What is Parallel Network?

The Parallel Network is a Layer 2 scaling solution for Ethereum, utilizing Arbitrum's Nitro stack to provide EVM compatibility, enabling faster and cheaper transactions compared to Ethereum mainnet. It operates as an optimistic rollup, ensuring security through "fraud proofs" and inherits Ethereum's security properties. The network supports a WebAssembly execution environment with Arbitrum Stylus for smart contracts, offering significant speed improvements and lower gas fees. Additionally, Parallel Network employs a dynamic approach to gas sponsorship for eligible users and transactions, enhancing usability while maintaining security. Validators play a crucial role in maintaining the network's integrity by ensuring accurate chain state claims.