What is Paralink Network (PARA) | What is Paralink Network token | What is PARA token
Introduction to Paralink
The Paralink Node is an open-source piece of software responsible for accessing real world data, and relaying it back to smart contracts.
The Inspiration
Blockchain applications of today are severely limited by the range of use cases they can serve. Each blockchain application can only access the state via public interfaces on the same chain. Without access to the real world data, blockchains cannot be used for prediction markets, insurance, litigation, governance or any other coordination problem that is currently dependent on social institutions and corporations.
This is also known as an oracle problem. While many attempts at solving it have been made, the current solutions are too expensive and brittle to be useful at scale.
Paralink Network is building a scalable solution to the oracle problem on Polkadot. We believe that Polkadot is the optimal platform for our protocol due to its fundamental design principles: cross chain interoperability and scalability are the two key components for making Paralink secure, scalable and economically viable.
The Paralink Node
The Paralink Node is an open-source piece of software responsible for accessing real world data, and relaying it back to smart contracts via callbacks.
The Paralink Node can be run as a self-hosted solution, which offers cheap but centralized data ingress. Ideally it is run by self-organizing quorums providing a robust ingress service. Paralink Node can fetch real world data from RESTful HTTP APIs and comes with a variety of parsers (JSON, HTML, XML). Support for SQL databases and other protocols such as gRPC is planned. Furthermore, it should be possible to query confirmed state on public blockchains.
To satisfy all kinds of applications and offer the utmost flexibility, Paralink offers 3 security models with different cost, convenience and security characteristics.
Paralink Origin Story by CEO Jan Knezevic
The information required to discover the truth is scattered between internal databases, documents, spreadsheets, email and physically as paper.
During the years working as a KPMG auditor I’ve learned to appreciate the beauty of internally consistent ledger systems with immutable revision history — blockchains. They enable a single source of verifiable truth, something that is inherently difficult to look up in the dominant social institutions and corporations of today. The information required to discover the truth is scattered between internal databases, documents, spreadsheets, email and physically as paper. Sometimes key information resides inside of human minds of past and present employees. And to connect it all together, one needs to navigate the entangled threads of regulations, internal policies and bureaucracy.
Smart contract based blockchains like Polkadot and Ethereum are building a fundamental technology that will enable modernization of many existing institutions. However, there is a problem with the base layer chains that prevents them from doing so. In order to have a fast and reliable consensus algorithm, all of the state has to be readily available and all state transitions need to be deterministic. This bounds the scope of information that smart contract platforms have to itself, making them mostly useless for real world applications.
In order for blockchains to become useful as consistent and verifiable sources of truth for real applications such as insurance, prediction markets, money markets with real world collateral, derivatives markets, title registries and more, they need access to high quality, real world data.
Paralink aims to solve this problem by building a trusted real world data ingress for modern cross-chain applications. The core design principle in Paralink are the self organizing relayer quorums that source, aggregate and verify real-world information. The rest is infrastructural scaffolding to make it all work with various data sources (API’s, databases, etc) and public blockchains (Polkadot, Ethereum, etc). You can read more about it in our whitepaper.
Why We Are Building Paralink on Polkadot
Polkadot was built to unite blockchains and is the future of interoperability. Paralink will be built on top of this technology stack.
Working with scalable infrastructure
If you are familiar with blockchain technology you’ll know it’s not without its limitations, specifically concerning the problem of interoperability and scalability, two problems that have stood in the way of blockchain technology’s evolution for many years now. Fortunately, Polkadot has been tackling this massive problem and has introduced a crucial solution that will revolutionize and advance the industry entirely.
Paralink is being built on top of this incredible solution, one that will stand the test of time.
Carrying The Torch
Polkadot is furthering the evolution of blockchain technology by building an ecosystem that unifies a number of different blockchains and allowing for communication between numerous chains. By creating a multi-chain network Polkadot avoids the bottleneck of transactions that have been seen on chains like Etherum. The ability to process information on multiple chains in parallel gives Polkadot an incredible power over issues concerning scalability while at the same time tackling interoperability.
By advancing the industry over the massive hurdles of interoperability and scalability, further adoption of this technology becomes more and more assured and therefore, creates new opportunities for its application.
Paralink on Polkadot
When our team set out to build Paralink, they faced a monumental challenge. Building for the future means utilizing a stack that is on the cutting edge of advancement, and in Polkadot we find just that. Polkadot allows individual chains to still run as intended to fill their natural purpose while simultaneously utilizing its Substrate framework to leverage multiple chains in parallel creating a multi-chain network.
As new applications for Polkadot increase so will the number of new projects utilizing this framework. Self-governance then becomes a key component to every individual network and is something that Polkadot recognizes and works with. By allowing each of these networks their own self-governance as well as a stake in Polkadot’s network as a whole, there is no power struggle and everyone can work together in harmony.
Powered by Polkadot .
Some data sources require more security than others. One such example are the real-time price feeds to be used in decentralized derivative and money markets, where any corruption in the price feeds can result in large financial losses. For this use case, a reputable quorum of relayers with on-chain coordination, validation and aggregation mechanisms is required. Performing such consensus algorithm at high frequency is prohibitively expensive on Ethereum due to low throughput and high gas costs. For this reason, Paralink on-chain consensus algorithm is being built using Polkadot and its Substrate stack.
What is Polkadot?
Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created. Polkadot facilitates an internet where independent blockchains can exchange information and transactions in a trustless way via the Polkadot relay chain.
Polkadot makes it easier than ever to create and connect decentralized applications, services, and institutions. By empowering innovators to build better solutions, we seek to free society from its reliance on a broken web where its large institutions can’t violate our trust.
Why choose Paralink?
Paralink Network offers a multi-chain oracle platform for DeFi and other blockchain applications. Paralink Node supports Ethereum and Plasm, with more networks coming soon.
Applications that require the highest degree of security can use Paralink on-chain consensus algorithm, running on Polkadot Substrate.
Accessing real-world data is easy with Paralink Query Language and a community maintained registry of PQL queries.
Paralink entropy as a service provides high quality hardware based randomness.
Paralink’s Three Security Models
Simple Ingress
Paralink Nodes can be used as a multi-chain ingress from any 3rd party data source by any developer. Pros include being easy to implement via PQL definition, cheap and fast and having the ability to source and validate multiple information sources. This model also provides callback support for all blockchains, without need for bridges. The cons of this model are that it requires trust in node operators and is only suitable for applications that don’t have financial impact.
Trusted Ingress
Paralink’s Simple Ingress can be upgraded by the virtue of cryptographically signed PQL results with ECDSA private keys from reputable data providers. This model is suitable for Prediction Markets, Insurance, Governance and Gambling applications and easy to implement (PQL + Signing Proxy Contract). The model is cheap and fast and allows the ability for established data vendors to sell their services on Paralink Network. The model also provides Callback support for all blockchains, without need for bridges. The main con of this model is that it creates a single point of failure.
On-Chain Security
Lastly, Paralink offers an on-chain security model for applications that require the highest level of security, without having to rely on a single source of truth. This is suitable for Money Markets, Derivatives and other high-stakes financial applications and relatively easy to implement via PQL + Relayer Quorum + Bridge/XCMP. This model provides on chain aggregation and validation guarantees and the highest robustness and data quality. The cons of this model are that it requires the use of bridges, ie. Polkadot <> Ethereum, so not all chains are supported (yet) and is more expensive due to the costs of on-chain coordination.
Frequently Asked Questions
Who can become a data provider in Paralink?
Anyone can run the Paralink Node and serve as an oracle to DeFi smart contracts. Paralink oracle quorums are self-organizing, on-chain consensus networks for data streams that require higher degree of security. Relayer quorum is a set of nominated validators that perform the final oracle job validation and relay the results over bridges/xcmp. The relayer quorum is governed by PARA token holders.
Is there a mechanism for ensuring high quality data?
The revenue of trusted oracles as well as on-chain oracle quorums is highly dependent on the reliability and accuracy of the data. Paralink network is a permisionless system, therefore free market forces will always ensure that the revenue is re-allocated from underperforming oracles to the competent ones. The on-chain aggregation and validation adds an additional layer of security and data integrity.
Why did Paralink team choose Polkadot?
We believe that Polkadot is the optimal platform for our protocol due to its fundamental design principles. Cross chain interoperability and scalability are the two key components for making Paralink secure, scalable and economically viable.
Will there be an ERC-20 version of the token?
Yes. Aside from the native token on Paralink blockchain we are also launching an ERC-20 token on Ethereum at TGE. The Ethereum token is great for interoperability with already established DeFi ecosystem, and will be convertible 1:1 with the native PARA token on Paralink chain.
source : https://www.youtube.com/watch?v=o92QBVruirY
$PARA Tokenomics
Token economics for the Paralink Network. Max supply is 1 billion.
The PARA token has a maximum supply of 1 billion. The initial tokenomics are structured accordingly:
*Historic updates are available on the bottom of this page.
Private Sale
The private sale tokens are being issued as per release schedule of the respective round.
- Seed Sale: 20% released at TGE, remaining is spread over 4 quarters
- Strategic Sale: 25% released at TGE, remaining is spread over 4 quarters
- Private Sale: 30% released at TGE, remaining is spread over 4 quarters
Team
The team tokens have a 2 year vesting period with 6 months vesting cliff.
Ecosystem, Network and Governance Rewards
These tokens are for early stage subsidies and incentives. We plan to support the projects integrating with Paralink Network, as well as the relayers that are powering the decentralized oracle service. And lastly, the tokens will be issued in a form of staking rewards to PARA holders who decide to participate in on-chain relayer governance process. Check the tokenomics v2 draft for more info.
Reserve
Reserve tokens may be issued for strategic reasons, such as partnerships, exchange integrations and liquidity bootstrapping. As the name implies, reserve tokens act as a buffer and may not need to be issued in full capacity.
Tokenomics Updates
Feb 1st 2021: After careful consideration we realized that the public sale is not optimal due to inherent unfairness of the available auction processes and kyc challenges. The tokens that were initially supposed for the public sale will go into the lockdrop rewards pool dedicated for obtaining a parachain slot on Polkadot. The result of the change is the increase of Reserve (18.14% -> 18.58%).
Jan 18th 2021: The ratios of seed sale, strategic sale, private sale, public sale and team allocations remain unchanged. The total supply remains unchanged. There are however changes to the Nominator Rewards (9% -> 20%), Validator Rewards (25% -> 20%), Ecosystem (12% -> 10%) and Reserve (22.14% -> 18.14%) baskets. This change has been done as a result of v2 proposal of the staking tokenomics for Paralink blockchain.
Jan 13th 2021: The total supply has been reduced from 10B to 1B tokens for a purely technical reason of stabilizing BTC denominations. With BTC rising in value, the PARA/BTC trading pairs might not carry enough precision at certain price levels, causing unnecessarily high bid-ask spreads. The result of this change is that all allocations are divided by 10, however there is no change in relative terms.
source : https://www.youtube.com/watch?v=eimxOZl4keg
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How and Where to Buy Paralink Network (PARA) ?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since PARA is an altcoin we need to transfer our coins to an exchange that PARA can be traded. Below is a list of exchanges that offers to trade PARA in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase PARA from the exchange.
Exchange: coming soon
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once PARA gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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Find more information PARA
☞ Website ☞ Explorer ☞ Explorer 2 ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Message Board ☞ Documentation ☞ Coinmarketcap
🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds
Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner
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