The crypto industry is becoming muscular day by day can be felt seeing newer additions of technologies. Such an addition PARSIQ has come with, which helps to connect blockchain activity to off-chain apps and devices. It secures DeFi applications through monitoring and builds custom event triggers and power real-time automations indeed. We took all the issues of the project into our account and tried to provide a complete review.
The deployment of PRQ tokens on the Ethereum blockchain was taken place in 2019, with a total supply of 500,000,000 tokens. PARSIQ had raised 1,595,000 EUR through a private sale by September 29. It is a matter of sorrow that about sixty percent of offered tokens remained unsold, and the total offering amount was 250,000,000, where the unsold total was 151, 000,000 indeed leaving an expectation gap. The remaining unsold total was sent to the retention wallet, and the actual circulating ‘’free market’’ supply is around 100,809,872 tokens. As the funds in the retention wallet will be locked for 5 years, the team behind PRQ has decided to send most of the team and advisor tokens to the retention wallet.
What is PARSIQ?
PARSIQ is a highly developed tool that helps track blockchain transactions. It comes with blockchain monitoring tools and blockchain analytics tools. With the help of this intelligence platform, one can get notified about occurrences around the blockchain network. As PARSIQ introduces many useful product features, it is possible to combine on-chain and off-chain data and increase the efficiency of blockchain transactions.
PARSIQ Token being a significant piece of the platform co-exists with FIAT payments for its services. Payments with the token are guaranteed to a discounted rate.
Led by an experienced team
PARSIQ came here with the intention to advancing the mass adoption of blockchain technology and giving everyone the ability to understand and manipulate blockchain data screams. To concretize the intention into reality, experienced industry professionals with high experience is working behind the project.
Though it has been harder to integrate blockchain infrastructures into existing business, PARSIQ makes it easier leaving the opportunity of monitoring and automation for blockchain-specific asset management. CEO Tom Tirman, who belongs an experience of working into both banking institutions and fintech companies, leads the team.
PARSIQ Epoch 2.0 Tokenomics
Improving the ecosystem is the goal of Epoch 2.0. If you see Epoch 2.0, you will notice some core points here that include public project, user data and PRQ, 0 2 protocol, and PRQ Boost. More PRQ holding will help you monitor indeed.
Each of these points will be described in the following:
To create the public projects, you need to hold a larger amount of PRQ and need to pay a certain amount in PRQ. The owner of the Public Project can make it public and. Projects themselves can contain Smart-Triggers and User Data. One can hear the resulting events of a Smart-Triggers residing in the Project through subscribing to the Public Project.
Upon finding precious Public Projects with interesting User Data and Smart Triggers, users can subscribe to already-created Pubic Projects. To subscribe, users need to hold a large amount of PRQ and pay a relatively small amount in PRQ to the creator. Along with this, users will have a trial period to play along and get familiar with a public project.
The pay paid to the creator will incentivize them to create interesting, complex, and important-problem solving projects. Interest will be growing up with the increment in the more great Public Projects in the ecosystem. The team behind PARSIQ tries to keep upgrading their platform and introducing more tooling. If there are no subscribed users, the Smart-Triggers on Public Projects will be removed.
User Data and PRQ
Having data has no limit but the amount of triggers depends on the user’s subscription tier. Holding 1 PRQ is required to monitor every single monitoring target. With PARSIQ becoming popular, total user data is growing in size significantly. The user has two options here, one is that he can buy the PRQ needed to use the services and another is they can borrow the asset from the IQ Protocol.
The new Epoch’s tokenomics allows risk-free PRQ lending and collateral-less borrowing. There no risk lies as PRQ is not transferred from the lender’s address to the borrower’s address.
There is a process of receiving ETH by the users. Lenders first put their PRQ tokens to the pool under different fees and instead of this they will receive back the IQ Protocol PRQ pool tokens. Then they will submit these received tokens back to the platform and receive back the ETH put by the borrowers.
This risk-free lending service being an independent product of PARSIQ will help other projects with similar tokenomics to utilize their token.
To incentivize PRQ/ETH liquidity providers on Uniswap, PARSIQ announces a liquidity boost program. As per the decision of PARSIQ to incentivize PRQ liquidity providers, users will be able to get rewards in PRQ for providing liquidity in addition to Uniswap fees.
PARSIQ’s techniques to protect WhalesHeaven’s transactions
Many companies are enmeshing themselves with cryptocurrencies due to the rapid growth in the adoption of cryptocurrencies. Recently, Microsoft stepped up to the space allowing users to fund their Microsoft accounts with Bitcoin. Bitcoin and Ethereum still belong to a problem which is they even being pseudo-anonymous are traceable and transparent. Traceability helps one to detect the origin of the transactions. Some previous hacking issues also raise questions indeed.
The problem is the traceability issue helps deal with illicit actors and this where PARSIQ has come with a solution. To safeguard users from dealing with fraudulent transactions, PARSIQ provides an API layer for businesses.
Among other applications of PARSIQ, WhalesHeaven that has been introduced has integrated PARSIQ’s AML solution that restricts one’s access to funds when users swap between different blockchain assets. Such swapping of cryptocurrencies even being non-custodial swap requires AML solutions to be in place. WhalesHeaven creates two multi-signature wallets on different blockchains when buyer and seller agree to perform a swap on the platform. The move of money takes place based on involved parties’ consensus as each multisig is created between the platform and the client. The trade is processed after the completion of PARSIQ API’s forensic check on the funds.
Blockchain scalability and data analytics with PARSIQ
Transaction history grows with each new block and data being added at regular intervals. Each full node provides the necessary storage for keeping track of transaction history. With transactions with Bitcoin and Ethereum growing, the storage requirement has become a major issue that wasn’t a big factor in the early days. Transaction throughput has an impact on the growth and scalability problem is now working as a bar to the adoption of blockchain for many applications. Higher transaction throughput will be possible once the scalability problem is solved.
You can understand the issue of storage seeing the rate at which blocks are created and the amount of data being stored in each block. The growth of blockchain is in slow progress due to the capacity of storage and there is a limit in block time and block size marking the growing rate of blockchain in terms of storage.
In the case of Bitcoin, you can see a new block is created every ten minutes and the block size is capped at 1MB. As a result, there is slow pace in the growth of blockchain over 1 MB every ten minutes. So the linear growth rate is applying on the Bitcoin Network, as the network has come close to full capacity for a while now. On the other hand, Bitcoin Cash even after increasing the block limit to 32 MB is growing more slowly.
Compared to Bitcoin, Ethereum block size averages are between 20 and 30 KB which is much lower than in Bitcoin. As a result of this, these blocks are created at a much higher frequency. So, in terms of storage requirements, Ethereum outperformed Bitcoin. But Ethereum’s so-called world state is not included in the actual blocks but this can change over time.
Archive nodes and ordinary full nodes are two types of Ethereum nodes where the former stores the full history of the blockchain and the latter keeps track of the current blockchain state. Presence of a certain number of archive nodes is needed for full security. Another fact is that, running a full node is very resource-intensive.
As the scalability problem is going at its peak, it needs a quick fix. Only 4 to 7 transactions can be made per second through the Bitcoin network, but if the mass adoption takes place, it is not enough. But in that case, Ethereum is a bit ahead with an average of 15 tps.
The scalability trilemma introduced by Ethereum’s co-founder, Vitalik Buterin, refers to the trade-offs that have to be made between scalability, security and decentralization. The Ethereum 2.0 design wants the major architecture changes to require improving scalability without relaxing security too much. In thatcase, Bitcoin needs some change at its protocol level.
In order to working around the scalability trilemma, solutions not depending on growing the number of on-chain transactions need to be employed.
Blockchains entangle an ever-growing amount of data. At that situation, there is a blockchain scalability limit, but the limit is to take a growth with the increment in data processing and transaction throughput. There should be emphasis on efficient designing of blockchain analytics platforms and it is negligible to allow a large number of users to trace transactions and monitor addresses. Detection of blockchain events and tracking of transactions stand as a big problem. Reacting to events in real-time with Parsiq’s smart triggers is harder.
Though processing of large amounts of data and high transaction throughput have become concerning issues, PARSIQ has come in place as a remedy to these problems. Let’s look at the architecture of the PARSIQ blockchain analytics system:
Scalable microservices architecture: Implementation of Parsiq components in the form of cloud-hosted microservices leads the platform to scale easily at a very granular level. Horizontal scaling is no longer difficult with this design leaving no worry about increasing transaction throughput and blockchain data size.
Intelligent multi-level filtering: Monitoring events are significant process on a blockchain. Intelligent filtering is used to extract those events only which are relevant to Parsiq. Among several layers of filtering, Bloom filters are the most relevant one.
Efficient sharded database design: In order to improving performance, Parsiq splits up the database horizontally across tables and implements a sharded database design.
In-memory user-data: In-memory data storage is used to deal with the large amount of data in real-time as a single event may trigger thousands or even millions of smart triggers.
PARSIQ allows Chainlink Price Feeds to be used as Smart-Triggers
PARSIQ has fruitfully integrated Chainlink’s price feed oracles live on mainnet into their monitoring and automation platform. As the PARSIQ platform is an off-chain automation solution, users and enterprises can monitor blockchain data to automate workflows. Because of this step taken by PARSIQ, developers are now allowed to build new automated event workflows based on Chainlink’s secure and reliable price data. Using these asset prices, developers can implement more complex and logic and automation. They trusted in Chainlink as it has reputation for delivering high-quality price data to smart contract applications.
Besides Chainlink, PARSIQ will introduce a new type of Event Stream known as Use Case Streams wherein each use case stream will consist of more complex events representing significant Blockchain Activities. Trading, accounting, and calculation/research are three capabilities of use case stream.
Eases data tracking
Integration of Chainlink’s oracle into the PARSIQ platform helps users not to waste time in tracking prices because the oracle itself notifies users of any pricing changes allowing investors to automate their workflows based on market conditions. Such notifications are received on communication platforms like Telegram or directly to API endpoints via Webhooks.
PARSIQ brings real time blockchain monitoring to Dash
We know Dash to be a blockchain-based fintech payment solution and PARSIQ is getting into a strategic partnership with Dash to deliver real-time Dash payment notifications through Smart-Triggers for users. Because of this partnership, merchants will have real-time insights into their business along with automated accounting, reporting, and alerts of high-risk. Users will be notified of any activity on their Dash wallet and PARSIQ’s technology also provides 24/7 monitoring of funds. Those who use Dash for transacting can create Smart-Triggers and use the benefits of PARSIQ’s real-time blockchain monitoring. Through integrating Dash payments, third-party decentralized applications (dapps) can have access to PARSIQ’s real-time monitoring and offer push notifications to users’ devices without setting up their respective monitoring infrastructure.
PARSIQ comes with Ncase
Crypto wallets keep assets safe but these wallets are a great investment. When you deal with multiple crypto coins with different features and value, the usefulness of wallets is felt. Companies need an advanced backend to handle crypto in their business which brings about the issue of a wallet that is unique for every user.
PARSIQ has developed a way to deploy a unique wallet system, namely PARSIQ Ncase, with minimal costs for companies that want to receive cryptocurrency from users of their platform. Small as well as large companies can instantly create a wallet. Scalability is the inherent nature of this wallet system, and here the pricing follows usage, but usage requirements are not limited.
Tokenomics will be tied into the service and the costs of using the service will be lowered. With only one time fee, you can buy most of the incorporated services. You will receive instant notification of funds as the wallet system is integrated with the existing monitoring solution leaving a possibility for utilizing integrated AML solutions from Bitfury Crystal and Uppsala Security. The wallet will be available to all blockchains PARSIQ is integrated with. What is the uniqueness here then? They will support all tokens issued on said blockchains. A full-fledged restful API makes a connection to PARSIQ Ncase. Hopefully, in near future, the wallet system will be implemented in different languages.
As increased security, there will be Multi-Party Computation-based technology for wallet creation within the platform. PARSIQ Payments will be rolled out in coming January. For receiving payments in the project’s native token, the payment solution will be effective. At the completion of payment, you will receive a notification, and the setting-up process with their genial user interface is really easy.
To reduce the monotony of companies and projects, PARSIQ has moved into the sector to facilitate large clients with a unique and cost-effective solution in mind. With advanced technology and an easy-to-use facility, PARSIQ Ncase is engrossed besides existing monitoring technology.
Coinmetro, an Estonian-based regulated crypto exchange, Transfero Swiss, a digital asset portfolio management company backed by Alameda Group, BRZToken, a project created by Transfero Swiss, Paybis, UK-based regulated crypto exchange, are going to be their first onboarded clients. Even though Bitcoin and Ethereum occupy a major space in the market, PARSIQ’s working style is a bit technical. With a completely new service, PARSIQ aims at allowing existing and new companies to implement their cost-effective service with no hurdles and day to day onboarding. But it has yet a lot of room to develop indeed.