Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n° 259

Chinese Startup Takes Parallel Approach to Become the Blockchain of the World’s Choice

Posted by fidest press agency su domenica, 17 marzo 2019

From telecommunication to the Internet, China now fully recognizes the vital role that technological sovereignty plays in international competition. Blockchain as the technology underpinning Web 3.0 and Industrial revolution 4.0, is enlisted in China’s strategic planning of informatization in spite of the domestic crypto ban. An Australian ICT report shows half of the blockchain patents worldwide last year were applied by Chinese firms such as Alibaba, Baidu, Tencent, etc.Among the big names, some Chinese internet veterans also re-embark on the entrepreneurial journey with blockchain. Shi Xinguo, an operating system expert who led the development of the Chinese version of Linux “Red Flag”, started a small team to develop blockchain three years ago. Now with his patented parallel blockchain technology, he claims that it is time for blockchain to really take off.Early this March, Shi and his team released a blockchain platform called Paralism aiming to support all the businesses and assets worldwide with parallel technology. The platform now has four decentralized applications (DApps) on it covering industries of cosmetics, mobile payment, instant messaging and international trading. None of the above DApps haven been officially promoted to the public yet.There’s little denial to the great potential of blockchain technology, however, it seems that blockchain has presented nothing more than a filibuster to this point. No matter China or other countries, no matter big companies like IBM, Alibaba or grass-root companies like Ethereum, no one has been quite able to bring about the large-scale commercial adoption of blockchain. One of the fundamental reasons lies in the incompetence of blockchain to scale and to connect with each other.Shi Xinguo and Paralism chose to stay quiet for three years because Shi believes they have mastered the true key to solve the problem of scalability and interconnection of blockchain. Many efforts have been paid to solve the above problems: Ethereum has proposed a sharding solution called Casper setting to realize after 2020; EOS has released its mainnet designed to reach one million TPS (transaction per second) but only delivering several thousand; IOTA came up with DAG but struggling to justify it as true blockchain; many others try to improve TPS using PBFT consensus but overlooked that this protocol is more suitable in a half-decentralized situation like consortium chain.According to Shi, parallel blockchain is the only way out – “the must-followed path” – for blockchain to scale and to become inter-connected. “The data structure of traditional blockchain is sequential. This means blocks have to be produced one by one, no matter how fast you improve TPS, blockchain can never scale with single chain,” Shi said.
As Shi explains, under parallel data structure, multiple chains can co-exit and multiple blocks can be produced simultaneously enabling the system to process the large-scale transactions. Sub-chains can also conduct dynamic sharding as the volume of transactions grow and therefore becomes infinitely scalable which is what Ethereum’s Casper thrives to achieve. The parallel blockchain system is also said to be equipped with the natural cross-chain transaction solution allowing businesses to interoperate and value to transmit between chains changing blockchain from isolated chains to a universal blockchain web. Also, for each sub-chain, users can customize the local consensus to tailor to its business hence adding flexibility.The parallel blockchain technology is already granted with the patent authorization from the National Intellectual Property Administration of PRC. With the core parallel technology and the above features, the Paralism platform can support rapid DApps, blockchainization and tokenization, existing ICOs, coin self-issuance, stable coin and decentralized exchange.Up until now, the parallel blockchain technology is only being tested by limited users. As for Paralism, although facing risks, some blockchain pioneers have started their application experiment on the platform. Is this Chinese start-up Paralism and its parallel technology really a stepping stone for the whole blockchain future, or is it another attempt of proof of concept? We can only wait and see.

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