About me: A yellow entity that was made of living fear. It created terror into anything it came in contact with. Caused entire civilisations to destroy themselves out of paranoia. Their fear was eaten by this creature. And that creature was called Parallax.
— Green Lantern src
Parallax is the entity living inside the Yellow Lantern Central Power Battery, the living embodiment of Fear. Of all the entities, it most often inhabits a host, most famously Hal Jordan, Kyle Rayner is becoming the newest host (inspired on the politician Keir Stamer and all those who have a toxic mentality not moving the needs and demands of the work that's primal). I want people to feel the influence of fear, toxicity, damaging unwanted factors in ones behaviour in order to cut through the power it obtains.
Toxikinesis
Dragonwing melts an electronic lock off a door with her breath.
Sometimes called "acid spit", Toxikinesis is a term used to describe the ability of some characters to generate toxic matter from their bodies. Some characters spew venom, others create plants with natural toxins. Some characters can control the toxins in another's blood.
According to the Agent Orange storyline of the Green Lantern series before the Blackest Night event, Parallax was sealed inside a box on Maltus, the homeworld of the beings that eventually evolved into the Guardians of the Universe. Larfleeze and a few other aliens planned to make the biggest heist the universe has ever seen and raided Maltus. From the planet, they grabbed the box, which was worth an entire star system, and an old map that lead them to the Orange light, which was the Orange Power Battery, fuelled by avarice. When Larfleeze and his companions reached Okaara and found the symbol of the Orange light, they fought for control of the Battery. The Guardians and their Manhunter servants attacked the palace. Many Manhunters and Guardians were killed in the battle, as well as one of the claimers to the Orange light. The battle ended with the Guardians making a deal, that they give the box back to them and that they will let one of them have the orange light and they will never enter the Vega system (the system that holds Okaara), ever. Apparently, after this, the Guardians imprisoned Parallax inside the Green Central Power Battery.
The Guardians of the Universe imprisoned Parallax within the Central Power Battery on Oa using fear's opposite energy, willpower. Parallax had lain dormant for billions of years, its true nature hidden by the Guardians to prevent anyone from trying to free it. Being yellow in color, Parallax eventually came to be referred to as simply "the yellow impurity."
This was the reason why the rings were useless against the color yellow: Parallax weakened its power over the corresponding spectrum; hence only someone with the willpower to overcome great fear could master the power ring. Thus, when recruiting new Green Lanterns the Guardians were careful to look for recruits that were largely fearless. When the renegade Sinestro was later imprisoned in the Power Battery himself, his Qwardian yellow power ring tapped into Parallax's power and awakened it.
Fear Projection:
Parallax has immense fear-casting powers, strong enough to easily scare the likes of Superman and Wonder Woman, except those who are capable of understanding and conquering inner fear such as Kyle Rayner and Batman.
Mind Control:
Parallax has immense mind-control powers, strong enough to easily scare and control the likes of Superman and Wonder Woman.
Possession:
It can take possession of someone's body when they feel even the slightest fear.
Sometimes confused with "Mind Control", Possession is a term used to describe the ability of some characters to take physical and mental control over another living being. Commonly, this power is employed by supernatural entities such as ghosts or demons. Unlike Mind Control, a person with this power displaces their own consciousness into a target body. The affected individual's actual consciousness is subsumed in favor of the more dominant mind or spirit.
Possession can also include characters that can possess inanimate objects in order to use them for themselves. Such as ghosts open drawers and doors. In these cases a consciousness cannot be transferred only extended.
Some examples of possession include:
Lord of Order Nabu permanently displaced his consciousness into the body of Kent Nelson (the original Doctor Fate) after Nelson had died and continued to function through him for several months.
The Mage John Constantine has performed several exorcisms throughout his controversial career, not all of which have met with success. One exorcism in particular resulted in the loss of John's sanity whereupon he was committed to the Ravenscar Secure Hospital for a period of two years.
During the Sinestro Corps War, it took the combined willpower of Hal Jordan and Kyle Rayner to free Kyle from the dominating influence of Parallax.
Hypnosis:
Sometimes confused with "Mind Control", Hypnosis is a term used to describe the ability of some characters to force a victim into a trance-like state which can include a number of effects including sleep and/or suggestive states.
Some supposed hypnotic indicators and subjective changes can be achieved without relaxation or a lengthy induction by means of simple suggestion or waking hypnosis, a fact that increases the controversy and misunderstandings around hypnosis and the hypnotic state. Hypnosis functions primarily as a learned skill, but some characters may also possess this ability as a power.
Reality Alteration:
Sometimes confused with "omnipotence", Reality Alteration is a term used to describe the ability of some characters to warp the fabric of reality itself to the whims of the user. These characters are capable of changing, warping or somehow manipulating almost any facet of reality with little distinction for laws of nature or rules of the cosmos. Certain characters, however, do have limitations such as only being able to negatively affect the universe, not taking direct action or being easily defeated and rendered inert.
Molecular Reconstruction:
Sometimes called "matter manipulation" or "elemental transmutation," Molecular Reconstruction is a term used to describe some characters' ability to alter the physical structure of matter. It's often confused with Transformation or Metamorphosis for good reason as both these abilities change the character's physical structure. However, they differ from Molecular Reconstruction because they're limited to themselves as a target of change, whereas matter manipulation allows for control over any matter.
Time Manipulation - Chronokinesis:
Sometimes called "time manipulation" or "stasis control", Chronokinesis is the ability to manipulate the time stream. This power includes the ability to perceive events outside the confines of the normal Space/Time continuum, the ability to travel forward or backwards through the time stream, or the ability to manipulate the time stream from a remote location. When applied as stasis, such as the case with Kid Quantum, characters with this ability can control time within a person, place, thing or a specific sphere of influence creating a sort of "time bubble".
Flight:
Sometimes called "levitation", Flight is a term used to describe the ability of some characters to resist the pull of a planet's gravity and navigate through the sky unaided by technology.
Some characters possess this ability naturally, either as a function of their race, or because of some genetic abnormality, such as in the case of Metahumans. Characters that use rings, advanced technology, or alien tools are not categorized here.
Immortality:
As a living entity of an emotional concept Parallax is for all purposes undying.
Sometimes confused with "Resurrection", Immortality is a term used to describe the ability of some characters to never age or die. This does not mean the character cannot die by other means, even conventional means, however the normal progression of age cannot kill them.
The extent of the immortality differs from person to person but most Gods or Cosmic Beings are simply termed as immortals as a term to describe their invulnerability.
Invulnerability:
Sometimes called "Superhuman Durability", Invulnerability is a term used to describe the ability of some characters to withstand any amount of physical damage, pressure, or harmful force of any kind, causing little, if any, harm, or pain, to the individual gifted with this power.
Things like knives or bullets will not penetrate the skin, and punches or kicks will cause no pain. The skin and exposed areas of the body become resistant to damage, either from the the very cells becoming highly durable, or some kind of physically projected force field that protects the body. The amount of invulnerability can differ between individuals, from being completely invulnerable to any and all forces, to slightly invulnerable to specific things.
Notes
Parallax has been able to control Barry Allen, Hal Jordan, and Kyle Rayner with relative ease, however Thaal Sinestro was able to control him.
Based on the events of Green Lantern (Volume 5) #50 there appears to be two versions of Parallax around: the one from the Pre-Zero Hour New-Earth continuity who is using Hal Jordan as its host and the Prime Earth version who took over Superman for a while.
Alternate Versions
In Booster Gold (Volume 2) #2, one panel shows an alternate timeline where the Sinestro Corps are formed years earlier then they were. In this alternate timeline, Tomar-Re is Parallax's host.