{"id":4104,"date":"2022-06-06T07:19:54","date_gmt":"2022-06-06T07:19:54","guid":{"rendered":"https:\/\/cyberscrilla.com\/staging\/4768\/?p=4104"},"modified":"2022-06-06T07:19:58","modified_gmt":"2022-06-06T07:19:58","slug":"what-is-parallelwallet-a-comprehensive-guide","status":"publish","type":"post","link":"https:\/\/cyberscrilla.com\/staging\/4768\/what-is-parallelwallet-a-comprehensive-guide\/","title":{"rendered":"What Is ParallelWallet? A Comprehensive Guide"},"content":{"rendered":"\n

If you are an active participant in the Web3 space, then you are likely familiar with crypto wallets. They’re used to buy, sell, and store cryptocurrencies and NFTs. To access these wallets, you need a secret phrase. If you forget your phrase, however, you lose all access to your wallet. That’s why ParallelWallet<\/a> aims to change the way we access wallets.<\/p>\n\n\n\n

ParallelWallet is a Web3 wallet mobile app secured by multi-biometric authentication. Users create a unique bio-key (with a combination of their face, palm, and voice biometrics) for authentication and account recovery, addressing the issue of lost or stolen private keys in the Web3 space.<\/strong><\/p>\n\n\n\n

There is a lot that goes into understanding the current issues with wallets and how ParallelWallet aims to change the way we access our digital assets. This article will break it all down for you.<\/p>\n\n\n\n

What Is ParallelWallet?<\/h2>\n\n\n\n

ParallelWallet is a Web3 wallet created by ParallelChain Lab<\/a> that utilizes artificial technologies to allow users access to their digital assets. That means there\u2019s no 12 – 24 word phrase required. Instead, the only way to access your wallet is by using a combination of biometric authentication software.<\/p>\n\n\n\n

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Woman using facial recognition biometrics<\/figcaption><\/figure>\n\n\n\n

Ian Huang, Founder, and CEO of ParallelChain Lab expressed his vision for the wallet, saying:<\/p>\n\n\n\n

\u201cImagine a world where customers can take their real-world purchases into the Web 3.0<\/strong>. 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!\u201d<\/strong><\/pre>\n\n\n\n
Beyond being the first multi-biometric crypto wallet, ParallelWallet has several other notable features as well.<\/p>\n\n\n\n
Sole Ownership of User Data<\/h3>\n\n\n\n
ParallelChain Lab doesn\u2019t have access to your wallet and doesn’t perform any data management in this regard either. Users remain in full control of their wallets and have sole ownership over their data which is stored in a non-readable format on their personal ParallelChain blockchain.<\/p>\n\n\n\n
Implementation of Personal Blockchain <\/h3>\n\n\n\n
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ParallelWallet personal chain<\/figcaption><\/figure>\n\n\n\n
When you create your ParallelWallet, your own personal ParallelChain is automatically created to power your account. <\/p>\n\n\n\n
The personal blockchain implementation provides you with unique privacy and security capabilities so that you can monitor and track your account activities.<\/p>\n\n\n\n
Monitor Live ParallelChain Activities<\/h3>\n\n\n\n
Since ParallelWallet is native to the ParallelChain blockchain, you have the ability to view the live status of the mainnet<\/a>, track the performance of XPLL, view transactions, and even manage XPLL staking through the app.<\/p>\n\n\n\n
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Monitoring XPLL, BTC, and ETH on ParallelWallet<\/figcaption><\/figure>\n\n\n\n
In addition to XPLLs and other ParallelChain-standard tokens and NFTs, ParallelWallet will also support BTC, ETH, and a range of ERC-20 tokens<\/strong>\u2014the standard for creating and issuing smart contracts<\/a> on the Ethereum blockchain.<\/p>\n\n\n\n
What Is the ParallelWallet Beta Phase?<\/h2>\n\n\n\n
Before ParallelWallet is available to everyone, it\u2019s only available to IOS users first, and will later be rolled out for Android users. <\/p>\n\n\n\n
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ParallelWallet App<\/figcaption><\/figure>\n\n\n\n
To ensure that the core functionalities of the app are operating properly and to receive essential feedback, 50 select participants will be chosen to test the wallet.<\/p>\n\n\n\n
Core functionalities to be tested in the Beta Phase include:<\/p>\n\n\n\n