Over the previous 13 years, the world has seen innovation at its most interesting. The creation of Bitcoin, the event of cryptocurrencies, the launch of blockchain initiatives, Decentralized Applications (Dapps), and way more. To gauge the monetary evolution of blockchain one want solely take into account the value of Bitcoin in 2013 and examine it to in the present day. In 2013, a single Bitcoin was value $22. Today, Bitcoin is comfortably over $60,000, with analysts suggesting $100,000 is in sight. With the regular growth of blockchain know-how, the Blockchain as a Service (BaaS) revolution has begun. PARSIQ strives to pioneer the use instances of this BaaS revolution.
PARSIQ: An Overview
PARSIQ promotes BaaS by its next-gen monitoring and intelligence platform. Users can observe and make the most of blockchain information for various use instances. These embrace:
- Tracking digital property in real-time
- Notifications of Blockchain community exercise
- Gathering and processing on-chain information
- Combining on-chain with off-chain information akin to Risk Data/Market Data and so on.
PARSIQ additionally allows multi-blockchain interoperability and the power to create advanced workflows between them. Easy-to-use, versatile, and scalable; PARSIQ removes the complexity from blockchain-specific workflows in order that customers can effectively and comfortably rework blockchain information.
Moreover, PARSIQ offers integration with many high-profile blockchains akin to Ethereum, Binance Smart Chain, and Solana. With this wide selection of blockchain platforms steadily rising, the potential use instances for customers solely continues to improve.
The essential enterprise goal and imaginative and prescient of PARSIQ is to monitor and shield blockchain information. PARSIQ allows the creation of absolutely customizable advanced monitoring options with the power to combine on-chain information with notification methods, successfully creating alerts for blockchain-based information occasions.
At the core of PARSIQ’s first day of formation, these two groupings pioneer the PARSIQ platform’s imaginative and prescient. These embody the utilization of on-chain/off-chain information and workflow optimization as we are going to discover additional under.
Keeping Up-to-Date Block by Block
One of the primary use instances of PARSIQ is its capacity to facilitate versatile and easy-to-use on-chain evaluation. On-chain evaluation offers a elementary strategy as opposed to a sentimental strategy and can be utilized to establish historic tendencies. PARSIQ allows efficient on-chain evaluation by way of the usage of its platform and plenty of evaluation instruments.
Both small companies and huge enterprises can implement on-chain evaluation utilizing PARSIQ’s blockchain connection automation, absolutely customizable workflows, and versatile integration choice. Spanning on-chain information and off-chain apps, workflows may be augmented with conditional logic, mixture, formatting of knowledge, and way more to effectuate all evaluation targets.
Taking PARSIQ’s Smart-Trigger automation into consideration, this course of additional develops next-gen on-chain evaluation. Smart-Trigger receiving enter occasions, processes every in accordance to the user-specified logic, and produces intermediate/output occasions in correlation with User Data specs.
When a person defines their monitoring targets in User Data, the Smart-Trigger may be programmed utilizing ParsiQL language to course of and take into account all monitored information. In layman’s phrases, utilizing the Smart-Trigger course of, customers are ready to amalgamate mass information rapidly and successfully to conclude their on-chain evaluation.
Smart-Trigger: Developing Upon Blockchain Oracle Interoperability
Blockchain oracles allow blockchain or good contracts to work together with exterior information. This facilitates the on and off-chain pathway and lays the inspiration for interoperability between blockchains.
Smart-Trigger contributes to the Blockchain know-how area by instantly enhancing upon this interoperability by way of its monitoring and data-gathering utilities. As with any good contract or blockchain, an oracle is required to facilitate the transferral of information between it and the actual world. How Smart-Trigger builds upon this course of is by automating the motion of knowledge throughout a number of blockchain integrations, all primarily based upon user-specified necessities.
Unlike oracles, Smart-Triggers are versatile, easy-to-use, absolutely customizable, and may be tailor-made for any person’s wants. Using the logic chosen, the mass information gathered may be filtered, aggregated, and specified down to the minutest standards. This course of cuts time necessities, eliminates pointless information transferral, and develops upon the core of oracle interoperability.
An on-chain evaluation device of this caliber matches comfortably into the identical league of study instruments employed by companies akin to Chainalysis. Similarly, PARSIQ’s Smart-Trigger allows the identical effectivity of danger administration, blockchain information monitoring, and data-gathering.
Indeed, PARSIQ Smart-Triggers have the potential to bridge the hole between client apps and on/off-chain evaluation utilizing an strategy that has by no means been trialed earlier than.
Optimizing the Workspace Using PARSIQ
Another sturdy use case of PARSIQ is the environment friendly optimization of workflow functions. Used along with Smart Triggers, PARSIQ workflows may be absolutely personalized, organized, and utilized to set up an answer that grows with the person.
A workflow facilitates a multi-action information transaction and automates responses to specified occasions utilizing Smart-Triggers. An instance may very well be as follows:
- Smart-Trigger: A Bitcoin transaction – an deal with has obtained a brand new transaction.
- Telegram Bot: person alerted by way of Telegram integration concerning the new transaction.
- Data Risk Score: provides a danger rating using off-chain information.
- Slack Alert: notification of the danger rating is offered to the person compliance staff on Slack.
This multi-step strategy of motion and response is referred to as a workflow and may be fully personalized to automate a sequence of reactions primarily based upon a Smart-Trigger occasion. Using the array of instruments offered, customers can customise their workflow to develop actual worth for his or her enterprise.
With a straightforward drag & drop visible editor, The PARSIQ platform will permit customers to simply construction their very own enterprise logic and enter situations with an easy-to-use person interface presently beneath building. Deploying Smart-Triggers to obtain automation objectives, customers can specialize workflows tailor-made to their very own enterprise. This cuts time necessities, response instances and permits extra time for the event of extra vital enterprise points.
When PARSIQ secures integration with Slack and Trello, each communication and process administration might then be managed concurrently by way of PARSIQ workflow optimization. This potential course of would start with a Smart-Trigger, which then automates the communication responses. Following this theoretical chain of automation, the automated Slack response to the Smart-Trigger would instigate a Trello response which might arrange and replace process administration layouts.
The Subscription Model Re-evaluated
The PARSIQ subscription mannequin, IQ Protocol, goals to present an inexpensive and versatile methodology for on-chain subscription implementation – with out sacrificing workflow high quality/utility. Rather than staking to entry PARSIQ’s IQ companies, this new Decentralized Finance (DeFi) framework allows companies to subscribe. This framework works to keep away from token issuance pitfalls usually encountered by different BaaS’s. To ship this subscription mannequin service, PARSIQ has launched the notion of ‘Power Tokens’.
Power Tokens usually are not thought of a type of cost, however as a substitute, a measure of vitality technology. The vitality gathered takes the position of being an accountable unit spent for service consumption (very like gasoline charges for Ethereum transactions). This token mannequin proposed by PARSIQ units the stage for collateral-less borrowing of Power Tokens which in flip ensures the mortgage facet of the IQ Protocol is risk-free. PARSIQ’s innovation by way of the IQ Protocol opens up mainstream adoption of DeFi participation whereas nullifying the related dangers. Establishing tokenomics which can be each sustainable and measurable over time, the IQ Protocol goals to make the most of Power Tokens to revolutionize the way forward for BaaS.
PARSIQ Is the Future
Indeed, PARSIQ’s IQ Protocol is a decided try to bridge the worlds of DeFi and mainstream, one of many first such makes an attempt seen within the area since its rise to reputation final summer season. The proposition of a completely new strategy to acquiring utility from DeFi platforms in a subscription-like method places IQ in keeping with the normal subscription mannequin utilized in mainstream software improvement.
This ends in a shallower studying curve for mainstream organizations wanting to develop within the DeFi area, while additionally assuaging among the considerations related to holding usually risky tokens to achieve entry to DeFi platforms. In addition, PARSIQ’s integrations are a transparent effort to decrease the price of improvement, in addition to encourage an open and multi-platform strategy to improvement. This offers potential builders extra flexibility when it comes to selecting the place to base within the DeFi area, in addition to opening up the mainstream world to a number of DeFi-focussed platforms on the identical time.
The way forward for DeFi is dependent upon its integration with the mainstream world. PARSIQ embodies the transfer in that path, with IQ being its defining step.
To be taught extra about PARSIQ and its imaginative and prescient for the way forward for DeFi in the present day, go to their essential web page here. To be taught extra about IQ Protocol and the way PARSIQ makes use of it to re-imagine DeFi, learn the IQ weblog submit here.
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