In the beginning, Satoshi Nakamoto envisioned a world where paper money held no value. In his idealistic world, every transaction would be through digital currency. From the conception of the Bitcoin, several other crypto-currencies have sprung up.
However, with each new system that utilizes the blockchain, new problems arise. Because all crypto-currencies share the same standard structure of the game theory, mining and rewards along with a decentralized ledger, blocks, and Merkle tree new currencies try to address the issues to rise above the competition.
What Is Parlay?
Parlay is one of those companies that have come out with a new solution to the blockchain problems. Knowing that the blockchain network experiences delays when the number of transactions increases in a short amount of time, Parlay team has applied the auto-scaling feature to the system to minimize delays. This single solution is what makes Parlay so enticing to the future of blockchain technology.
How Parlay Decentralized Blockchain Prediction Game Works
Parlay uses a proof-of-stake consensus algorithm that increases and secures scalability. The Parlay Chain embeds a unique node management system. Since masternodes for crypto-currencies have always been a challenge for non-programmers as well as investors, Parlay has built a user-friendly masternode configuration.
In other words, Parlay has taken the best of digital wallets and currencies and made them more accessible and more user-friendly than ever before.
A few of the main features of Parlay is the fast transactions by the PrimeNode network. When you use Parlay, you can rest easy knowing your information and data is completely confidential. All transactions are encrypted within the parlay network. Another great feature of Parlay is the secure scalability of the network. Plus each Parlay holder gets incentives within the system.
Parlay has also worked on decluttering the network allowing for faster transaction times. The Parlay team took the idea of auto-scaling and adapted it to work similar to server-client networking. Instead of using servers to compute the transactions, Parlay uses PoS nodes to process the transactions.
Using Proof of Stake allows the systems to be turned on and off easier than using Proof of Work nodes which so many other digital currencies use. Parlay's PrimeNodes are monitored through the memory pool. When the system gets too congested due to the monitoring system, the preliminary PrimeNodes will be flexible. When the activity level of the system is low, the PrimeNodes will be turned off slowly to maximize the rewards on the Parlay Chain.
Parlay is a decentralized prediction game platform that is operated by the public community. Due to Parlay.Live platform, any user who supports the network can post a Parlay event to obtain incentives from the system.
Such activities include races, games (football, basketball, hockey, etc.) competitions (boxing, etc.) or other future events (Nascar). The incentives can be a type of prize or reward size, and the Parlay fee is the event ticket price.
For the event to be featured on Parlay, a committee examines and reviews the scheduled game. Each Parlay member is entitled to one vote for said events. Once the committee approves of the event, the Parlay Chain automatically enforces the event/game.
It would appear that Parlay works like an off-track betting establishment where the fans get to pick their sporting event to bet on only instead of using cash, they are using digital currency. Just like betting on a winning horse, Parlay users can bet or ‘predict' the winners of the game or event.
According to Parlay's whitepaper the Parlay.Live will commence during the 2018 Russia WorldCup and is encouraging people to make their picks.
Parlay PAR Token Final Thoughts
The world of digital currency is always changing. Investors are always on the lookout for the next big ticket item. Parlay offers more than meets the eye. Parlay is more than just another digital currency trying to make a name for itself. It has a niche that no other crypto-currency is offering.
The idea of utilizing digital currency into the gaming structure is unique. Plus with the Parlay PoS reward split at 60% assigned to the PrimeNodes and 40% to the staking nodes, it seems everyone comes out a winner with Parlay.