Auxpow means Auxiliary Proof of Work @luca1777, it is method of merged mining that allows a miner to mine more than one block chain at the same time. All hashes that the miner contributes adds to the total hash rate of both/all currencies, and as a result they are all more secure.
In the case of Canada eCoin, since it is a scrypt based coin, people can mine it along with Litecoin. Canada eCoin's difficulty has been driven higher than it's value by maintaining merged mining against Litecoin's blockchain.
Using P2Pool, users can mine Canada eCoin and at least a few other scrypt coins at full-power; making merged mining an eco-friendly choice. This also opens the doors to some interesting possibilities in regards to sidechains and such.
A parallel mining processor...kinda like...
Ok. Thanks.
It's more like over-lapping rather than parallel. Your miner's power gets applied to all your pool/p2pool's auxpow chains damn near 100%.
So having 1 miner, running on 4 auxpow chains would effectively be the same as 4 miners running normally on each of the 4 blockchains.
This is handy for so many reasons.
Sounds powerful ;)