AMA Recap Crypto Library with Paralink Network


On 21st May 2021, Paralink Network conducted an AMA in the Crypto Library Community. Our guest is Jan Knezevic. Lots of questions as usual from the Community about Paralink Network progress. The Paralink Network team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Paralink Network.

Let’s take a look at the most interesting points of our conversation.

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Jan Knezevic (Paralink Network) : I am Jan Knezevic and im the CEO of Paralink Network. My background is in business and economics- more specifically i worked as an auditor for KPMG, I was an actuary in a life insurance company and later on i transitioned into consulting blockchain projects with accounting and business development  as well as conducting internal audits. Last year i was part of a team that acted like a data vendor for blockchain data, we collected pricing, on chain and sentiment data and created qualitative indicators for traders. I was also an active day and swing trader on the stock market trading stocks and stock options and later on transitioned into trading cryptocurrencies.

Crypto Library Team : What is Paralink? and How the story behind the Paralink project creation?

Jan Knezevic (Paralink Network) : Paralink is a multi chain oracle platform and we decided to build it on Polkadot. First of all, the real-world data ingress is done by Paralink Nodes through our own Paralink Query Langauge-PQL. This allows one to query SQL databases, access web APIs, scrape websites as well as access state from other blockchains. Its a robust solution which is easily extendible to support custom data sources (actually right there is an issue with the existing solutions since the technical barrier to create a custom data source is high and takes forever). Besides the data, we have support for post-processing in a permissionless way via on-chain relayer quorums as well as reliable channeling of the computation results via PQL callbacks.

The next aspect of the project is the Paralink node and its query language. WIth it,  you will be able to query APIs. databases but also parse JSON, XML and HTML, support multiple data sources, apply math functions, do type casting, aggregations and much more. The last point which is extremely important to us is the On-chain security as well as the integrity of this data. This is a huge challenge and we think that so far it hasn't been solved properly. So in Paralink, we have something called Relayer quorums which are self-organizing data repositories with reward token mechanics  (as well as slashing offcourse) which aggregate and validate real world information. Our infrastructure is built with Substrate which means we get high throughput and economically feasible computing costs. Due to this technology stack, we can also relay computation results from Polkadot to other chains as well, but also monitor reliability via public reputation systems.

We decided to build it in q2 of 2020 after looking at other oracle solutions and seeing that the technology stack they are built on isn’t sufficient for providing a stable and resilient service. That is why we decided to build on polkadot to achieve higher throughput and add sufficiently expressive ETL systems and an advanced querying language which we felt were lacking in the current solutions.

Crypto Library Team : Could you give us some reason Why we have to choose Paralink than other projects out there?

Jan Knezevic (Paralink Network) : I’d like to show you a comparison table so you can have a clear picture about the advantages that we have over the current competitors. One of the biggest additions is the advanced queries and ETLs. We believe this will change the way people build dapps and think about data ingress into smart contracts. Also, having cross-chain capabilities while maintaining on-chain validation and aggregation gives us the flexibility to do the kind of processing never possible before. Gambar
The main comparative advantages of paralink compared to other solutions are PQL and on chain consensus model. With pql you can scrape websites and access SQL databases kn addition to all the functionalities our competitors offer. This offers a big new database of information that was previously untapped. Our node is built in Python so its easy to use and very flexible to add new functionalities such as we added graphql per community request.

Besides this our on chain consensus model offer on chain aggregation of multiple sources of information on chain and excluding the ones that sont match the variance thresholds. With this we get an additional layer of security so we can prevent incorrect data liquidating smart contracts like the event that happened a few months ago when coinbase api fell down and unfairly liquidated a lot of users holding assets connected to that api.

Crypto Library Team : Please tell us about $PARA token! What are the token use-case, distribution, and where we can buy it?

Jan Knezevic (Paralink Network) : First of all, its used to pay the transaction costs of the callbacks as well as for services provided by the relayer quorums. Besides this, its also serves an important role for incentives -so it can be staked into the relayer quorums - and those get rewarded for providing useful work - also the other way around - slashed for misbehaviour. Its also a governance token, so you can vote for collators on the parachain as well as calibrating other parameters through the ecosystem. And lastly, you can use it to provide liquidity in PARA AMMs and earn more of them. Here are our tokenomics: PARA will be available on the IDO on Polkastarter on 24.5. Afterwards it will be available on the same day on Uniswap (ERC20) and Pancakeswap (BEP20).

Crypto Library Team : Please share some information about your roadmap, your recent progress, and your future plans?

Jan Knezevic (Paralink Network) : Here is our roadmap: will launch on rococo testnet and kusama afterwards. After that wait for Polkadot to be ready and launch there as well. In the mean time we will build integrations of the paralink node with all major blockchains focusing on the ones with low fees. So far we have integrated with ethereum and BSC.
Crypto Library Team : I read that Paralink Network was build on Polkadot but in the same site you also build your own Token on the Ethereum ERC20, can you explain the reason, isn’t this will make a contradiction?

Jan Knezevic (Paralink Network) : The parachain is in construction on Polkadot and will be available when Polkadot launches. It will have its own native parachain token. As Polkadot isnt ready yet and we want to offer our services to other blockchains as well we have decided to launch ERC20 and BEP20 tokens for the callbacks of the services provided to ethereum and BSC projects. We are trying to provide data to all blockchains and will continue to build integrations with all the major ones. But one of our main products on chain consensus will be available only on Polkadot as it would clog up the blockspace on both Ethereum and BSC and would be financially unviable. The results from Polkadot on chain conensus will be relayed to other chains through bridges like our partnership with Darwinia which offers Polkaodot to Ethereum bridge.

Crypto Library Team : Paralink and Xend have recently entered into a strategic partnership. My question is, Paralink plans to foray into African markets as Xend has done? What will be the multi-chain Oracle solutions you will develop to revolutionize the oracle industry? 

Jan Knezevic (Paralink Network) : Paralinks PQL offers additional functionalities compared to other solutions such as scraping of websites for information as well as accessing SQL databases. This will vastly increase the amolunt of available information for data ingress. Besides this Paralink offers the on chain consensus model with relayer quorums which will be the most secure solution for data ingress available as it will add another layer of aggregation to the data provided.

Crypto Library Team : What are the biggest bottlenecks currently and how are you planning on dealing with them? Any big news you’re allowed to share in this group?

Jan Knezevic (Paralink Network) : Current biggest bottlenecks are building integrations with other blockchains as it takes a lot of our development power. We will add more developers to deal with this bottleneck. Current biggest bottlenecks are building integrations with other blockchains as it takes a lot of our development power. We will add more developers to deal with this bottleneck. We will announce PQL UI soon and  share the demo. We want to enable non developers to be able to query like they can with legacy software. We will announce a big partnership with a layer 2 solution of a major blockhain soon in our social media channels.
Crypto Library Team : How many killer features of Your project that makes it ahead of its competitors? Could you tell us 2-3 features?

Jan Knezevic (Paralink Network) : PQL- most functional querying language that can access sql databases and scrape websites paralink node - built in python with a flexible design so we can add additional functionality with ease on chain consensus running on polkadot substrate- most secure solution for providing accurate data.

Crypto Library Team : Do you have any Coin Burn systems or any Token Burn plans to increase the value of the Token and attract Investors to invest?

Jan Knezevic (Paralink Network) : There is no token burning mechanism in our project. Tokens can be used to pay for transaction costs of the callbacks, voting for governance in the relayer quorums and staking in the relayer quorums to receive rewards for successful validation of results in the on chain consensus.

Crypto Library Team : Without an working products any idea has zero value. We see many projects are on paper only and no product. So, kindly ensure us that your project is just not an idea and it's already has an working products or practical usecases?

Jan Knezevic (Paralink Network) : Our solution only has value if other projects use it. This is why we are partnering with many different defi projects on ethereum and bsc as well as polkadot. After we integrate other blockchains we will be able to partner with defi projects on those chains as well.

Crypto Library Team : Your roadmap says may 2021 you will carry out IDO and ethereum launch, where will IDO be done? do we need to whitelist kyc /aml?

Jan Knezevic (Paralink Network) : We will have our IDO on Polkastarter on the 24.5. Afterwards on the same day the token will be available on Uniswap (erc20) and Pancakeswap (bep20).

Crypto Library Team : If regulations change tomorrow, how to incorporate them into a tokenized security? How to comply with regulatory authorities in terms of KYC, DD and AML? How to enable dispute resolution mechanisms and enforce a transaction or reverse it ?

Jan Knezevic (Paralink Network) : Our token is a utility token as it can only be used to pay for services or provide services. It is not characterised as a security under the jurisdictions of major countries.