ParallelChain (XPLL) has released the roadmap for the launch of its mainnet. The team has revealed that ParallelChain will run a total of four testnets from Q1, 2022 to Q3 2022 before its mainnet goes live at the beginning of Q4, 2022.
ParallelChain Solving Blockchain Scaling Pain Points
As distributed ledger technology (DLT) continues its steady march towards mainstream adoption, numerous projects are hard at work trying to come up with a permanent solution to the scalability problem, which is one of blockchain’s most serious pain points to date.
While Layer 1 blockchain networks like Ethereum 2.0, EOS, IOTA, and others try to overcome scalability hurdles via sharding, as well as Byzantine Fault Tolerance; and Layer 2 protocols such as Plasma and others employ the concept of sidechains to solve the same issue, ParallelChain notes that though the above salability solutions achieve some level of success, they are, however, not the best ways to solve the puzzle.
Per the ParallelChain team, both Layer 1 and Layer 2 scaling solutions come with numerous limitations that could be quite costly for the network, including an increase in the fragility and attack surfaces of the network, untenable cross-shard latency, sidechains require all parties to be online during transactions, and lack of support for arbitrary applications, amongst others.
ParallelChain (XPLL) Mainnnet Launch Schedule
However, ParallelChain takes an entirely different approach towards achieving complete scalability by implementing Proof-of-Immutability (PoIM) to validate transactions. The team claims PoIM is a non-consensus-based algorithm that offers unlimited scalability, superfast throughput, data privacy protection, and more.
Before the end of Q1 2022, ParalleChain plans to roll out its first testnet, which will come with turing-complete WASM smart contracts with a Rust SDK. Users will be able to code and make use of their own decentralized applications (dApps) on Testnet 1. It will also come with an intuitive graphical web platform that enables users to make transactions and more. The testnet will also be deployed on the ParallelChain Lab hardware.
In Q2, 2022, ParallelChain will launch Testnet 2, which will bring to life ParallelChainWallet integration. During this phase, users will be able to see and use their Testnet 2 accounts on Android and iOS devices. The team will also propose the PRFC-1 (ParallelChain Request For Comments) token standard for deliberation and approval. There will also be a distributed deployment of the testnet in different geographical locations plus a dry run of the project’s staking mechanism.
Q3, 2022 will see the rollout of most of ParachelChain’s governance functionality, smart contracts will become upgradable and a decentralized deployment of the protocol will be carried out in collaboration with selected XPLL token holders.