Place/Date: Singapore - June 2nd, 2022 at 12:24 pm UTC · 4 min read
Contact: Dan Edelstein, Source: Market Across
ParallelChain Lab is inviting Beta testers on iOS to sign up for an early preview of ParallelWallet – the native wallet of the ParallelChain ecosystem.
ParallelWallet is a high-tech soft wallet mobile app built from the ground up with ParallelChain Lab’s proprietary blockchain and artificial intelligence technologies. It implements multi-biometric-based authentication to deliver an unparalleled user experience with maximum security and simplicity.
It is a massive undertaking to connect the mass users to the open ecosystem of blockchain in a safe and accessible setting, ParallelChain Lab takes this responsibility seriously.
ParallelWallet began with a simple realisation: password sucks. While biometric recognition systems like Apple’s Face ID and Google’s Face Unlock have significantly reduced our reliance on passwords, it will default back to passcode/password if there have been N failed attempts to the biometric authentication. In addition, there have been increasing concerns over companies’ possession of users’ biometric data. To solve these issues, ParallelWallet implements a multi-biometric system for user authentication, which combines i) anti-spoofing facial, ii) voice/speech, and iii) palmprint recognition technologies – three biometric modals in one mobile terminal.
This advanced multi-biometric system enables ParallelWallet to replace passwords entirely. Every wallet account is secured by the user’s unique “bio-key” (a combo of two or three biometric traits), users can also choose to use different bio-key combos for different actions, for examples, three-biometric for high-security actions like send approval; two-biometric for login.
In addition, ParallelChain Lab has no access to any of ParallelWallet users’ biometrics data and does not perform any data management in this regard. Users have sole ownership over their own data, which is stored in a non-readable format in their personal ParallelChain blockchain.
ParallelWallet is the first implementation of personal blockchain technology. Whenever an account is created on ParallelWallet, a personal ParallelChain is automatically generated to power that account, providing unique privacy and security capabilities for the users to monitor and track account activities.
As a native wallet of ParallelChain, users will be able to view the live status of the ParallelChain Mainnet, track the performance of XPLL, inspect the transactions on ParallelChain, and manage XPLL staking via the app. In addition to XPLLs and other ParallelChain-standard tokens and NFTs, ParallelWallet will also support BTC, ETH, and a range of ERC-20 tokens.
ParallelWallet Beta will be available to iOS users first, and later rolled on to Android users. Selected participants will test the core functionalities of the app and provide essential feedback on their satisfaction as well as suggestions for improvement for the final product. The key features available in ParallelWallet Beta include:
Registration for the beta program is open now until June 5, 2022 at 5 pm UTC, ParallelChain Lab will select 50 testers from the registrations. Those who provide high-quality, constructive feedback or suggestions will be rewarded with ParallelChain tokens (XPLL).
Ian Huang, Founder, and CEO of ParallelChain Lab, said:
“Imagine a world where customers can take their real-world purchases into the Web 3.0. What we are talking about is the possibility of building a Metaverse that works as smoothly as the real world and, as an example, loyalty points can be converted into digital rewards. ParallelWallet provides a secure safeguard for transactions on the blockchain platform, which is truly a “blockchain in your pocket!”
ParallelWallet Beta Release Note: here.
ParallelWallet is the native wallet of the ParallelChain ecosystem, developed by ParallelChain Lab. It is a high-tech soft wallet built with ground-breaking multi-biometric recognition and personal blockchain technologies, delivering an unparalleled crypto experience with maximum security and simplicity.
Founded in 2018, ParallelChain Lab develops solutions for the Web3 economy with game-changing blockchain and AI technologies. ParallelChain is a magnitude of two layer-1 blockchain platforms with native interoperability, powering an ever-growing ecosystem of enterprise and decentralised applications with advanced scalability and functionality, data privacy and immutable accountability.