parallel nft ethereum 50m paradigm

 

Parallel NFT and 50 million active addresses can overcome the limitations of ETC.".

Two weeks ago, both blockchains are on the same trend with a sudden increase in price from $14 to over $50 in less than two days. The explanation for this is simple:

 Image source: https://twitter.com/nftloverfast/status/1505561265007038468

Parallel NF (NFT) and ETH is using a new paradigm called Parallel NFT (NPTF) which has helped them to achieve 50 million active addresses. The new paradigm allows transactions made by NPTF to relay between both ETH and NPTF without increasing Ethereum's fees or blocksize limit, thus making it possible for them to overcome the limitations of Ethereum Classic.

Plasma is Ethereum's solution to scalability issues. However, it has not been deployed yet and there is no timeline for when it will be implemented (not to mention Plasma's lack of a specification and a review of the high-level approach). At least 50 million new ETH addresses were added during the price rally, and all these addresses depended on this new paradigm.

 

Image source: https://womanofsolana.com/wp-content/uploads/2022/04/184-1-1.png

In an interview with one of Ethereum's developers, a question was asked: "Is there any plan to deploy Plasma?" The reply was: "Plasma is still at an early stage of research, we need more time to deploy. The only thing we can do now is to encourage users to use NPTF. "

This new paradigm called Parallel NFT (or NPTF) has been designed by Ethereum developers and its deployment is imminent. Once deployed, it will make it possible for the NPTF contracts to be able to transmit transactions between the two chains without using either side's block size limit or transaction fee, thus creating a connection between the two chains.

 Image source: https://solsea.io/nft/GhctGDxnAGrg5QYWkzEMraHYKiN5nDMpDq6swGmLWJ1x

In an interview with core developers, they were asked: "Does this mean you are finally retiring your old paradigm?" The response was: "As we're still working on Plasma, our old one can still be used. But this is only temporary. The only thing we can do now is to encourage users to use NPTF. But we never stated that it would be replaced or retired."

In its current implementation, NPTF limits each side of the transaction to its own block size limit and transaction fee, but it does so in a way that makes both sides inseparable. At first glance, the new paradigm looks similar to Plasma at first glance. This is because the key differences are hidden in the code of both paradigms. NPFT/NFT is different from Plasma in many aspects:

 Image source: https://www.bbc.com/news/technology-59638565

1) First "defining function" is not a smart contract but Ethereum's basic operation code (the Solidity bytecode). No need to write an introduction. Please delete this text if it's not needed.

If you are an experienced crypto-enthusiast, I'm sure you've heard of "proof-of-work" and "proof-of-stake" before. But what if I told you there is a third variant - called "parallel proof of work"? It's not as popular yet, but it has potential to replace the other two in the future.

In this blog post we will take a closer look at this new way of mining and see why it has advantages over PoW/PoS. We'll also discuss the challenges that arise in its implementation and point out possible solutions.

 Image source: https://mooningmonkey.com/

Before we start, let me explain a bit more about the basic idea behind "proof-of-work". Usually there are two scenarios when you need to spend your computing power.

1. You want to be sure that an action you take was carried out by someone else and not by yourself. For example, if I want to send some money from my wallet to someone's account, I'd like that it was done by another person rather than myself.

2. The computer you're using for mining has to be able to prove that it's operating correctly. Sometimes this is needed for regulatory reasons (e.g. in banking sector).

So we have created two algorithms - "proof-of-work" and "proof-of-stake". These solve the two above problems in different ways.

Proof of work is used to ensure that the miner is working. The miner solves a mathematical problem using a hash function and then registers one transaction with the hash of that problem as a proof of work (see [3]). This way we are sure that:

1. It took some time to solve it so we're certain it was not done by ourselves or by another computer;

2. It took some energy since you had to be solving this mathematical problem instead of doing something more useful;

3. The computer you're using is working fine since it was able to solve the problem.

So we're relying on the first two to prevent malicious actions and the last one to ensure that the computer itself is working correctly.

Proof of stake works differently. Here, you don't need to be solving any problems but you still have to prove that you are operating correctly. Each computer has a list of transactions (ledger) and for each block there is one "minter" who signs this block. So he's saying these transactions are valid. You can be a minter if you own coins - holding coins in your wallet makes it eligible as a minter (as long as it's not hacked).