In the past 13 years, the world has seen innovation at its finest. The creation of Bitcoin, the development of cryptocurrencies, the start of blockchain projects, decentralized applications (Dapps) and much more. In order to estimate the financial development of the blockchain, one only has to consider the price of Bitcoin in 2013 and compare it with today. In 2013, a single bitcoin was worth $ 22. Today, Bitcoin is well over $ 60,000. Analysts put $ 100,000 in sight. With the constant expansion of blockchain technology, the blockchain as a service (BaaS) revolution has begun. PARSIQ strives to advance the use cases of this BaaS revolution.
PARSIQ: An overview
PARSIQ promotes BaaS through its next-generation surveillance and intelligence platform. Users can observe and use blockchain data for a number of use cases. These include:
- Track digital assets in real time
- Notifications of blockchain network activity
- Collection and processing of on-chain data
- Combination of on-chain data with off-chain data such as risk data / market data etc.
PARSIQ also enables multiple blockchains to be interoperable and complex workflows to be created between them. Easy to use, flexible and scalable; PARSIQ removes the complexity of blockchain-specific workflows so that users can efficiently and conveniently transform blockchain data.
in addition, PARSIQ Offers integration with many high-profile blockchains such as Ethereum, Binance Smart Chain and Solana. With this ever-growing number of blockchain platforms, the potential use cases for users continue to grow.
The main business goal and vision of PARSIQ is to monitor and protect blockchain data. PARSIQ enables the creation of fully customizable complex monitoring solutions with the ability to integrate on-chain data into notification systems and thus create alerts for blockchain-based data events.
The focus of the first day of PARSIQ is on these two groups as pioneers of the vision of the PARSIQ platform. These include the use of on-chain / off-chain data and workflow optimization, as we’ll explore below.
Stay up to date block by block
One of the main use cases of PARSIQ is its ability to enable flexible and user-friendly on-chain analysis. On-chain analysis offers a fundamental approach as opposed to a sentimental approach and can be used to identify historical trends. PARSIQ enables effective analysis in the chain using its platform and many analysis tools.
Businesses both small and large can implement on-chain analytics using PARSIQ’s blockchain connection automation, fully customizable workflows, and a wide range of integration choices. Workflows that include on-chain data and off-chain apps can be augmented with conditional logic, aggregation, formatting of data and much more to meet all analytical goals.
Taking into account the smart trigger automation from PARSIQ, the next generation of on-chain analysis will be further developed in this process. Smart-Trigger receives input events, processes each according to user-defined logic, and generates intermediate / output events in correlation with user data specifications.
If a user defines his monitoring goals in user data, the smart trigger can be programmed using the ParsiQL language to process and take into account all monitored information. According to the smart trigger process, users can quickly and effectively merge bulk information to complete their on-chain analysis.
Smart trigger: Development according to blockchain Oracle interoperability
Blockchain oracles enable blockchain or smart contracts to interact with external data. This facilitates the on- and off-chain path and lays the foundation for interoperability between blockchains.
Smart-Trigger is contributing to the blockchain technology space by directly enhancing this interoperability through its monitoring and data collection utilities. As with any smart contract or blockchain, an oracle is required to facilitate the transfer of information between it and the real world. Smart-Trigger builds on this process by automating data transfer across multiple blockchain integrations, all based on user-defined requirements.
Unlike oracles, smart triggers are flexible, easy to use, fully customizable, and can be tailored to the needs of any user. With the selected logic, the collected mass information can be filtered, aggregated and specified down to the smallest criteria. This process reduces the time required, eliminates unnecessary transfers of information and is becoming the core of oracle interoperability.
An on-chain analytics tool of this caliber easily fits into the same league of analytics tools used by companies like Chainalysis. Similarly, 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 using an approach that has never been tested before.
Optimizing the work area with PARSIQ
Another important application 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 facilitates a data transaction with multiple actions and automates the reaction to certain events using smart triggers. An example could be as follows:
- Smart trigger: A Bitcoin transaction – an address received a new transaction.
- Telegram bot: User informed about the new transaction via Telegram integration.
- Data Risk Score: Adds a risk score that uses out-of-chain data.
- Slack Alert: The Slack User Compliance Team receives a notification of the risk assessment.
This multi-step process of action and reaction is known as a workflow and can be fully customized to automate a chain of reactions based on a smart trigger event. With the tools provided, users can customize their workflow to add real value to 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 a user-friendly interface that is currently under construction. By using smart triggers to achieve automation goals, users can specialize workflows that are tailored to their own business. This reduces the time required and reaction times and leaves more time for developing more important business aspects.
If PARSIQ ensures integration with Slack and Trello, both communication and task management can be managed at the same time via the PARSIQ workflow optimization. This potential process would start with a smart trigger which then automates the communication responses. Following this theoretical chain of automation, the Slack automated response to the smart trigger would trigger a Trello response that organizes and updates the task management layouts.
The subscription model reassessed
The PARSIQ The IQ Protocol subscription model aims to provide an inexpensive and flexible way to implement subscriptions in the chain – without compromising the quality / usefulness of the workflow. With this new DeFi (Decentralized Finance) framework, companies cannot subscribe to access PARSIQ’s IQ services, but can log in. This framework avoids pitfalls in issuing tokens that other BaaS often encounter. To provide this subscription model service, PARSIQ introduced the term “Power Tokens”.
Power tokens are not considered a means of payment, but a measure of energy generation. The accumulated energy takes on the role of a responsible unit that is spent on service consumption (similar to gas charges for Ethereum transactions). This token model proposed by PARSIQ creates the conditions for the collateral-free loan of Power Tokens, which ensures that the loan side of the IQ protocol is risk-free. PARSIQ’s innovation via the IQ protocol opens up the general acceptance of DeFi participation and nullifies the associated risks. The IQ protocol establishes tokenomics that are both sustainable and measurable over time, and aims to use power tokens to revolutionize the future of BaaS.
PARSIQ is the future
Indeed, PARSIQ’s IQ protocol is a determined attempt to connect the worlds of DeFi and mainstream. This is one of the first attempts of its kind made in space since it rose to popularity last summer. Proposing an entirely new approach to taking advantage of DeFi platforms in a subscription-like manner brings IQ in line with the traditional subscription model used in general application development.
This results in a flatter learning curve for mainstream organizations looking to develop in the DeFi space, while reducing some of the concerns associated with holding often volatile tokens to gain access to DeFi platforms. In addition, the integrations of PARSIQ are a clear endeavor to reduce development costs and promote an open and cross-platform development approach. This gives potential developers more flexibility in choosing a location in the DeFi area as well as opening the mainstream world to several DeFi-focused platforms at the same time.
DeFi’s future depends on its integration into the mainstream world. PARSIQ embodies the movement in that direction, with IQ being the crucial step.
To learn more about PARSIQ and its vision for the future of DeFi today, visit their main page Here. Read the IQ blog post to learn more about the IQ protocol and how PARSIQ uses it to re-introduce DeFi Here.
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