Hybrid Environment is the new buzz word in the blockchain world, and Parksen has put it into practice.
What is Hybrid environment? A hybrid environment is an environment that consists of two major technologies. For example, here at PARQ, one is called Ethereum, and the another is Tangle by IOTA. In this environment, cryptocurrency could be exchanged more easily, faster and safely.
HYBRID ENVIRONMENT CONSISTS ETHEREUM AND IOTA
Let’s talk about the Ethereum network first. It is an open source, public, blockchain-based distributed computing platform and operating system featuring smart contract functionality. It’s worth noting that bitcoin was the first to support basic smart contracts in the sense that the network can transfer value from one person to another. But Ethereum replaces bitcoin’s more restrictive language and so the developers could write their own programs. This makes the whole process easier.
THE IOTA INSURES LIGHTNING SPEED PAYMENTS
The IOTA is also an open source cryptocurrency with a distributed ledger that focuses on providing secure communication and secure payments between devices on the internet of things. What makes IOTA secure, is that it uses hash-based signatures instead of elliptic curve cryptography, such as the quantum-secure signature scheme called Winternitz signatures. So, it makes the environment safer.
TENGLE TECHNOLOGY MAKES LARGE SCALE COMMUNICATION POSSIBLE
With the help of an acyclic oriented graph (a generalization of the blockchain), the transactions of IOTA are free, regardless of the size of the transaction.
Moreover, on the IOTA platform there is a new technology called Tangle Technology, it’s the newest version of blockchain. The concept is invented by IOTA developers. They developed the solution which has no mining, no transaction fees and are fast. The transactions are linked to each other like a big web tangle. Users do not need to wait for blocks to be mined. This helps to the transactions to be faster and multiple transactions could be done at a time.
Parksen’s solutions is a Hybrid solution integrating Ethereum and IOTA’s concepts. It makes the platform a more efficient and secure solution for the parking industry. Thus, enjoying the benefits of both platforms. Secure transactions via ETH and lightning speed parking sessions using TANGLE by IOTA.