About Parex Network
Parex Chain is the a blockchain for everyone that want to create a Web3 ecosystem where stakeholders can build Web3 and DAO experiences within a secured network-effect-driven community.
Parex Network is a user-centric Web3 and DAO (Decentralized Autonomous Organization) ecosystem. This innovative platform provides users with a reliable and transparent environment for interaction. With a decentralized structure, Parex Network encourages user control and participation. Through the DAO model, users can actively engage in the platform's governance and directly influence decision-making processes. Supported by Web3 technologies, Parex Network offers a range of services for users to manage their digital assets and securely exchange them. Representing the future of decentralized financial services, Parex Network prioritizes user freedom and security.
Key features
EVM compatibility
Parex Chain is a fork of Ethereum (ETH).
Hence, most of the EVM mechanisms, concepts, and binaries, including this documentation, are derived or inspired from the BSC and Ethereum ones.
As an EVM-compatible chain, Parex Chain will stay compatible with the Ethereum tooling, making it simple and easy for knowledgeable developers to build in the Parex Chain environment.
Proof of Asset-Based Consensus
Proof of Asset-Based Consensus (POABC) is a consensus mechanism utilized by Parex Chain. Parex Chain is a platform built on blockchain technology, where transactions are verified and blocks are added using the Proof of Asset-Based Consensus mechanism.
This consensus mechanism requires participants to have a certain amount of Parex tokens to ensure the security and verification of the network. However, to become a validator in Parex Chain, one must possess a minimum asset amount of 77,000 PRX. Additionally, participants who wish to become validators need approval from other validators.
Proof of Asset-Based Consensus enables participants to earn the right to produce blocks based on their asset holdings. The right to produce blocks is randomly selected based on the ownership amount of Parex tokens, and authorized participants carry out block production. Blocks are created in accordance with the protocols defined by Parex Chain and are verified and approved by other participants on the network.
Proof of Asset-Based Consensus also forms the security model of Parex Chain. To prevent malicious behavior, there is a penalty mechanism in place for participants who do not adhere to the rules established by other network participants or cause harm to the network. This penalty mechanism is designed to incentivize network participation and maintain the security of the network.
In conclusion, Proof of Asset-Based Consensus is the fundamental consensus mechanism that ensures the secure, fair, and efficient operation of Parex Chain. This mechanism utilizes participants' asset holdings to secure the network and ensure reliable and fair transaction inclusion on the blockchain.
PoABC
Proof of Asset-Based Consensus (PoABC) is a type of blockchain consensus mechanism where the ability to participate in the process of validating transactions and creating new blocks is tied to the ownership of a certain asset within the blockchain network, typically the network's native cryptocurrency.
Here’s a breakdown of how PoABC typically works:
Asset Requirement: Participants must hold a specific amount of the blockchain's tokens or assets to qualify as validators. This requirement ensures that validators have a stake in the network, aligning their interests with the network's health and success.
Validator Selection: Validators are often selected based on the amount of the asset they hold, among other criteria.
Block Creation and Validation: Once selected, a validator is responsible for verifying the transactions that will be included in the next block and for creating that block. Other validators will then verify the block according to the network's protocol.
Rewards and Penalties: Validators are typically rewarded with transaction fees or newly minted tokens for their efforts in securing the network. Conversely, they may be penalized for any attempt to approve fraudulent transactions or any other type of network harm, often through the loss of some of their staked assets.
Security and Fairness: The consensus mechanism leverages the vested interest of asset holders to maintain network integrity. The need to hold assets to participate aims to prevent malicious behavior, as doing so could devalue the very assets the validators own.
Unlimited number of validators
From that baseline of the EVM compatibility, Parex Chain introduces a system of unlimited validators.
Native token: PRX
PRX is the native token, which runs on Parex Chain, exactly the same way ETH runs on Ethereum.
This means that PRX can be used to:
pay gas to deploy or invoke smart contract,
perform cross-chain operations, such as transfer token assets across Parex Chain and Ethereum,
secure the network by staking or delegating it.
Last updated