What Does Parsiq Do? (More Than You Think)

Besides NFT and Metaverse in the Cryptocurrency industry, an ecosystem-based healthy war is ongoing among ETH, DOT, AVAX, SOL, and Fantom. The final limb of the ecosystem of those smart contract-based projects will be conspicuous in short order. After being appraised of who is actually ahead in this competition and which cryptocurrency ecosystem is highly organized, the focus of the Cryptocurrency community members will turn to the cryptocurrency projects solving major problems and providing real service. At that time, we believe that Parsiq (PRQ) will catch sight of those community members. The reason is that Parsiq is one of those handfuls of potential projects that work with Cryptocurrency blockchain data. Considering some of the major facts, Parsiq, which is also considered a pioneer, is quite ahead. But, ‘’what does Parsiq do?’’- is still a smoky and confusing question to a large number of cryptocurrency community members. They are also ignorant of the actual use cases and possibilities of Parsiq. So, we will make you know all the use cases of PRQ in all possible areas in a nutshell. So, if you are an enthusiast about knowing how the data of the Cryptocurrency industry is being developed using the innovation of Parsiq, this article, which is written on Cryptocurrency data’’, is for you.

Parsiq (PRQ) Token

Why is Cryptocurrency Data so important?

We shed light on Parsiq’s working with Cryptocurrency data in the intro section. Consequently, PRQ has value as long as there remains value for Cryptocurrency data.

Indeed, no one dares to say that digital world data has no value as saying so is entirely irrelevant. You will find no insane in the world saying it, rather than that data in the Crypto space is known as “new oil”. The reason is that Cryptocurrency companies are becoming able to provide better service to their customers through data analysis. So, before getting the answer to ‘’what does Parsiq do?’’, let’s come to know why data in the Cryptocurrency industry is so important.

• To begin with, Companies, which provide service through Cryptocurrency data, may know the actual behavior of customers. For example, Binance (one of the most popular centralized Cryptocurrency exchanges) presently has more than 30M users. So, knowing consumer behavior is essential for Binance for their business improvement. Let’s imagine- a large portion of bitcoin holders of Binance, almost 30%, prefer margin trading. But, owing to the not availability of margin trading facility in Binance to a large extent, their Bitcoin holders transfer their Bitcoin to other competitor exchanges of Binance for margin trading. So, Binance may know about this lacking by data analysis and make improvements.
• This envisioned example we have placed to make you understand that data is the main asset to Defi, NFT, Metaverse and other exchanges in the Cryptocurrency industry. Surely, Cryptocurrency projects can make 100% improvements in their businesses through proper data analysis.
• Cryptocurrency data analysis-based companies will swoop down to huge losses if they run their businesses with opaque data. Contrarily, if you monitor your business by taking data from an authentic transparent data provider like PRQ, you will have your total business cost reduced to a large extent.

Indeed, Parsiq is best trying in all innovative ways to develop them as a “one-stop-shop for all kinds of data”. Under this ‘’one-stop data shop’’, Parsiq is targeting all types of customers of the Cryptocurrency industry ranging from top-leading Cryptocurrency exchanges like Binance to general Cryptocurrency users like us. Actually, we all are bound to be entrapped into the net of Parsiq because PRQ acts like a ‘’Butterfly Effect’’. Many users also compare this term with IFTTT, If This Then That. So, let’s cut to the chase- why is Parsiq so important in Blockchain industry? What does PRQ do in Blockchain data industry?

What does Parsiq do in Blockchain data industry?

Basically, Parsiq, a data-focused company, delivers unrecognized valueless data to users on their command at a rocket speed through workflows, Smart Trigger, Trigger Wizard, and ParsiQL. For example, Parsiq themselves revealed a piece of information that they had gotten their historical data to the point where 1 million blocks could be processed in about one minute. So now, you might realize that Parsiq (PRQ) never compromises with data accessibility speed. Through Parsiq, clients can initiate their project’s business-logic based on on-chain activity. And Parsiq shows those activities off-chain. But of late, Parsiq has been seen focusing on Web3 protocols. Indeed, Parsiq is working hard on Web3 protocols so that they can ensure a smooth off-chain user experience on dApps in an organized way.

Parsiq introduced the Smart Trigger technology to the world. And as said earlier, this technology is applicable to all types of projects ranging from DeFi, NFT to Metaverse. In this regard, we would like to let you remember one thing, which is Parsiq quenches the data tracking demand of almost 60%-70% of clients automatically through the current version of their Reverse Oracle Technology. But, customers themselves needed to customize the remaining 30% to 40% of work according to their requirements.  100% automation of Parsiq technology is hardly possible and a bit unrealistic demand to Parsiq because Parsiq has different types of clients, including DeFi, NFT, Metaverse, Exchange, and more. But, Parsiq always tries to serve their customers with the best effort. So, Parsiq is running an attempt to customize the remaining 30%-40% to support their clients with satisfaction. However, for the first time, PRQ is trying to establish and introduce itself as ‘’a one-stop-shop for all kinds of data’’.

Now, let’s come to know- how is PRQ making this data accessible to Cryptocurrency project authorities and retail users in an organized way?

• The Automated trading industry: we are sharing with you some pieces of data to make you realize how massive the automated trading industry is. In 2020, its marketcap was $12,143M, and that size is expected to grow to $31,494M by 2028. So, it’s clearly realizable that this market is not something to ignore. But the talk is that Parsiq may take this automated trading to the next level using the power of IFTTT of PRQ. For example, automatic opening of buy and sell order if the market breaks a specific level in a trading pair, which leaves an opportunity for those who are involved with automated trading to perform multiple functionalities by using the Smart Trigger Technology of Parsiq. Recently, some companies including Injective protocol have started working hand in glove with Parsiq to enjoy such facilities.
• Decentralized Derivative protocol type projects are full of complexities. But, the innovation that Parsiq has brought as a data analytics solution smartly handles those complexities. Especially liquidity providers and users of those projects can receive trigger warnings through PRQ Smart Trigger on on-chain events, like liquidations, long orders, short orders, and rebase events. 
• Parsiq has a high use case in NFT-based projects. Through Parsiq’s Smart Trigger, NFT users can easily find critical data and information instantly, for example- current sales of all NFT, floor prices, newly minted NFTs, and other information.
• Parsiq owns an inevitable significance for real-time data monitoring in the Cryptocurrency DeFi industry. PRQ Smart Trigger allows users to access all kinds of data instantly on the blockchain. It makes the opportunity available for all users to know information about all transactions.

Conclusion

Indeed, Parsiq works with such a product, blockchain data, which all types of crypto users (like- traders, crypto services providers, analysts) need. In this ‘’what does Parsiq do?’’-titled article, we tried to let you know how Parsiq processes valueless data and makes it precious and congruent in an organized way. PRQ is like a ‘’racehorse’’. The crypto industry badly needs projects like PRQ to survive in the long run. So, it will be a mammoth mistake for you if you mix up Parsiq with the Cryptocurrency bearish and bullish term.