BitWell Institute – Parex (PRX) Project Analysis

1. Short review of the Institute 

Parex, is a new decentralized exchange with built-in PRX tokens unique to the mining production mechanism. PRX is developed in response to the costly and often ethically dubious state of centralized finance, and Parex promises a uniquely secure, liquid and accessible platform.

Before Parex, teams had to develop and operate proprietary indexing servers, which required significant engineering and hardware resources while breaking important security properties required for decentralization. Opportunities for decentralized networks such as Parex offer solutions to these problems. So what makes Perry different? That is enhanced interoperability, a community-oriented ethos, and an eco-friendly approach to mining.

2. Introduction of the project

Parex is a decentralized exchange with a token that exists only through the mining production mechanism, created on the myDexChain network with the DRC-16 protocol.

Thanks to Parex’s proof of interoperability, it creates interoperable bridges with other networks. The Proof of Interoperability mechanism ensures that the PRX token is operational in every network. The Parex marketplace supports cross-chain transfers with low fees and fast speeds.

3. Token Role

The entire supply of Parex Token is in the hands of users. Distribution is done by users, production is only done by users. Tokens and transfers are produced directly and autonomously by all PRX users: unlike other decentralized exchanges, this is community-led.

Its function is like the Web3 project, modernizing the more traditional system of tokenization, transfer, and mining. Speaking of mining: PRX is the most valuable long-term method because it is both environmentally friendly and inflation balanced. Specifically, Parex Market updates the mining system in a more ecological way, namely burning. Once a PRX token is sent to production, it is burned and taken out of circulation. It continues to exist as a community-oriented project to overcome all difficulties. This burning algorithm ensures a sustainable and environmentally friendly exchange that lasts for many years. The current PRX burn percentage is 86.84%.

4. Token Distribution

Total number of tokens (generated by mining): 4.96 million tokens have been produced so far.

5. Investment Institutions

Not disclosed

6. Basic Information

Token Name: PRX

Project official website: https://parex.market/

Block query:

ERC20:

https://etherscan.io/token/0xADfb28426864c0fF169f5DceAd2EfDd09e0DeEC9

BEP20:

https://bscscan.com/token/0x90e3414e00e231b962666bd94adb811d5bcd0c2a