Paralink Network describes itself as an open-source oracle solution for most popular blockchains. Paralink Network claims that they offer an open-source and decentralized oracle platform for Polkadot, Ethereum, Binance Smart Chain, and other popular blockchains. Paralink Network aims to gather, validate, combine, and interpolate real-world datasets before feeding them into Ethereum and Polkadot smart contracts.
The whitepaper mentions that smart contracts are unquestionably effective in storing and verifying immutable data. However, their applications were previously minimal. The fundamental reason for this is that most blockchains are unaware of what is happening in the real world and cannot access data that is not native to the chain. Therefore, this covers data accessible via APIs and data available on the regular web. While numerous attempts have been made to solve this, the present methods are too costly and brittle to be usable on a large scale.
Paralink intends to solve this challenge by offering a secure real-world data ingress for existing cross-chain apps. The self-organizing relayer quorums that source, collect, and validate real-world information are the fundamental design principle in Paralink.
Developers may query data such as real-world events, sports, weather, random numbers, and more using Paralink's flexible node design. Developers may use Paralink Query Language to develop bespoke queries and connect smart contracts to standard web APIs in minutes.
The Paralink on-chain consensus mechanism, which runs on Polkadot Substrate, may be used by applications that demand the highest level of security. This makes coordination far less expensive than if the exact calculation were performed on Ethereum. Entropy as a service from Paralink delivers high-quality hardware-based unpredictability.
The native token of the platform is PARA. PARA is an incentive token that is used for on-chain governance and coordination. PARA is used to cover call-back gas charges on third-party blockchains. Adding PARA to a data request transaction as a charge is also a way for a quorum to be rewarded for prioritizing the query. Relayer quorums are self-organizing Paralink Node operators tasked with fulfilling data requests.
Paralink Network was founded in 2020. The total supply of PARA is 1 billion coins.
