How and Where to Buy Paralink Network (PARA) – Detailed Guide
- What is PARA?
- Step 1: Register on Fiat-to-Crypto Exchange
- Step 2: Buy USDT with fiat money
- Step 3: Transfer USDT to an Altcoin Exchange
- Step 4: Deposit USDT to exchange
- Step 5: Trade PARA
- Last Step: Store PARA securely in hardware wallets
- Other useful tools for trading PARA
- Frequently Asked Questions
- Latest News for PARA
- PARA Price Prediction and Price Movement
What is PARA?
What Is Paralink Network (PARA)?
Paralink Network (PARA) is a multi-chain oracle platform for DeFi and blockchain applications. The platform is built on Polkadot and uses the InterPlanetary File System (IPFS). The Paralink project stands out from the rest by sourcing data through the Paralink Query Language (PQL), which increases transaction speed, finds verifiable data in databases, websites, traditional APIs and receives information from other blockchains.
Developers have the option to create requests themselves and connect smart contracts to the API, and users have the option to receive important real-world data (sports, weather, shares, currency and more). The platform receives data for DeFi applications, currently focusing on the limitations of blockchain applications and delivering a high level of security.
Paralink technology has been in development since Q2 2020. It is designed to solve the oracle problem – blockchain applications can only access the state via public interfaces on the same chain, limiting access to real world data. Paralink wants to make it easier for distribution systems to interact with each other and the real world, where Polkadot acts as a supporting structure for integration. The functionality that is available on the Paralink platform is implemented via open source software – the Paralink node.
Who Are the Founders of Paralink Network?
Jan Knezevic is the founder and CEO of Paralink Network. He is a Slovenian auditor with a background in business and economics. After working for KPMG, he got a grasp of blockchain technology and moved to blockchain consulting projects, including accounting, business development and internal audits. He was also a trader in the stock market, trading stocks and stock options before switching to cryptocurrencies.
Knezevi promptly realized how limited blockchain applications are when exchanging real-world information. In order to increase their value and implement them in complex industries, it must have a confirmed flow of information from the real world. In 2020, Knezevi started to implement a scalable and economic solution to the problem – the Paralink project.
What Makes Paralink Network (PARA) Unique?
One of the most significant innovations of Paralink Network is the advanced queries and ETL (extract, transform & load) process. The developers believe that this move will change the attitude of people towards the creation of decentralized applications (DApps) and about decisions to transfer data to smart contracts. Paralink has a fairly flexible system due to cross-chaining capabilities; this aspect allows processing of information that was once unavailable.
Compared to projects of a similar focus, Paralink Network provides two main advantages: PQL – their powerful querying language, which features a PQL Query Editor, helps users quickly and easily query from common data structures (JSON, XML, SQL). When the oracle on the blockchain generates a request, the PQL definition is generated from IPFS, executed and submitted back to the original oracle. An overview of Paralink data ingress can be found here.
Another standout feature is the on-chain consensus model powered by Polkadot. Self-organizing groups of Paralink Node operators (called Relayer Quorums) have to agree on the result at a minimum threshold. This allows Paralink to aggregate multiple data sources in the chain, and exclude results that don’t meet the variance thresholds requirements. This benefit ensures additional security.
The main guideline for the development of Paralink nodes is the ability to exchange information in real time with real objects, while providing reliable asset valuation. Therefore, Paralink Network offers a secure economic solution for a streamlined and static exchange between chains and the real world, gradually demonstrating its potential to platform users.
Related Pages:
Read about Polkadot (DOT) and Ethereum (ETH).
Read about the InterPlanetary File System (IPFS).
What are oracles? Check out an overview on our educational portal – Alexandria.
What is smart contract risk? Find out here.
The term DeFi was born in August 2018. Learn more facts about Decentralized Finance here.
How Many Paralink Network (PARA) Coins Are There in Circulation?
The internal currency of Paralink Network is PARA, which is an incentive and governance token on Paralink blockchain. Staking is available to its holders. The maximum supply of the PARA token is 1 billion, and the tokenomics are structured as follows: 0.67% to public sale; 5.00% to private sale; 6.25% to strategic sale; 6.67% to seed sale; 13.5% to Paralink team; 20% to nominator rewards; 20 % to validator rewards; 10% to ecosystem and 17.91% to reserve.
Aside from the native token on Paralink blockchain, the developers plan to issue an ERC-20 token on Ethereum at their token generation event (TGE), which will be convertible one-to-one with the PARA token.
An initial DEX offering (IDO) took place on May 24, 2021.
How Is the Paralink Network Secured?
Paralink on-chain consensus algorithm, which runs on Polkadot Substrate, provides the highest degree of application safety. Paralink Network offers three security models:
Simple Ingress – the most cost-effective option where Paralink nodes are used in multi-chain networks. This is done through any third-party data source, the authenticity of which can be quickly verified. However, this model is less efficient for complex financial applications and requires trust in a centralized node operator.
Trusted Ingress – a kind of Simple Ingress update that addresses the encryption of PQL results using cryptography. The results come from trusted data providers with personalized decryption keys. This model is an order of magnitude higher than Simple Ingress and is more functionally developed for financial applications, while incoming traffic is cheaper and easier to implement. Also, there is callback support for all chains.
On-chain Security – a model that doesn’t depend on any source for verification, and as a consequence it is almost impossible to hack. Close chain coordination is essential to implement this model, however, this option is a crucial addition in interaction with money markets and high-stakes financial applications.
Where Can You Buy Paralink Network (PARA)?
As of July 2021, exchanges that support Paralink Network (PARA) include Uniswap (V2), PancakeSwap (V2), Gate.io and ZT.
To find out more about purchasing cryptocurrencies like BTC, ETH or PARA – read our simple and comprehensive guide.
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Click here and check the top DeFi tokens by market capitalization.
PARA was first tradable on 21st Jan, 2021. It has a total supply of 1,000,000,000. As of right now PARA has a market capitalization of USD $955,862.64. The current price of PARA is $0.000956 and is ranked 3255 on Coinmarketcap and has recently surged 30.88 percent at the time of writing.
PARA has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying USDT from any fiat-to-crypto exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy PARA.
Step 1: Register on Fiat-to-Crypto Exchange
You will have to first buy one of the major cryptocurrencies, in this case, USDT (USDT). In this article we will walk you through in details two of the most commonly-used fiat-to-crypto exchanges, Uphold.com and Coinbase. Both exchanges have their own fee policies and other features that we will go through in detail. It is recommended that you try both of them and figure out the one that suits you best.
Select Fiat-to-Crypto Exchange for details:
- UpHold
Being one of the most popular and convenient fiat-to-crypto exchanges, UpHold has the following advantages:
- Easy to buy and trade among multiple assets, more than 50 and still adding
- Currently more than 7M users worldwide
- You can apply for UpHold Debit card where you can spend the crypto assets on your account like a normal debit card! (US only but will be in the UK later)
- Easy to use mobile app where you can withdraw fund to a bank or any other altcoin exchanges easily
- No hidden fees and any other account fees
- There are limited buy/sell orders for more advanced users
- You can easily set up recurring deposits for Dollar Cost Averaging (DCA) if you intend to hold cryptos long term
- USDT, which is one of the most popular USD-backed stablecoins (basically a crypto that is backed by real fiat money so they are less volatile and can be treated almost as the fiat money it's pegged with) is available, this is more convenient if the altcoin you intend to buy has only USDT trading pairs on the altcoin exchange so you don't have to go through another currency conversion while you buy the altcoin.
Type your email and click 'Next'. Make sure you provide your real name as UpHold will need it for account and identity verification. Choose a strong password so that your account isn't vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to set up two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, UpHold is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so-called Know-Your-Customers (KYC) process is now fully automated and it shouldn't take more than 15 minutes to finish.
Step 2: Buy USDT with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You may be charged higher fees depending on your credit card company and the volatile prices when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees.
Now you are all set, on the 'Transact' screen under the 'From' field, select your fiat currency, and then on the 'To' field choose USDT, click preview to review your transaction and the click confirm if everything looks good... and congrats! You've just made your first crypto purchase.
Step 3: Transfer USDT to an Altcoin Exchange
- Gate.io
But we are not done yet, since PARA is an altcoin we need to transfer our USDT to an exchange that PARA can be traded, here we will use Gate.io as our exchange. Gate.io is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use the link below to register your new account.
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here and we recommend US traders to sign up on this exchange. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors). Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.
After going through a similar process as we've done before with UpHold, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit USDT to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you're done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don't worry, it's basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying 'USDT address', this is a unique public address of your USDT wallet at Gate.io and you can receive USDT by giving this address to the person to send you the funds. Since we are now transferring our previously bought USDT on UpHold to this wallet, click on 'Copy Address' or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to UpHold, go to the Transact screen and click on USDT on the "From" field, choose the amount you wan to send and on the "To" field choose USDT under "Crypto Network", then click "Preview withdraw".
On the next screen, paste the wallet address from your clipboard, for security consideration you should always check if both addresses are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
After reviewing, click 'Confirm' to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Gate.io!
Now go back to Gate.io and head to your exchange wallets, don't worry if you haven't seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the USDT network, during busy times it may take even longer.
You should receive a confirmation notification from Gate.io once your USDT has arrived. And you are now finally ready to purchase PARA!
Step 5: Trade PARA
Go back to Gate.io, then go to 'Exchange'. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let's get our heads around this.
In the right column there is a search bar, now make sure "USDT" is selected as we are trading USDT to altcoin pair. Click on it and type in "PARA", you should see PARA/USDT, select that pair and you should see a price chart of PARA/USDT in the middle of the page.
Below there is a box with a green button that says "Buy PARA", inside of the box, choose the "Market" tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your USDT deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click "Buy PARA". Voila! You have finally bought PARA!
Last Step: Store PARA securely in hardware wallets
Ledger Nano S
- Easy to set up and friendly interface
- Can be used on desktops and laptops
- Lightweight and Portable
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
Ledger Nano X
- More powerful secure element chip (ST33) than Ledger Nano S
- Can be used on desktop or laptop, or even smartphone and tablet through Bluetooth integration
- Lightweight and Portable with built-in rechargeable battery
- Larger screen
- More storage space than Ledger Nano S
- Support most blockchains and wide range of (ERC-20/BEP-20) tokens
- Multiple languages available
- Built by a well-established company found in 2014 with great chip security
- Affordable price
If you are planning to keep("hodl" as some may say, basically misspelt "hold" which get popularised over time) your PARA for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges, they will be always online("Hot Wallets" as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of "Cold Wallets", where the wallet will only have access to the blockchain(or simply "go online") when you send out funds, reducing the chances of hacking incidents. A paper wallet is a type of free cold wallet, it's basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However, it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmware are constantly maintained by their manufacturers and thus extremely safe. Ledger Nano S and Ledger Nano X and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion.
Frequently Asked Questions
Can I buy PARA with cash?
There is no direct way to buy PARA with cash. However, you can use marketplaces such as LocalBitcoins to first purchase USDT, and finish the rest of the steps by transferring your USDT to respective AltCoin exchanges.
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. is after all a good place to go to buy Bitcoins when you can't find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy PARA in Europe?
Yes, in fact, Europe is one of the easiest places to buy cryptos in general. There are even online banks which you can simply open an account and transfer money to exchanges such as Coinbase and Uphold.
Are there any alternative platforms to buy PARA or Bitcoin with credit cards?
Yes. is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.
Read more on Paralink Network's fundamentals and current price here.