Over the past 13 years, the world has seen innovation at its best. The creation of Bitcoin, the development of cryptocurrencies, the launch of blockchain projects, decentralized applications (Dapps) and much more. To measure the financial evolution of blockchain, all you have to do is look at the price of Bitcoin in 2013 and compare it with today. In 2013, a single bitcoin was worth $ 22. Today, Bitcoin is comfortably over $ 60,000, with analysts suggesting $ 100,000 is in sight. With the steady expansion of blockchain technology, the Blockchain as a Service (BaaS) revolution has begun. PARSIQ strives to pioneer the use cases of this BaaS revolution.
PARSIQ: an overview
PARSIQ promotes BaaS through its next-gen monitoring and intelligence platform. Users can observe and use blockchain data for a number of use cases. Among which:
- Track digital assets in real time
- Blockchain network activity reports
- Collection and processing of on-chain data
- Combining on-chain with off-chain data such as risk data / market data etc.
PARSIQ also enables multi-blockchain interoperability and the ability to create complex workflows between them. User-friendly, flexible and scalable; PARSIQ removes the complexity of blockchain-specific workflows, allowing users to transform blockchain data efficiently and comfortably.
In addition, PARSIQ offers integration with many high profile blockchains such as Ethereum, Binance Smart Chain and Solana. As this wide range of blockchain platforms grows steadily, the potential use cases for users just keep growing.
PARSIQ’s main business objective and vision is to monitor and protect blockchain data. PARSIQ makes it possible to create fully customizable complex monitoring solutions with the ability to integrate on-chain data with notification systems, effectively creating alerts for blockchain-based data events.
At the heart of PARSIQ’s first founding day, these two groups are pioneering the vision of the PARSIQ platform. These include the use of on-chain / off-chain data and workflow optimization, as we’ll explore further below.
Stay up to date block by block
One of the main use cases of PARSIQ is the ability to enable flexible and user-friendly on-chain analysis. On-chain analysis provides a fundamental approach as opposed to a sentimental approach and can be used to identify historical trends. PARSIQ enables effective on-chain analysis through the use of its platform and many analysis tools.
Small businesses and large enterprises alike can implement on-chain analysis using PARSIQ’s blockchain connection automation, fully customizable workflows, and versatile integration selection. Workflows that include on-chain data and off-chain apps can be extended with conditional logic, aggregation, data formatting, and much more to effect all analysis goals.
Taking into account PARSIQ’s Smart-Trigger automation, this process advances the next generation of on-chain analysis. Smart-Trigger receives input events, processes each according to user specified logic and produces intermediate / output events in correlation with user data specifications.
When a user defines their monitoring goals in user data, the Smart-Trigger can be programmed using the ParsiQL language to process and consider all monitored information. In layman’s terms, using the Smart-Trigger process, users can quickly and effectively aggregate mass information to complete their on-chain analysis.
Smart-Trigger: Develop based on Blockchain Oracle interoperability
Blockchain oracles enable blockchain or smart contracts to communicate with external data. This simplifies the on- and off-chain route and lays the foundation for interoperability between blockchains.
Smart-Trigger adds to the Blockchain technology space by directly enhancing this interoperability through its monitoring and data collection tools. As with any smart contract or blockchain, an oracle is required to facilitate the transfer of information between it and the real world. How Smart-Trigger builds on this process is by automating the movement of data across multiple blockchain integrations, all based on user-specified requirements.
Unlike oracles, Smart-Triggers are flexible, easy to use, fully customizable and can be adapted to the needs of any user. Using the chosen logic, the collected mass information can be filtered, aggregated and specified down to the smallest criteria. This process reduces time requirements, eliminates unnecessary information transfers, and evolves into the core of Oracle interoperability.
An on-chain analysis tool of this caliber fits comfortably into the same suite of analysis tools used by companies such as Chainalysis. Likewise, PARSIQ’s Smart-Trigger enables the same efficiency of risk management, blockchain data monitoring and data collection.
Indeed, PARSIQ Smart-Triggers have the potential to bridge the gap between consumer apps and on / off-chain analytics with an approach that has never been tried before.
Optimizing the workspace with PARSIQ
Another strong use case of PARSIQ is the efficient optimization of workflow applications. Used in conjunction with Smart triggers PARSIQ workflows can be fully customized, organized and used to create a solution that grows with the user.
A workflow enables a data transaction with multiple actions and automates responses to specific events using Smart-Triggers. An example could be as follows:
- Smart-Trigger: a Bitcoin transaction – an address has received a new transaction.
- Telegram Bot: User will be notified about the new transaction via Telegram integration.
- Data Risk Score: Adds a risk score using off-chain data.
- Slack Alert: A notification of the risk score is given to the compliance team of users on Slack.
This multi-step process of action and response is called a workflow and can be fully customized to automate a series of responses based on a Smart-Trigger event. Using the suite of tools on offer, users can customize their workflow to develop real value for their business.
With a simple drag-and-drop visual editor, the PARSIQ platform allows users to easily structure their own business logic and input conditions with an easy-to-use user interface currently under construction. By deploying Smart-Triggers to achieve automation goals, users can specialize workflows tailored to their own business. This saves time, response times and gives more time to develop more important business aspects.
When PARSIQ secures integration with Slack and Trello, both communication and task management can be managed simultaneously through PARSIQ workflow optimization. This potential process would start with a Smart-Trigger, which then automates the communication responses. After this theoretical chain of automation, the automated Slack response to the Smart-Trigger would trigger a Trello response that would organize and update the job management layouts.
The subscription model reevaluated
The PARSIQ The subscription model, IQ Protocol, aims to provide a low-cost and flexible method of implementing subscriptions down the chain – without compromising on the quality / utility of the workflow. Rather than plotting to access PARSIQ’s IQ services, this new Decentralized Finance (DeFi) framework allows companies to enroll. This framework works to avoid token issuance pitfalls commonly encountered by other BaaSs. To provide this subscription model service, PARSIQ has introduced the concept of ‘Power Tokens’.
Power Tokens are not considered a form of payment, but a measure of power generation. The accumulated energy assumes the role of a responsible unit issued for service consumption (similar to gas fees for Ethereum transactions). This token model proposed by PARSIQ forms the basis for collateral-free lending of Power Tokens, which in turn ensures that the lending side of the IQ protocol is risk-free. The innovation of PARSIQ through the IQ protocol enables the regular acceptance of DeFi participation while negating the associated risks. By establishing tokenomics that are both sustainable and measurable over time, the IQ protocol aims to use Power Tokens to revolutionize the future of BaaS.
PARSIQ is the future
Indeed, PARSIQ’s IQ protocol is a determined effort to bridge the worlds of DeFi and the mainstream, one of the first such attempts seen in space since its popularity last summer. Proposing an entirely new approach to obtaining utility from DeFi platforms in a subscription-like manner puts IQ in line with the traditional subscription model used in mainstream application development.
This results in a shallower learning curve for mainstream organizations looking to develop in the DeFi space, while also alleviating some of the concerns associated with holding often volatile tokens to access DeFi platforms. In addition, PARSIQ’s integrations are a clear attempt to reduce development costs and encourage an open and multi-platform approach to development. This gives potential developers more flexibility when it comes to choosing where to base themselves in the DeFi space, as well as opening the mainstream world to different DeFi-focused platforms at the same time.
The future of DeFi depends on its integration with the mainstream world. PARSIQ embodies the movement in that direction, with IQ as the defining step.
Visit their main page to learn more about PARSIQ and its vision of the future of DeFi hereRead the IQ blog post to learn more about the IQ protocol and how PARSIQ uses it to reimagine DeFi here
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