ParallelCoin (DUO) is a decentralized cryptocurrency that aims to enable instant payments worldwide. On the ParallelCoin platform, users can trade, manage, and pool their assets. The platform aims to manage and mine coins collectively using the blockchain network.

The ParallelCoin platform is open-source software that uses peer-to-peer technology for managing and mining across the network. With the help of proof-of-work mechanisms, the platform seeks to verify the virtual miners and develop a secured cryptocurrency.

Running on the blockchain, the platform aims to offer the following benefits to users:

On August 2, 2014, the ParallelCoin platform was created by Parallaxis. A few weeks later, after launch, Parallaxis left the project. Later, on June 22, 2015, several ParallelCoin holders decided to take over the ParallelCoin platform. Since then, the project has been an open-source project wherein everyone who likes can take part and help the core community members take the ParallelCoin platform ahead.

The community decided to issue a maximum total supply of 1,000,000 DUO tokens and the tokens were fairly launched with no premine, ICO, and IPO.