What is ParallelCoin (DUO) Crypto Beginner’s Guide
ParallelCoin is a digital currency. Its ticker symbol is DUO. It is generated with a multi-algorithm Proof-of-Work mechanism (SHA256D & SCRYPT). The block reward is 0.02 DUO tokens for the first 998 blocks. The block reward for every block mined after the 998th block is 2 DUO tokens. The block generation time is 5 minutes. Every 250,000 blocks, there is a halving event. There is no IPO or ICO. A total of 1 million DUO tokens were created.
Trading ParallelCoin (DUO) Tokens
DUO tokens are traded on two exchanges – Cryptopia and YoBit. DUO tokens are paired with BTC, LTC, and DOGE tokens. DUO has a market capitalization of $112,873. Daily trading volume is $140. There are 314,719 DUO tokens in circulation.
The current price is:
0.358648 USD (-1.24%)
0.00005516 BTC (-4.07%)
Recent trading data reveals a declining currency. It has been declining since May 30th. It was at $510,000. Then, it dropped to $155,000 by June 27th. There was a recovery period that showed some growth. DUO reached a market capitalization of $207,000 before bottoming-out at $112,873. This places the DUO token in 1,262nd place among cryptocurrencies. Its all-time high was $1.1 million, which happened on January 10th 2018.
Block Explorer Description
There is a block explorer. It allows users to view transactions that occur on the blockchain. This one is well-designed. All the information about Parallelcoin is contained on the left side of the screen, such as current block number, difficulty, and price recommendations. The current block is displayed in the center of the screen. Several pieces of information are listed including a list of transactions, the hash address, difficulty rating, size, data/time of transaction, amount in transaction, and price of token.
Mining Pools and Digital Wallets
A digital wallet is needed to use DUO tokens. There’s a Windows version and a Mac OS X version. The source code is available at GitHub.
Hashing Algorithms and Verification Methods
Secure Hash Algorithm 2 is a set of cryptographic hashing function invented by the National Security Agency. There are six hash functions including SHA 256.
Scrypt is a password-based key derivation function. It is used as a Proof-of-Work scheme by several cryptocurrencies including Litecoin and Dogecoin. GPUs are required to mine these cryptocurrencies since they have more processing power than alternative processors, such as CPUs. This is considered a secure Proof-of-Work verification method, but ASIC mining hardware is able to mine these cryptocurrencies dishonestly.
Proof-of-Work is a type of verification that requires the requester to perform some type of work to access the network. This ensure that they are a legitimate connection. The work usually consists of completing a task that requires computer processing, such as solving a puzzle.
ParallelCoin (DUO) Conclusion
This is one of the rarer cryptocurrencies, in that it wasn’t distributed via an ICO. It promotes the idea of an elite currency that is only available to those that are aware of its existence. More and more digital tokens may reach the pinnacle that Bitcoin and Ether have achieved, but it’s unlikely.