Paralink Network is a real-world data entry for cross-chain applications. Its purpose is to collect, validate, aggregate and interpolate real-world datasets and feed them into smart contracts on Ethereum and Polkadot.
In this article, we will discuss:
What is Paralink Network (PARA)?
The 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 providing data through the Paralink Query Language (PQL), which increases the speed of transactions, finds verifiable data in databases, websites, traditional APIs and receives information from other blockchains.
Developers have the option to create requests and connect smart contracts to the API, and users have the option to receive important real-world data (sports, weather, stocks, currency, and more). The platform receives data for DeFi applications, currently focusing on application limitations blockchain and delivering a high level of security.
The Paralink technology has been in development since Q2020 XNUMX. It is designed to solve the oracle problem – blockchain applications can only access state through public interfaces on the same chain, limiting access to real-world data. Paralink wants to facilitate the interaction of distribution systems with each other and with the real world, where Polkadot acts as a support framework for integration. The functionality that is available on the Paralink platform is implemented through open source software – the Paralink node.
How does Paralink Network (PARA) work?
One of the most significant innovations of the Paralink Network is the advanced query and ETL (extract, transform and load) process. Developers believe this move will change people's attitude towards building decentralized applications (DApps) and about data transfer decisions for smart contracts. Paralink has a very flexible system due to cross-threading capabilities; this aspect allows the processing of previously unavailable information.
Compared to similarly focused projects, Paralink Network offers two main advantages: PQL – its powerful query language, which has a PQL Query Editor, helps users quickly and easily query common data structures (JSON, XML, SQL ). When the oracle on the blockchain generates a request, the PQL definition is generated from the IPFS, executed and sent back to the original oracle. An overview of Paralink's data entry can be found here.
Another standout feature is the on-chain consensus model developed by Polkadot. Self-organizing groups of Paralink Node operators (called Relayer Quorums) need to agree on the result at a minimum threshold. This allows Paralink to aggregate multiple data sources in the chain and exclude results that do not meet variance threshold requirements. This benefit provides additional security.
The main guideline for the development of Paralink nodes is the ability to exchange information in real time with real objects, providing a reliable valuation of assets. Therefore, the Paralink Network offers a secure cost-effective solution for an agile and static exchange between networks and the real world, gradually demonstrating its potential to the users of the platform.
How is the Paralink network secured?
Paralink's on-chain consensus algorithm, which runs on Polkadot Substrate, provides the highest degree of application security. 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 whose authenticity can be quickly verified. However, this model is less efficient for complex financial applications and requires reliance on a centralized node operator.
- Trusted Ingress – A type of Simple Ingress update that addresses encryption of PQL results using encryption. Results come from trusted data providers with custom decryption keys. This model is an order of magnitude larger than Simple Ingress and is more functionally designed for financial applications, while inbound traffic is cheaper and easier to implement. Also, there is callback support for all strings.
- On-chain Security – a model that does not rely on any source for verification and, as a consequence, is almost impossible to hack. Close chain coordination is essential to implement this model, however, this option is a crucial addition in interacting with money markets and high risk financial investments.
Token FOR
The internal currency of the Paralink Network is PARA, which is an incentive and governance token on the Paralink blockchain. Staking is available to its holders. The maximum PARA token offer is 1 billion, and tokenomics is structured as follows: 0,67% for public sale; 5,00% for private sale; 6,25% for strategic sales; 6,67% for the sale of seeds; 13,5% for the Paralink team; 20% for nominator rewards; 20% for validator rewards; 10% for ecosystem and 17,91% for reserve.
In addition to the native token on the Paralink blockchain, the developers plan to issue an ERC-20 token on Ethereum at their token generation (TGE) event, which will be one-to-one convertible with the PARA token.
Paralink network price prediction
According to our technical analysis on previous PARA price data, in 2022, the price of Paralink Network is expected to reach a minimum level of $0,008. The price of PARA can reach a maximum level of $0,009 with the average trading price of $0,008. The price of Paralink Network is predicted to reach a low level of $0,011 in 2023. The price of Paralink Network could reach a high level of $0,014 with the average price of $0,012 throughout 2023.
As per forecast price and technical analysis, in 2024, Paralink Network price is forecast to reach a minimum level of $0,017. The price of PARA can reach a maximum level of $0,020 with the average trading price of $0,017. The price of 1 Paralink network is expected to reach a low of $0,024 in 2025. The price of PARA could reach a high of $0,030 with the average price of $0,025 throughout 2025.
Where to buy the PARA token?
PARA cryptocurrency can be traded on the following exchanges:
- Gate.io
- PancakeSwap (V2)
- LATOKEN
Conclusion
Paralink provides an open source and decentralized oracle platform for Polkadot, Ethereum, Binance Smart Chain and other popular blockchains. Paralink's flexible node design allows developers to query data including real-world events, sports, weather, random numbers, and more. Developers can build custom queries using the Paralink Query Language and connect smart contracts with traditional web APIs within minutes. Applications that require the highest degree of security can use the on-chain Paralink consensus algorithm, which runs on Polkadot Substrate. This makes coordination much cheaper than performing the same computation on Ethereum. Paralink entropy as a service provides high-quality hardware-based randomness.
