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Web3 Super App ParaX Releases Whitepaper and First Web3 AI Demo


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    SAN FRANCISCO, CA / ACCESSWIRE / September 28, 2023 / Web3 represents the next frontier of the internet, offering a decentralized and transparent platform that can revolutionize how we interact online. As blockchain technology continues to evolve, Web3 is poised to deliver unparalleled benefits, from enhanced security to true ownership of digital assets. Yet, despite its potential, the journey to mainstream adoption is hindered by complex user experiences and technical barriers.

    For many accustomed to the simplicity of Web2, Web3 can seem daunting. The current interfaces and workflows are often not intuitive, making it difficult for the average user to tap into the vast potential of decentralized applications.

    Enter ParaX's AI-based Web3 assistant.

    Designed to be the bridge between the everyday user and the world of Web3, ParaX's intent-based Large Language Model (LLM) simplifies the experience. By recognizing user intent and converting it into actionable steps, their solution aims to demystify the complexities of Web3. Users won't need to grapple with the technicalities; instead, they can focus on enjoying the benefits of decentralized applications.

    In essence, ParaX's intent-based LLM is the key to unlocking Web3's potential for everyone, ensuring that this groundbreaking technology is accessible and beneficial to all. ParaX is still developing this new technology, but already has a working demo showcased alongside their whitepaper.

    In their demo, the intent-based LLM intercepts the user's query, analyzes the user's intent, then generates responses with corresponding transactions needed to finalize the query on their platform.

    Their Goal: A Cross Domain Intent-based Large Language Model (LLM)

    Their Cross Domain Intent-based Large Language Model is being trained on a vast amount of DeFi-related data models to enable a large language model (LLM) to understand users' transaction intentions in different scenarios.

    These data models encompass contract codes, mainstream protocol documents, and more. The aim is to comprehend users' intentions through natural language, translate them into desired goals and constraints, and subsequently generate corresponding series of transactions. These transactions are then executed on multi-chain contract accounts, enabling transaction patterns across various application scenarios.

    For example, if a user has trading needs on Uniswap and borrowing needs on Maker, they can combine these requirements using this approach. Even if users lack a clear understanding of related knowledge, operational pathways, or risk awareness, ParaX's AI can assist users in automating the execution of these operations and requirements.

    Their AI model translates intentions into actionable requests, encapsulating and hiding blockchain technical details, thereby lowering the entry barriers for users into Web3.

    Who is ParaX?
    ParaX is the result of the merger and rebrand between ParaSpace and Parallel Finance. With this, ParaX will create a broader, omni-chain platform that encompasses both products. Together, both companies have accumulated over $250 million in Total Value Locked with over 300,000 users.

    ParaX aims to empower users with their Web3 Super App. This not only requires innovation within the project itself, but also relies on the team's ability to lower the barriers of the blockchain. At the core, ParaX will be built on top of five core features:

    1. Multi-chain Account Abstraction: allowing users to easily manage and control their multi-chain assets and identities

    2. Meta User Interface: a unified interface that lets users interact with their favorite apps from a single dashboard

    3. Mini Apps: the platform allows developers to build within the ParaX ecosystem, alongside their existing ParaSpace and Parallel products

    4. zkVM: a zk-based virtual machine that powers more complex ParaX applications

    5. ParaX AI: an AI-driven middle layer allowing users to query specific intentions into actionable transactions, reducing the barrier to Web3

    Summary

    ParaX's history of successful projects, combined with the expertise of its team and their accurate predictions of industry trends, positions them to establish the foundational conditions necessary for the extensive adoption of Web3. With their AI Middle Layer, ParaX aims to enable seamless interaction between ordinary users and Web3 through intent recognition and conversion. This solution can lower the barriers for Web3, allowing a wider range of users to conveniently and securely use and benefit from decentralized applications.

    About the Team

    Parallel Finance was founded in 2021 by Yubo Ruan. Ruan, a tech entrepreneur and venture capitalist, sold his first company in high school. Before joining the crypto industry, Ruan ran a crypto fund in 2017 with $60m AUM. He is a co-founder of Skylight Investment, an early stage tech fund backed by New Oriental (NYSE: EDU). Ruan launched Parallel Finance in 2021 with the goal of bringing DeFi to 1 billion people. Since Parallel launched, the protocol has become one of the largest Super Apps within the Polkadot ecosystem, with more than $180m TVL and 300,000 users.

    In December 2022, Parallel Finance incubated ParaSpace, marking another innovative step by Ruan in the newly formed NFT finance ecosystem. ParaSpace has made great strides since launching, becoming a leading NFT lending platform with more than $80m TVL and 10,000 users.

    The success of these two companies has positioned Parallel to raise more than $30 million from leading VCs, including Polychain, Coinbase, Starkware, Sequoia, and more. The merger combines both Parallel Finance and ParaSpace teams, which now boasts 40+ members with best-in-class experience from Stanford, Berkeley, Amazon, and other leading Web2 and Web3 companies. The company is advised by Dan Boneh, an illustrious leader in cryptography and professor at Stanford, and Naval Ravikant, an esteemed entrepreneur and investor. With these accolades and world-class partnerships, the new ParaX platform will pave the way for the future of Web3.

    Media Details

    Company name: Parallel Technology Holdings
    Email Address: [email protected]
    Website: https://parax.ai/

    SOURCE: Parallel Technology Holdings

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