified. However, this model is less efficient for complex financial applications and requires trust in a centralized node operator.
Trusted Ingress – a kind of Simple Ingress update that addresses the encryption of PQL results using cryptography. The results come from trusted data providers with personalized decryption keys. This model is an order of magnitude higher than Simple Ingress and is more functionally developed for financial applications, while incoming traffic is cheaper and easier to implement. Also, there is callback support for all chains.
On-chain Security – a model that doesn’t depend on any source for verification, and as a consequence it is almost impossible to hack. Close chain coordination is essential to implement this model, however, this option is a crucial addition in interaction with money markets and high-stakes financial applications.
Where Can You Buy Paralink Network (PARA)?As of July 2021, exchanges that support Paralink Network (PARA) include Uniswap (V2), PancakeSwap (V2), Gate.io and ZT.
To find out more about purchasing cryptocurrencies like BTC, ETH or PARA – read our simple and comprehensive guide.
Stay on top of the latest trends and crypto updates with the CoinMarketCap blog.
Click here and check the top DeFi tokens by market capitalization.
reference