PARSIQ wants 1 million PARSIQ registered users by July 2022

PRQ Wants 1 Million PARSIQ Registered Users by July 2022

On 7th July 2021; 10:00 (UTC), the AMA session of PARSIQ took place on the KuCoin exchange group, where 4,000 PRQ was as a reward. Tom Tirman, Co-Founder and CEO of PARSIQ, in this session said that PRQ wants 1 million PARSIQ registered users by July 2022. This is so exciting that PRQ is expecting that many registered users by the next 1 year. It proves that PRQ is going to gain a huge total within a year. In this article, we tried to uncover the hidden facts and the amount of hard work they are paying to earn 1 million registered users within a year.

KuCoin asked some eight questions to Tom Tirman as part of their AMA series. One of the questions at number 6 was regarding the future of PRQ. In reply to the question, Tom said that they had 45k registered users till then (the number of PRQ registered users is right now 50K; as the question session took place two weeks ago).

Parsiq on KuCoin

ParameterDetails
Trading PairPRQ/USDT
Price 0.4083 USD
2+ Depth3,762 USD
2- Depth3,142 USD
Volume81,059 USD
Volume Percentage13.92%
Liquidity56
ConfidenceHigh

The question especially was too exciting to our cryptooof team. We really expected Tom to say something optimistic. It was really wondering to us that their number would be 1M registered users, it’s just a wow!

Let’s move forward to the historical data of PRQ to understand why 1M registered users in 2022 is huge. The number of PRQ registered users was 6K+ in October 2020, and the maximum of them was B2C typed. Of that number, a majority were using the free plan of PRQ. However, PRQ earns its revenue from B2B customers. Exchanges, payment providers, wallets, OTC desks, trading companies, protocols, NFT marketplaces & stablecoin are some of their targeted B2B customers.

Are you thinking about the only 6+ PRQ registered users in October 2020? It’s actually no, they have more users but the majority of their corporate customers were available but waiting for certain customization or modifications to start using PRQ service.

At the beginning of November, the number of PRQ users stood at 12K. By the time the wait of the corporate clients came to an end, and then they started using both demo & live.

On November 25, PRQ announced their number of users appeared 30K+. PRQ saw the creation of 100K smart-trigger, deployment of 40K+ smart-triggers & transaction processing of 10B+ USD worth transactions. Then PRQ didn’t have to look back.

They saw a 50% increase in their registered users by May 18, 2021, which is for now 45K. There was an increment of 50% deployment of smart-triggers, which is 60K plus in number, 150% increase in the USD value of transaction processed, and 70K+ corporate clients and partners since December 2020 in their platform.

As of now, the number of PRQ registered users is nearly 50K, and PRQ is expecting the number to reach 1M by July 2022. It means PRQ is expecting 950,000 users this year, with 79K+ registered users every month. The number is too big compared to the current number!        

Yes, we are sure what you are thinking now………………

Is it possible?

  • In a word YES; Even a big yes! One of the cardinal reasons behind saying so is there are only a handful of crypto projects out there from among many who talk little but work much. And PARSIQ is one of them. The technical fact is that what PRQ promises, it delivers. However, there are some fundamental reasons too.
  • It goes without saying that the recent PRQ advisory board is making PRQ more accessible with the corporate client & institutional players. Besides that, PRQ appointed a corporate marketing agency for their marketing. Owing to the fact, from Nasdaq to other media like yahoo finance published news concentrating PARSIQ. This step will lead to PRQ’s mass adoption.
  • PRQ’s innovativeness has been proved with its PRQ subscription model which is for the first time in the crypto industry. Seeing such innovativeness, giant projects like Solana, which only invests in unique products, donated 3M to PRQ.
  • We have heard recently that PRQ has a client who needs to monitor 10M+ wallets. Such a big client got inspired seeing the potential of PARSIQ.
  • So, we strongly believe that they will be able to reach their targeted destination by July 2022. We are reluctant to disclose some of their insider plans. But you must be surprised to see what PRQ authority is going to do down the road.

PRQ Team

As part of the question session, Kucoin asked Tom about him and his team, which was the first question. He introduced him as the CEO of PARSIQ and also said that he co-founded PARSIQ in 2018 along with Andre Kalinovski and Anatoly Ressin, who holds an MSc Computer Science degree and has taught as a university lecturer for 14 years at the Transport and Telecommunication Institute of Riga.

Whereas the number of team members was 7 in 2020, it is 30 as of now. The key factor behind this team enlargement is the expansion and scaling with demand. But the fact is not that PRQ is selecting members randomly. That they are too prudent about selecting team members can be comprehended seeing the background of Simon H, who was appointed as head of business development.

As part of burdened responsibility, Simon reaches out to customers, a bunch of zoom calls with projects explaining their solution, and how they can help them, talking to their developers, and getting them to test out PARSIQ (ParsiQL and now IQ). Helping to solve the problems and building what they are looking for to create compelling differentiated experiences, and building network effects for PARSIQ are two end goals of PARSIQ. The demand for their token will be driven high because of the following facts:

The Team: The PRQ team consists of all super smart, hardworking, and some nice people which are badly essential for a project to grow.

Parsiq Team MemberPosition
Anatoly RessinCo-Founder, Chief Blockchain Architect
Andre KalinovskiCo-Founder, Digital Forensics Engineer
Tom TrimanCo-Founder, CEO
Daniel PoulsenCommunity and Content Manager
Tom MattaHead of Business Development
Alex RehovSenior Blockchain Developer
Artyom AminovBlockchain Lead Enginner
Pavel LepinParsiQL Lead

PRQ unique capabilities: You won’t find another company except for PRQ that can stream data in real-time and will expand into historical data in the future.

Innovativeness is expressed through IQ Protocol: IQ Protocol will be the real game-changer once you start to think of the evolution of software and how it went from paying an expensive one time fee to SASS and subscription, the same thing is going to happen in blockchain.

What PRQ does?

The second question was regarding the functionality of PRQ. In reply to this question, Tom said that PRQ is a blockchain-to-everything platform that turns data into actions, allowing users to subscribe to any events happening across different blockchains in real-time at scale. They provide a layer of interoperability between blockchains and the real world and as a result of which users can script programmable reactions to those events.

PARSIQ offers a variety of blockchain monitoring tools and blockchain analytics tools across industries. PRQ is the next-generation monitoring and intelligence for various blockchains. Users gain access to many useful product features with PARSIQ. Users now enjoy tracking digital assets in real-time, getting notifications about occurrences around the blockchain network, and processing and combining on-chain and off-chain data.

If any blockchain activity occurs on the platform, it results in a large amount of information. All of this circulates through the PARSIQ platform and activates various parts of it. Every product in this ecosystem has a particular processing subsystem of the platform standing behind it.

Smart-triggers are a nice match with Parsiq but do you know what smart-trigger is?

A smart-trigger is essentially a smart-contract deployed into the PARSIQ environment:

  • Probably triggered from an external blockchain as signatures are passed from the original blockchain.
  • It has updated storage and is partially backtrackable.
  • It can be expressed in functional style (without recursion).
  • Inspired by rx/observables and their operators (powerful abstraction over event streams) thus supports map, reduce etc.
  • It exports its results via message queue (consumed by the client).

Why PARSIQ is unique?         

The third question that was asked to Tom was regarding the competitors of PRQ. Tom diplomatically answered the question saying PARSIQ is the first in place to provide real-time blockchain data at scale. Kucoin specially pointed at The Graph while making the question to Tom. But we don’t think the Graph is the competitor of PARSIQ because whereas PARSIQ works with real-time blockchain data, the Graph works with historical blockchain data.

Since PARSIQ and the Graph don’t offer the same service, so making a comparison between these two is a bit tough.

Crypto Comparison Chart between Parsiq and The Graph

ParameterPARSIQThe Graph
Market Cap47,795,325 USD1,590,204,084 USD
Fully Diluted Market Cap201,164,978 USD5,476,557,020 USD
Volume584,884 USD65,703,130 USD
Circulating Supply117,823,492,50 PRQ2,90 B GRT
Total Supply310,256,872 PRQ10,000,000,000 GRT
BinanceNOYES
CoinbaseNOYES

Yes, they are a centralized service. The company is offering services running on proprietary code. But it is expected that they will decentralize some of the aspects. But for now, they are only focused on building the business, onboarding clients/partners, and developing the platform.

Now, developers being cost-effective have the possibility to automate workflows and to create endless ways to interact with real-world applications as PARSIQ introduced Smart Triggers to the crypto world that allows real-time on-chain events to trigger off-chain actions.

There is an entirely different scenario in the case of use-cases between PARSIQ and the Graph. Their roadmap is not the same. So, you cannot entitle them to be a competitor. But they can benefit from the integration of each other.

In that case, we must allude to the viewpoints of Chief Architect Anatoly, co-founder.

  • He said that they are hosted for now. They are preparing community edition that could be hosted by anybody without any fee. That will be off-course without a fee (however they will opensource some community-important UI as well).
  • PARSIQ’s important services will be available under the Hodlium model where users don’t need to register or send them their tokens. What they can do is just sending them API requests signed by private keys from addresses where PRQ tokens are held (qPRQ – either minted/perpetual or borrowed/time-limited). What he thinks is their research on the ways of proving that they executed user logic is the best possible type of collaboration between centralized and decentralized technologies.
  • They often buy themselves from highly centralized intelligence sources by their nature cannot be offered without an actual fee and sometimes even passing a KYC. He is thinking this feature to be premium.

When PARSIQ will bring its reverse smart-trigger completely, the Graph indexers can be built on top of PARSIQ technology, which seems a bit funny.    

Users will be able to run their nodes and compete with them by minting their private qTokens backed by PRQ and provide the same Hodlium services with all the proofs/cryptography.

As they have their pole with sole ownership, they have all the interest. There will as well be discovery nodes that will aggregate information about solo nodes, which are offering the same services with different prices. Aggregators will subscribe to them and resell their services with a small margin as well through qTokens. IQ protocol also plays the role of building a healthy decentralized ecosystem of different services from different vendors based on Subscription Tokenomics leveraged by IQ protocol.     

PARSIQ IQ Protocol       

We know that PARSIQ has recently launched its IQ protocol. And we were quite sure that Kucoin would ask a question regarding this Parsiq protocol. Because this IQ protocol is completely unique in the industry and so the question session was supposed to go vain except asking this question.

Tom described the IQ protocol being a decentralized finance solution for the SaaS market is the first risk-free, collateral-less DeFi protocol to tokenize SaaS subscriptions in the DeFi space with a circular economy. Standard DeFi services like lending and borrowing are the features of IQ Protocol. According to Tom, they will allow anyone to incorporate the protocol into their own projects and change it to how they see fit.

Life-Time Value and Rentability are two basic principles IQ protocol revolves around. Whereas traditional subscription models work well in the world of credit cards and auto-pay but fail and introduce substantial friction to the user experience when applied to the world of blockchain, IQ Protocol has come in place to cover up this failure with solutions.

 Businesses with this IQ protocol solution will mint tokens to use on the blockchain. These tokens are then assigned a ‘’life time value’’. After being released into the marketplace, tokens are made available to customers of that business.

PARSIQ Token

Tom was then asked about PRQ Token which is directly tied to the demand for PARSIQ technology. In reply to this question, Tom said that you need to hold and lock certain amount of tokens for a certain period of time. The amount of the tokens required to be held depends on the usage and features of the service consumed, as per Tom. Market buy the token is a option which, as per him, a new trendsetter in the industry.

You have to understand Parsiq 2.0 Tokenomics to understand Parsiq token. Here are some points that worth mentioning:

Public Projects: Important PRQ gamification for greater use.

User Data and PRQ: The more you need to monitor the more PRQ you need to hold.

IQ Protocol: The risk-free collateral-less loans protocol provided to the crypto community by team PARSIQ.

PRQ Boost: PRQ liquidity provider incentive.

Public Project

The users can subscribe to existing PARSIQ Projects with public projects. These PARSIQ Projects, which contain smart-triggers and user data, are pre-made by other users. If owners of these projects want, they can make them public.

Anyone who wants to create the Public Projects has to pay a certain amount in PRQ and hold a larger amount of PRQ. Upon creation of Public Projects other users can subscribe to them.

Holding a large amount of PRQ and paying a relatively small amount in PRQ to the creator are required for subscribing to the Public Projects. There is a trial period will available for Users to play along and get familiar with a Public Project.

It is believed that the more great Public Projects there will be in our ecosystem, the more users will have an interest towards them-the greater and stronger their Tokenomics will become. Their target is to upgrade the platform and provide more tooling on daily basis for creating more world problem solving Smart-Triggers and Projects.

User Data and PRQ

User Data according to the present state is limited and it is growing with the PARSIQ monitoring becoming popular. Every single monitoring target requires 1 PRQ to hold after the implementation. That means, if there are 100 addresses, the user needs to 100 PRQ on the connected Ethereum Account balance.

PRQ Boost

PRQBOOST is a new PARSIQ utility token to increase rewards for liquidity providers. Liquidity allows users to buy and sell PRQ and liquidity providers get Uniswap fees for providing liquidity. Users are now able to get rewards in PRQ for providing liquidity. That’s why PARSIQ has taken an initiative to incentivize liquidity further.

PARSIQ Client

As PARSIQ clients are varied, Tom was asked a question regarding this. That the platform scales perfectly is a strength of PARSIQ- according to Tom. Tom said they have large business clients who use their services to quickly notify their compliance departments about incoming deposits that need further review before allowing the client to use them on their platform. They have done several analytics projects for some of the larger launchpads.

PARSIQ has three customers including crypto wallets, exchanges, and crypto Service Providers.

Crypto Wallets

The technology of PARSIQ can be directly integrated into hardware or wallet that will notify users in realtime for pending deposits, confirmed deposits, outgoing transactions and even suspicious activity without compromising the wallet’s security.

Exchanges

These exchanges process large amount of blockchain transactions. Exchanges use PARSIQ to automate internal workflows for deposit processing, compliance, accounting and notification, saving time and money as a result.

Crypto Service Providers

There are some PARSIQ features including performing internal monitoring, creating compliance rulesets, tracking fund movements, and performing continuous audit without the need of deploying one’s own infrastructure and implementing tools from scratch suitable for any participants of the cryptocurrency ecosystem.

PARSIQ Future

When Tom is asked about PARSIQ future, he said that they want to support dozens of blockchain protocols and DeFi protocols to let their users leverage the events happening on those protocols. To solve more pain points for their users and clients, they want to improve the product, and integrations with apps and communication channels.

SerialFuture Milestones of PARSIQ
1New Portal UI/UX.
2ParsiQL 2.0
3Smart Templates.
4Retrospective Smart Triggers.
5Marketplace for Public Smart Triggers.
6IQ Protocol (Version 2.0).
7Public Database of Labelled Address (Monitoring Targets).
8Reverse Triggers.
9Layer 1 and Layer 2 Blockchain Integrations, DeFi Integrations, Data Provider Integrations, Apps and Delivery Channels Integrations.

According to him, they are expecting many traditional enterprises to start adopting blockchain as the underlying tech, and they all need middleware to connect blockchain to their legacy systems.

PRASIQ and ParsiQL

ParsiQL is PARSIQ’s own domain-specific programming language. This language has been designed to process live streams of blockchain events. It also allows developers to script blockchain monitoring solutions across different blockchains. This unique approach allows for a layer of scriptability to be applied when creating automation workflows.

Free-Ask from KuCoin Community  

The AMA session was followed by ‘’Free-Ask from KuCoin Community’.

We wonder that KuCoin asked some very basic questions! For example: Do you have a plan in mind to launch your mainnet or switch to other blockchains in the future? Do you plan to burn your tokens?

Such questions prove that KuCoin Community doesn’t have a good insight into PRQ.

Conclusion

The core part of the AMA session was that PRQ wants 1 million PARSIQ registered users by July 2022. That something special is going to take place with PARSIQ can be realized by the speech of Tom. It goes without saying that PRQ project is struggling hard in the background. But we are seeing a slump in PARSIQ price owing to the bad crypto market condition. Though this is a reason for frustration among handful Parsiq community members, they should know the fundamental matters. It is expected that the PARSIQ price will grow with time just because of its unique solutions. If you are quite willing to know the fundamental cause behind PARSIQ’s being strong and why its price will grow, we recommend you to read our article written on PRQ price. This article will help you to a high extent understand why PARSIQ’s technology is alone enough to drive its price high.

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