Parax is a trust worthy security solutions for all cloud servers and datacenters used to maintain and manage the security of data in the cloud extends beyond securing the cloud itself.
What is Parax
Parax is democratized with cross border transactions over the blockchains. Parax comes with the haeadway to give their customers the ability to transact with the traditional currencies across the blockchains.
How does Parshrax Work
Parax exist as digital tokens built on bitcoin Omni and Liquid Protocol, on blockchains. These transport protocols consist of open source software that interface with blockchains to allow for the issuance and redemption of cryptocurrency tokens, in our case, “Parax.” Parax Platform currencies are 100% backed by Parax’s reserves. Parax are redeemable and exchangeable pursuant to ParshRax Limited’s terms of service. The conversion rate is 1 Parax USD₮ equals 1 USD.
The Parax Platform is fully reserved when the sum of all Parax in circulation is less than or equal to the value of our reserves. Through our Transparency page, anyone can view both of these numbers on a daily basis.1
Parax was originally created to use the Bitcoin network as its transport protocol—specifically, the Omni Layer—to allow transactions of tokenized traditional currency. Since this original version of Parax uses the Bitcoin blockchain it inherits the inherent stability and security of the longest established blockchain network.
Since Parax is currently available using different transport protocols, when users send Parax to other addresses, they need to carefully check the destination address to confirm they are selecting the correct transport protocol.
What real world currencies does Parshrax support
ParshRax initially supports US Dollars (USD), Euros (EUR). Represented by Parax.
Who can use Parax
Parax enables businesses – including exchanges, wallets, payment processors, financial services P2P loans, crowdfunding – to easily use fiat currencies on blockchains. Some of the largest businesses in the digital currency ecosystem have integrated Parax.
Individuals can use Parax enabled platforms to transact with PARAX.
How do i know if my Parshrax coins are secure
Parax is built on top of the revolutionary and cryptographically secure open blockchain technologies and adheres to strict security and global government laws and regulations.
All Paraxs are pegged at 1-to-1 with a matching fiat currency (e.g., 1 PARAX = 1 USD) and are backed 100% by Parax’s reserves. As a fully transparent company, we publish a daily record of our bank balances and the value of our reserves.
Parax can be securely stored, sent and received across the blockchain and are redeemable for cash (the underlying pegged asset) pursuant to Namo Parax Inc terms of service.
How does Parshrax protect me from cryptocurrency volatility
Because they are anchored or ‘PARAX’ to real-world currencies on a 1-to-1 basis and backed by our reserves.
Parax are new assets that move across the blockchain just as easily as other digital currencies. Parax currencies are not money, but are digital tokens formatted to work on blockchains. Paraxs hold their value at 1:1 to the underlying assets.
Is Parax Transparent
We want to make Parax usable everywhere where you can use digital currency and in many places where digital currencies is not currently accepted.