Parex Network, founded in 2021, is a decentralized Web3 ecosystem centered on a Decentralized Autonomous Organization (DAO) framework. Designed to prioritize user engagement and transparency, it enables participants to actively contribute to governance and decision-making processes. ^{[1] [7]}

Overview

Parex Network is built as a self-sovereign blockchain and incorporates on-chain governance and compatibility with the Ethereum Virtual Machine (EVM), supporting existing Ethereum tools while providing faster transaction finality and lower fees. Its interoperability extends to Ethereum Mainnet and other blockchains, allowing seamless integration across ecosystems.

The network features interoperability through its Proof of Interoperability mechanism, which enables seamless interaction with other blockchains like Ethereum, Polygon, Polkadot, and Avax. Parex’s native token, PRX, is central to its ecosystem, generated through a mining process, and used for staking, network security, and cross-chain operations.

Parex Network is also committed to community-driven initiatives, promoting collaboration and trust-building among users, while offering diverse investment opportunities. The network’s adaptability is further demonstrated by its use of the PEP-2/PEP-20 protocol and its ongoing token burning mechanism, aimed at stabilizing the token’s value. ^{[2] [3] [6] [8]}

Key Features

Unlimited Validators

Parex Chain supports an unlimited number of validators, enhancing network decentralization and scalability.

Proof of Asset-Based Consensus (PoABC)

PoABC is the core consensus mechanism of Parex Chain, where participants’ ability to validate transactions and create blocks is tied to their ownership of PRX tokens.

Key elements include:

Validator Requirements: Participants must hold a minimum of 77,000 PRX and gain approval from existing validators to become validators.

Block Production: Validators are randomly selected based on their holdings, ensuring fair block production and transaction verification.

Penalties and Security: A penalty system deters malicious behavior, safeguarding network integrity and incentivizing compliance.

EVM Compatibility

Parex Chain is a fork of Ethereum, maintaining compatibility with Ethereum Virtual Machine (EVM). This enables developers familiar with Ethereum to seamlessly build on Parex Chain using existing tools and infrastructure. ^[4]

Tokenomics

Parex Network Token ($PRX)

PRX is the native token of Parex Network, functioning similarly to ETH on Ethereum. It is used for various purposes within the network, such as paying gas fees for smart contract transactions, enabling cross-chain asset transfers (e.g., between Parex Chain and Ethereum), and securing the network through staking or delegation.

Maximum Supply: 77,000,000 PRX

No ICO/IDO or Presale: PRX was not sold through any pre-sale or initial offering. The initial supply was generated via mining.

Team’s Share: No PRX has been allocated to the team, advisors, or treasury.

Circulation: All circulating PRX is owned by the community, and it is solely created through community mining efforts. ^[5]