Dandzagandza
commented
3 years ago Who created ParallelCoin?
Parallelcoin is a crypto currency created by Parallaxis on 2nd of August 2014. Some weeks later after the launch Parallaxis disappeared and left the project alone. So on 22nd of June 2015 several Parallelcoin hodler decided that it is time for a community takeover. Since this time Parallelcoin is a open project for everyone which likes to take part and help. Some community members are core members and taking the Parallelcoin projects forward since years.What is Parallelcoin?
Why to choose ParallelCoin?
Parallelcoin is a rare crypto currency. There are only a total of 1.000.000 DUO coins. Currently there are nearly half of all total coins mined, but over half of all the issued coins are already lost in deleted and forgotten wallets, or blocked on exchanges like Bittrex, Cryptopia and Altilly, as some of these exchanges are in liquidations and the coins got stuck or even deleted there. So we assume only about 100.000 to 150.000 DUOs are left and in possession of hodlers. This makes Parallelcoin very interesting for investors, as not many of the coins are available for sale, so the price is easily climbing as the interest in the coin is increasing.
What does it mean - decentralized?
A cryptocurrency like Parallelcoin (DUO) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies like Parallelcoin (DUO) typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted or created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. So this is Parallelcoin (DUO) - a decentralized, a crypto currency non controllable by banks or governments.
Which wallet is the best for Parallelcoin (DUO)?
There is only one wallet available for Parallelcoin (DUO). It will be/was released in the year 2021 and was fully developed from scratch in go language by loki, the main dev of Prallelcoin. The new user interface was designed in gio, which is used to created a multi plattform user interface. So the wallet is able to run on Windows, Linux, Mac, Android, iOS and perhaps even more (where ever you are able to compile programms in go language, too). Before 2021 a legacy wallet was used, which is a symbiosis of a former wallet developed for Bitcoin, written in/with use of QT.
How can I mine Parallelcoin / DUO?
As the legacy mining of Parallelcoin / DUO was only possible with mining equipment capable to mine with sha256d and scrypt algos, the new Parallelcoin wallet is now offering a whole varity of self switching algos - a total of 9 different mining algos - with the possibilities to use normal PCs for CPU mining. So mining equipment is not useable anymore, or does only provide the speed not faster than a normal CPU of a PC can offer. Many different PCs in a local network can be used to mine together to one Parallelcoin wallet, which offers the possibility of distributed CPU mining. Your mining rewards will increase as many more CPUs you switch together.
Where can I track my DUO transaction?
You can track the DUO transactions in your wallet and online in block explorers, like the one the parallelcoin.info website is offering under following address: https://explorer.parallelcoin.info/
How to buy Parallelcoin/DUOs?
You can buy Parallelcoin/DUOs on exchanges like Dex-Trade exchange. There are trading pairs available for BTC/DUO and USDT/DUO. But even more exchanges will be added in the future. To keep track on the available markets please visit CoinMarketCap and/or Coingecko websites and look there for Parallelcoin. You will find always the latest markets added there to buy Parallelcoins.
What does it mean to be an active participant in DUO?
As Parallelcoin/DUO is a community coin, there are many possibilities to contribute to the success of this coin. You can spread the word about it, or you post here and there informations about Parallelcoin/DUO, or you create some Youtube or Tiktok videos showing how easy it is to mine Parallelcoins with CPU mining, or other things. There is a vast possibilities to contribute. If you have no idea at all, try to join our discord or telegram channel and ask there some of the core members, if there are some vacant positions in which you could help.
At what stage is development now?
Development for Parallelcoin will never stop. Even that the latest wallet version is released, there are a lot of further plans to do future developments on different things and topics. You can find the latest development of Parallelcoin always on Github - look for pod9 and further future Parallelcoin developments there.
How to setup wallet?
The new wallet is developed to work on different operation systems in the same way, look and feel. The user inferface, which was developed with gio, is a multi platform gui and can be compiled for Windows, Linux, Mac, Android, iOS and who knows for which other operation systems, too. Maybe we will find one day a special hardware with Parallelcoin wallet on it, CPU mining new coins when you take the hardware with you on your business trip. Who knows... :) Installation itself is made easy: Either you take ready compiled wallet files and simply run them on your OS, or you download the source code and compile yourself. No matter on what you decide, there will also be help files available to help you get the wallet installed. And if you really do not succeed, do not fear :) - you might want to join discord or telegram Parallelcoin channel and ask one of the community members around.
How can I join the community?
Join now - be a part of Parallelcoin - the community is all around the internet. You can join the community on facebook, twitter, reddit, discord, telegram, bitcointalk-forum, and many more. Just check the webpage and find all possible social media channels.
How can I help support ParallelCoin?
There are many ways to help support Parallelcoin. If you are a programmer, you can join the Parallelcoin development on github. Or you test the latest beta files in order to find and report bugs - or you even fix the found bugs directly, as Parallelcoin is open source. Or you create information articles on the web to specific topics like - How to mine Parallelcoin easily with CPU - or - How to use the Parallelcoin wallet. Or you have some new ideas to contribute to Parallelcoin - contact the community or the dev(s), and talk about your idea there. There are even more ways to support Parallelcoin: You might buy and hold some of the Parallelcoins yourself. It would be a good investment to have some DUOs, as Parallelcoin is a rare crypto currency, even more rare than Bitcoin. There are a total of 23.000.000 Bitcoins available, when all are mined. Parallelcoin is limited to only 1.000.000 coins, so DUOs are even more limited than Bitcoin. Imagine if investors get to know how RARE DUO is and which potential it would have to buy and hodl Parallelcoins.
Who is working on behalf of ParallelCoin?
There are many people working on making Parallelcoin great. About development of the new wallet all of the work is done by loki, our main dev. Marcetin has done former and new website and is also working on keeping up the servers for Parallelcoin - like the website itself, the Parallelcoin blockexplorer and other things. There are more like tomoe, dandzagandza, _drazen, trax0r, and more which are working on different things like finding new exchanges, posting news for Parallelcoin, updating market info sites, and much much more. And not to forget the whole community, which is helping here and there to make DUO well-known.
How does it work?
Well, Parallelcoin is a crypto curreny, which is alive by a moving blockchain, that is constantly updating, holding and confirming transactions, and even more. New blocks are found by mining, and each blocks holds informations, checksums and confirmations of older blocks, transactions, wallet addresses, time and date infos, seizes, and much more. All blocks are available for download and searching, so former transactions can be found easily. Visit a blockexplorer to search the chain.
What is the best way to store my precious ParallelCoin?
Exchanges and mining pools are no banks. If they go offline, your coins are simply gone. So keeping your precious Parallelcoins in a safe place is to hold them in your own wallet. A wallet is basically a data file on your own computer (.dat file). You can make copies of your wallet file for example on an USB token in order to have a backup, if your computer´s harddisk gets broken and all files are lost. Also it is a good idea to lock your wallet with a password, so if someone is able to steal/download your wallet file, the attacker is not able to move your coins out of the wallet.
How can I use ParallelCoin?
Parallelcoin is a crypto currency. You can use DUO coins to buy and sell (trade) on exchanges, but also to pay people for certain things. A few onlineshops are already accepting DUOs for payment of the orders. The Parallelcoin team is working on increasing the use cases for DUO, so even more ways to use Parallelcoin will be available.
How difficult is it to make a ParallelCoin payment?
It is pretty easy.
- Open your Parallelcoin wallet app and select Send.
- Copy and paste the recipient’s wallet address into your own wallet app.
- Enter how much Parallelcoin you want to send and select Next.
- Carefully check that you’re happy with the details (confirm the sending details) and then slide to send.
Does the ParallelCoin have limited number of coins?
Yes, it does have a limit. Only 1.000.000 DUOs may be generated. So the amount is low, and it is a good idea to have several 100s of DUOs, as they are rare. About half of all DUOs are already generated, and even over half of them are already lost over the time (from 2014 till now).
What are the advantages of ParallelCoin?
The advantages are
Parallelcoin is a long lasting coin project, which is alive since 2014 (this means an investment into DUO coins is a good idea, as a
- long lasting crypto coin project is a sign for no fake or scam)
- CPU mining (everyone having a PC at home can install the Parallelcoin wallet and start mining / can take part)
- fast moving blockchain (to send and receive Parallelcoins transaction is working fast, as the blockchain is moving fast)
- easy to handle (the wallet gui is straight forward, so pretty easy to understand and use)
- a growing community (the Parallelcoin community is getting bigger and bigger every day. If you need help with a topic, there is always one of the community around, which might could help in your problem).
Who created ParallelCoin? Why to chose ParallelCoin? What does it mean decentralized? Which wallet is the best for DUO? How can I mine? Where can I track my DUO transaction? How to Buy DUO? You can visit Dex-Trade exchange or C-Patex and make trade. What does it mean to be an active participant in DUO? At what stage is development now? How to setup wallet? How can I join the community? How can I help support ParallelCoin? Who is working on behalf of ParallelCoin? How does it work? What is the best way to store my precious ParallelCoin? How can I use ParallelCoin? How difficult is it to make a ParallelCoin payment? Does the ParallelCoin have limited number of coins? How difficult is it to make a ParallelCoin payment? What are the advantages of ParallelCoin?
Degree of acceptance - Many people are still unaware of ParallelCoin. Every day, more businesses accept crypto because they want the advantages of doing so, but the list remains small and still needs to grow in order to benefit from network effects. Volatility - The total value of bitcoins in circulation and the number of businesses using ParallelCoin are still very small compared to what they could be. Therefore, relatively small events, trades, or business activities can significantly affect the price. In theory, this volatility will decrease as ParallelCoin markets and the technology matures. Never before has the world seen a start-up currency, so it is truly difficult (and exciting) to imagine how it will play out. Ongoing development - ParallelCoin software is still in beta with many incomplete features in active development. New tools, features, and services are being developed to make ParallelCoin more secure and accessible to the masses. Some of these are still not ready for everyone. Most ParallelCoin businesses are new and still offer no insurance. In general, ParallelCoin is still in the process of maturing.
Is ParallelCoin anonymous? ParallelCoin is designed to allow its users to send and receive payments with an acceptable level of privacy as well as any other form of money. However, ParallelCoin is not anonymous and cannot offer the same level of privacy as cash. The use of ParallelCoin leaves extensive public records. Various mechanisms exist to protect users' privacy, and more are in development. However, there is still work to be done before these features are used correctly by most ParallelCoin users. Some concerns have been raised that private transactions could be used for illegal purposes with ParallelCoin . However, it is worth noting that ParallelCoin will undoubtedly be subjected to similar regulations that are already in place inside existing financial systems. ParallelCoin cannot be more anonymous than cash and it is not likely to prevent criminal investigations from being conducted. Additionally, ParallelCoin is also designed to prevent a large range of financial crimes. What about ParallelCoin and taxes? ParallelCoin is not a fiat currency with legal tender status in any jurisdiction, but often tax liability accrues regardless of the medium used. There is a wide variety of legislation in many different jurisdictions which could cause income, sales, payroll, capital gains, or some other form of tax liability to arise with ParallelCoin.
How much will the transaction fee be?
Mining What is ParallelCoin mining? Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the ParallelCoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new coins. Unlike gold mining, however, ParallelCoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last coin is issued.
What do I need to start mining? In the early days of ParallelCoin , anyone could find a new block using their computer's CPU. As more and more people started mining, the difficulty of finding new blocks increased greatly to the point where the only cost-effective method of mining today is using specialized hardware. You can visit parallelCoin.info.io for more information.
Is ParallelCoin secure? The ParallelCoin technology - the protocol and the cryptography - has a strong security track record. ParallelCoin most common vulnerability is in user error. ParallelCoin wallet files that store the necessary private keys can be accidentally deleted, lost or stolen. This is pretty similar to physical cash stored in a digital form. Fortunately, users can employ sound security practices to protect their money or use service providers that offer good levels of security and insurance against theft or loss.
I'd like to learn more. Where can I get help? You can find more information and help on the resources and community pages or on the Wiki.
trax0r
Complete text needed for page.