Digital Transaction x Satoshi Club AMA Recap from 20th of May

Hello, Satoshi clubbers! Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Digital Transaction and our guest was @DigitalTransaction_XPLL – CEO of Digital Transaction and @lcljay – DTL MarComms Manager. The AMA took place on 20th of May.

The total reward pool was 2500$ and has been split into 3 parts.

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Website

Mary | Satoshi Club:
Hello Satoshi Club! We are happy to announce our AMA session with Digital Transaction! Welcome to Satoshi Club😀

Gold Rocket | Satoshi Club:
Hello, dear community! We are pleased to announce our AMA with Digital Transaction 👨‍💻

Today our guests are @DigitalTransaction_XPLL – CEO of Digital Transaction and @lcljay – DTL MarComms Manager!

Digital Transaction Admin:
Hi there.

Gold Rocket | Satoshi Club:
Hello and welcome to Satoshi Club😊

Jase:
Hey there! Thanks for having us!

Mary | Satoshi Club:
Hello!👏

Welcome here 👍

Digital Transaction Admin:
Honoured to be here. I’m Ian, founder and CEO of Digital Transaction.

Mary | Satoshi Club:
We are proud to have you here today!

Gold Rocket | Satoshi Club:
we are also very excited about the upcoming AMA😊

Let’s start!

Digital Transaction Admin:
Sure!

Jase:
💪💪💪

Gold Rocket | Satoshi Club:
Introduce youreself please. How did you get to be involved in crypto & Digital Transaction?

Digital Transaction Admin:
Sure. I’m Ian, the founder and CEO of Digital Transaction (DTL), the company behind the ParallelChain® blockchain. I come from a computer engineering and data networking background. I spent several decades in the US working for the best tech companies such as Hughes Network Systems, where I led its worldwide product strategy and development as the VP of Engineering. I then ventured into entrepreneurship by establishing network company XNET, which was listed on NASDAQ four years later. I’m also a tech innovator at heart and have 10 pending blockchain-focused patents under my belt!

Back in 2016-2017, “blockchain” was this massively hyped buzzword that was touted to be the answer to every business problem. But these past-gen blockchains are merely expressions of Bitcoin and Ethereum, and they were never meant for widespread enterprise use in the first place. I noticed that enterprises were not picking up this perfectly suited technology for them in a proper manner and I started to look into that and figured out the pain points that have hindered the proliferation of blockchain over the years.

Mary | Satoshi Club:
So, it was logical step to join blockchain industry 😉

Digital Transaction Admin:
After I came back to Hong Kong in 2018, I decided to build a blockchain from the ground up, i.e. ParallelChain, that solves these pain points and would enable a wider and faster adoption of blockchain in the enterprise and consumer spaces. And that’s how Digital Transaction was born.

Mary | Satoshi Club:
You built it almost for three years?😀 Who helped you?

Gold Rocket | Satoshi Club:
Long way! However, you have a good idea and a great background for Digital Transaction.

Digital Transaction Admin:
Yes. We’ve got a team of around 22 people based in our Hong Kong HQ, more of 80% in R&D, and they work tirelessly to develop the ParallelChain® blockchain and a range of applications built on top of it.

Mary | Satoshi Club:
Big and productive team😀

So, what is the main concept behind Digital Transaction?

Digital Transaction Admin:
A key to successfully creating this robust ParallelChain® ecosystem is that we were able to conceive and develop the common denominator for the entire ecosystem.

Mary | Satoshi Club:
And this sounds promising 👍

Digital Transaction Admin:
The main concept behind DTL is our core technology – ParallelChain®. It’s the world’s first all-in-one blockchain that can be configured into either a public, personal or an enterprise blockchain depending on user requirements.

With performance that is second-to-none and features that not found elsewhere. 😉

Mary | Satoshi Club:
👍

Gold Rocket | Satoshi Club:
Thank you very much for the great intro about Digital Transaction. Ready to jump into community questions? 🚀

Digital Transaction Admin:
SURE!

Mary | Satoshi Club:
We want to dive deeper into Digital Transaction tech😉

Q1 from Telegram User @johana0012
Scalability, security and decentralization. Due to their technical and infrastructure limitations, blockchain platforms have had to commit to at least one of these facets to satisfy the rest; This is known as the Blockchain Trilemma. In how many modes can ParallelChain be configured? What are the innovative features that ParallelChain brings? How do you guarantee that there will be no forks or mining? What are the characteristics of this new project?

Digital Transaction Admin:
Good question. ParallelChain® can be configured into 4 modes: public, personal, private-permissioned, and private-permissionless.
In addition to high performance, ParallelChain® offers GDPR-grade privacy protection, real-time double-spending/double-entry prevention. And its unique protocol “Proof-of-Immutability (PoIM)” can prove the immutability of the data while protecting the owner’s privacy. And the PoIM is an unanimity-based protocol, that’s how we acheive no forks or mining.

Gold Rocket | Satoshi Club:
Thanks for the clear answer!👍

Mary | Satoshi Club:
Can you explain how this will work – will you have different explorers for each mode?

Digital Transaction Admin:
This flexibility is acheived through a parallelism approach, chains can be loosely or tightly coupled to facilitate different use cases.

Mary | Satoshi Club:
Awesome system!

Thank you for your answers! Ready to proceed?

Digital Transaction Admin:
Go ahead!

Q2 from Telegram User @garrinepotter
Using your blockchain, the user can build the necessary network configuration depending on the specific requirements. This is written on your website, but it seems to me that it requires additional explanation. How is the selection of configurations? I need to have a node for this and is it possible to use several types of configurations at the same time? And why is there such a division into a private, public and corporate network?

Digital Transaction Admin:
Selection is user-defined in a sense, as mentioned, Parallelchain(s)® can be loosely or tightly-coupled systems. When you set it up, depending on specific environment and the needs of the user. For example, if you’re one big organisation or one global company with different departments (where you can share information from the top down) – that’s one configuration, so you can have a tightly-coupled system. In other scenarios, airports or telecom payment systems in data roaming – nobody trusts anyone – you can configure that into loosely-coupled systems.

As to why ParallelChain® can be configured into 3 modes, it’s because we want ParallelChain® to be accessible and used by everyone! Enterprises, multi-national corporations, regular people like you and me. Each group have different user requirements, so a blockchain that can be configured seamlessly into different modes is necessary.

Mary | Satoshi Club:
Do users have to pay for using this configuration?

Digital Transaction Admin:
The price of course would vary depending on the user’s configuration, usage, transaction volume, etc.

Mary | Satoshi Club:
Do you have any guides how to build configurations?

Digital Transaction Admin:
The configutation would be done by us, using our own-developed technologies. We’ll provide customers with API user manual or any other necessary documents.

Mary | Satoshi Club:
Gotcha! This is even easier!

Thank you for your answers! Ready to proceed?😉

Digital Transaction Admin:
This diagram shows its robustness. 🙂

Digital Transaction Admin:
Shoot!

Q3 from Telegram User @yellowchamp
One of the products of Digital Transaction is ChattelChain in which it offers instantaneous cryptocurrency trading, insider fraud prevention and integration with the unhackable+unforgettable ParallelWallet. So,can you explain how does instantaneous cryptocurrency trading works? How does ChattelChain become a reliable in preventing hack and fraud in ParallelWallet? Thank you

Digital Transaction Admin:
The world needs a blockchain system that is optimal for high-speed trading to facilitate high-volume financial activities. The higher the speed and lower the latency, the more attractive. Not to mention scalability needs to be limitless in order for this to work.

Mary | Satoshi Club:
That’s true, but risks also always present in this space

Digital Transaction Admin:
To answer the second part, in terms of preventing fraud, both ChattelChain and ParallelWallet are equipped with an anti-spoofing face ID technology, the first-ever in blockchain technology, which is used to distinguish prints (e.g. photos) from real human face whenever a user unlocks their wallet, deterring malicious actors from accessing the wallet!

Here’s a diagram that shows how ParallelWallet works, in case anyone is interested!

Mary | Satoshi Club:
Will it work only with face? Will there be any additional emergency verification mechanism?

Gold Rocket | Satoshi Club:
Great infographics

Digital Transaction Admin:
Also, thanks for bringing ChattelChain to the spotlight! Instantaneous crypto trading can work only because of ParallelChain®. ChattelChain harnesses the ultra-high throughput of ParallelChain® (over 100,000 TPS), and transactions can be confirmed without a single moment of delay thanks to its real-time latency (~0.003s). Prices change are so instantaneous during trading process, so latency is so critical. That’s why a blockchain that is able to confirm large amounts of transactions in real-time is needed.

It’s a multi-biometric authentication using face AND voice recognition.

Gold Rocket | Satoshi Club:
Thanks for answers and clarifications.

Ready for the next question?

Digital Transaction Admin:
Yep.

Q4 from Telegram User @antoni_azx
You have a great line of security products, such as the PreventiveChain that bases its methods on biometric systems to help businesses monitor user patterns and pre-empt improper user and leakage of the organization-critical data, but how can the users be sure this huge amount of information won’t be leaked to external sources? Is it completely private for bussinesses usage?

Digital Transaction Admin:
For business use cases, leakage to external sources mostly comes from malicious insiders. This is what PreventiveChain does, file access can be flexibly defined based on roles or departments, each and every access is tracked and immutably stored on blockchain. In addition, PreventiveChain also adopts anti-spoofing face recognition technology to deter insiders from leaking information.

For most cases, yes, an enterprise solution would be completely private.

Mary | Satoshi Club:
Is this anti-spoofing technology invented by Digital Transaction or you use third part services?

Digital Transaction Admin:
It’s invented in-house! We have a dedicated data science team working on deep-learning / AI technology. 😉

Mary | Satoshi Club:
My applouds to your team👏👏👏

Digital Transaction Admin:
Thank you!

Mary | Satoshi Club:
Thank you for your answers! Ready to go to the next one?🚀

Gold Rocket | Satoshi Club:
Sounds great👍

Digital Transaction Admin:
Yes.

Q5 from Telegram User @victorogb
A couple of months back, Digital Transaction achieved a key milestone to it’s blockchain development by becoming an ISV partner with Amazon Web Services (AWS); which is one of the biggest cloud computing service provider in the world. Given the history and pedigree of AWS worldwide, how will this unique partnership be of immense benefit to Digital Transaction? Also, as an ISV partner, what benefits and support has this partnership provided and will continuously provide ParallelChain with achieving it’s developmental growth strategies?

Digital Transaction Admin:
Yes, we’re very honoured to be a certified partner of AWS. As an AWS ISV Partner, we’re able to leverage AWS’ technical training and go-to-market support to strengthen our ability to drive digital transformation with our blockchain to different markets. Also this partnership has certainly given us additional support to further develop and grow ParallelChain® into a leading blockchain favoured by most enterprises. Our existing and prospective customers are also happy to have the option to deploy ParallelChain® on AWS cloud for the stability and confidence.

And speaking of AWS, we’ve been building our Global Partner Ecosystem where we were eager to form relations with other tech companies who are leading the way in disruptive technologies, such as IBM and Digital China, and we’re very excited to see what the future holds!

Mary | Satoshi Club:
With such partners future is bright, but responsibility is also very high!

Our Congratulations 🥳

Digital Transaction Admin:
Here’s our business partner ecosystem 😉

Gold Rocket | Satoshi Club:
Excellent partnership! 👏👏👏

Digital Transaction Admin:
Indeed, but hey, we aren’t complaining 😉

Mary | Satoshi Club:
Sure🚀

Thank you for your answers! Ready for the 6th and last question from this part?🎉

Digital Transaction Admin:
Yes!

Q6 from Telegram User @Highpee
Your blockchain will be secured by three sets of Nodes which are Authority Nodes, Validator Nodes and Support. Authority Nodes and Validator Nodes appears most important and your blockchain will have a maximum of 120 Authority Nodes and 600 Validators Node. True blockchain decentralisation starts with will how nodes composition are made of, so I will like to know how will you select these nodes? Who can become a node and what are the resources or requirements needed? And considering that Ethereum blockchain has about 8,000 active mining nodes, yet there are still issues with transaction fees and processing, why will you only have 120 active Authority Nodes and how will you ensure that these nodes miners will not increase processing fees like the 8000 Ethereum miners by the time your blockchain becomes more congested?

Digital Transaction Admin:
Anyone holding a minimum amount of XPLLs would have a chance, as shown in the whitepaper, and Authority Nodes as a relatively more important type of node will have to be KYCed.

Mary | Satoshi Club:
Which will be a minimum amount?

Digital Transaction Admin:
The protocol of ParallelChain® is PoIM, so it won’t have mining nodes like Bitcoin or Ethereum. Our blockchain will not suffer congestion problem thanks to the Parallelism approach, via multiple private chains sharing the same DNA.

Digital Transaction Admin:
100k

Mary | Satoshi Club:
Noted👍

Digital Transaction Admin:
The 8k+ mining nodes also comes with a trust issue, which will not exist in our model.

If you’re looking to ask questions in the open floor round, make sure you’re also following our DTL Telegram group (t.me/digitaltransactionofficial) so that you are eligible for the rewards😄😄!

Mary | Satoshi Club:
Satoshiclubbers, join here🥳

Part 2 — live questions from the Telegram community

Q1 from Telegram user @dungcute2k3
Each project has interesting stories before it is created. So can you tell people about the story that gave you the motivation to build and develop a great project like your?

Jase:
Sure! The story behind DTL revolves around blockchain. Blockchain is the essential network infrastructure in the coming era of intelligent connectivity, but it hasn’t met the expectations it promised to deliver when it first surfaced five years ago. Most of the existing blockchains back then were derived from Bitcoin and Ethereum (these 2 first movers) – they are inadequate solutions and have held back the widescale adoption of blockchain due to their limitations. Our founder Ian realized the insuffiencies of these blockchain, saw an opportunity and built a blockchain to overcome these pain points😊

Q2 from Telegram user @soyestefanya
In terms of performance and features you stand out 100%, how do you plan to always meet these important features?

Digital Transaction Admin:
Indeed the performance of our blockchain is second-to-none to this day, and we are light years ahead of other blockchains in the market as you can see in the comparison table, but we are not stopping. ParallelChain® 2.0 already achieves higher speed and lower latency than the previous version, and we plan to maintain this leading position by striving for even higher performance and more unique and robust features that are designed for REAL-WORLD applications.

Q3 from Telegram user @Xusuo
I read that Digital Transaction project already built since 3 years ago, its really great!. Can you describe what achievement that Digital Transaction already got so far for this 3 year? And what are your goal for your project after this?

Jase:
Of course. Aside from successfully conceiving ParallelChain, we launched PreventiveChain 1.0 in 2019. In 2020, which was a huge year for us, we were ranked #1 blockchain in the world by management consulting firm Arthur D Little in four industry applications, and also debuted our anti-spoofing technology. We were also named “FinTech Startup of the Year” at the 2020 FinTech Awards hosted by Hong Kong Economic Times, the largest business-focused media outlet in Hong Kong. In terms of our goal, it is to make ParallelChain is the leading blockchain favoured by not only enterprises, but the common people like you and me👊👊!

Q4 from Telegram user @david723
Most solid projects with token utility and good infrastructure but perform poorly because investors dumped after listing on the first exchange. How do you prevent early investors from dumping your tokens?

Digital Transaction Admin:
The essence of the XPLL token comes from its utility value – which will be maintained and strengthened through DTL’s continuous innovation and a growing customer base.

Q5 from Telegram user @tubakhalid
Where are come from your project name? What importance does the name have in your project development and functions?

Jase:
Our project name ParallelChain is derived from our approach to building our blockchain, called PARALLELISM. As opposed to your conventional cross-chain approach adopted by most blockchains, parallellism enables shared trust in the network, secure and unexposed communications as well as preservation of privacy and autonomy. Hope this answers your question!

Q6 from Telegram user @Indomiekuy
I read that you have ParallelWallet to store XPLL token, can you explain what are the different with other ERC20 wallet, Is that mean we only can store XPLL only on ParallelWallet ?

Digital Transaction Admin:
XPLLs can be stored in any ERC20 wallet, but our ParallelWallet is unique in many ways: it uses multi-biometric authentication method to replace traditional 2FA/private key; offers each wallet owner a personal blockchain to store their assets; and it is the first and only crypto wallet that offers GDPR-grade privacy for account and transaction records.

Q7 from Telegram user @Johndavid732
Can you list 1-2 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?

Jase:
Feature 1: speed (100k TPS for a single chain) and latency (0.003s). With the speed and latency this fast, this means ParallelChain is the only blockchain fast enough to power any real-world and real-time applications, including bandwidth-hungry ones such as forex.
Feature 2: Privacy compliance. ParallelChain is fully compliant with international data protection laws such as GDPR. It’s an expectation around the world that when adopting new technology, govs and businesses are expected to comply with privacy ordinances, and Parallelchain is the only blockchain to date that can guarantee this. 🔥🔥

Q8 from Telegram user @ktzieceee
Partnerships is one of the foundation of any organizations, sometimes the basis of many to be able to conclude the legitimacy and security of the project. People or investors first look- through who your partners are and your relationship to them before investing. And we can’t deny, Digital Transactions global expansion and global partnerships has been so successful. But as we all know many projects closed because of the lackness in maintaining their strategies and plan to satisfy their investors. How can you able to maintain this bind between your partnerships, what is your great authenticity and great asset to stay on top?

Digital Transaction Admin:
Our answer would be with continuous innovation that solves real business problems, and the ability to deliver regularly. DTL pledge to maintain and expand the technological innovation leadership and address real-world problems with solutions that are financially worthwhile and adaptive to the future life style landscape.

Q9 from Telegram user @tubakhalid
What is PROJECT’s revenue model? In which ways do you generate revenue/profit?

Jase:
DTL’s revenue model is BaaS (Blockchain-as-a-service). We generate revenue by leasing our binary codes, selling binary codes and selling our source codes.😊

Q10 from Telegram user @Antoni_azx
I was really impressed that you are in partnership with the Amazon Web Services, I saw on your website that this collaboration is based on the option for AWS ‘services to tun ParallenChain-based solutions seamlessly on AWS cloud, but will it be more functions available in the future? Like using your private wallets for crypto and fiat payments on Amazon?

Digital Transaction Admin:
We would of course be delighted to see that happen. While most crypto wallets have usecases that are restricted to crypto assets, ParallelWallet supports smart contract which allows it to have many more functions, including storing non-monetary assets.

Q11 from Telegram user @boradam
I see three nodes Authority Nodes, Validator Nodes and Support Nodes. What are the differences between them and can I create my own node?

Jase:
Authority nodes (max 200) store the ledger history of the whole network by running a full node of the Mainchain. Validator nodes (max 600) help keep the Mainchain distributed by validating transactions delegated to them by Authority Nodes, while Support Nodes (unlimited numbers) store block headers of the Mainchain.

Q12 from Telegram user @nitrogenpower
You told us Parallelchains can be loosely or tightly-coupled systems. So is that mean Parallelchain can only work for local places with it’s full speed and not globally?

Digital Transaction Admin:
Coupling is not necessary restricted/limited by geographical locations, it is defined by the traffic patterns of the specific applications. Partitions can be realized by applications, by geographical locations, by departments, by organizations, etc.

Q13 from Telegram user @cindy_crypto
Is it possible to build our own nodes and star minting tokens using Parallelchain?

Digital Transaction Admin:
Others will be able to launch their token projects on ParallelChain® and have tokens minted according to each project’s specific tokenomics, which must be pre-defined in smart contract to ensure integrity and legitimacy.

Q14 from Telegram user @ibrahimfz
What type of developments do you have coming in the near future? Do you have any juicy news for us?

Jase:
Yes we have quite a bit of exciting stuff planned for this year. After our token goes public, we’re also going to be releasing the highly-anticipated ParallelWallet for people to store their XPLLs and other cryptos . Next in Q3-Q4, we will be launching our own Utility Exchange for crypto trading, as well as upgraded renditions of ParallelChain (2.0) and PreventeChain (3.0). We’ll be uploading an interactive product roadmap on our website over the coming days – so stay tuned for that😉

Q15 from Telegram user @konditer_rolex
Many years ago I got the first mobile phone with bluetooth function. I was very happy about this circumstance, but it turned out that this bluetooth transmits only numbers and nothing else. That is, there is bluetooth, but it is useless. You have a fast blockchain.But is there any real benefit from it? Have you found a real use for your network? Can there be several examples of using ParallelChain where other networks would not cope?

Digital Transaction Admin:
Being ultra-fast allows us to emulate others. Low latency is needed for real time applications which is a basic requirement in today’s world. No data leaks is a must for everyone, and privacy compliance is the norm nowadays. Expandability and flexibility are also must-haves, and parallelism addresses such heads on.

Part 3 – Quiz Results

In the final part, we tested your knowledge in terms of Digital Transaction. They’ve prepared 4 questions for this part. The total reward pool for the quiz was 2100$.
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Digital Transaction Telegram community: https://t.me/digitaltransactionofficial
Twitter: https://twitter.com/DTL_blockchain

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