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PRESS RELEASE. PARSIQ is a working platform that makes blockchain events usable and blockchain data usable. It allows users, both individuals and companies, companies, to monitor any event on different blockchains in real time and on a large scale and to connect those events to any app or off-chain device to automate different workflows.
PARSIQ, a blockchain monitoring service for everything was announced to get funding from Binance in addition to the other four projects. While PARSIQ is not a DeFi project per se, it offers another level of security and transparency to address the core issues in DeFi.
PARSIQ connects blockchain activity to off-chain apps and devices
PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an infinite stream of data on the blockchain.
Among the obvious use cases is monitoring the portfolios of traders and ordinary users. Among the non-obvious are complex system integrations for financial institutions and DeFi projects that use PARSIQ infrastructure to improve security, conduct audits, comply with regulatory requirements, and expand their workflows in other ways.
The main drag and drop service interface – Quick Tracking Wizard – allows users to create their own notification system for required cryptographic addresses in just a few clicks and to bind additional data: Risk Score, Amount Information in Equivalents (for example, in fiat or BTC), set upload to Google Spreadsheets or send directly to Telegram Messenger.
PARSIQ technology it was recently used to help KuCoin hack victims’ projects restore balances and hard fork their tokens in order to restore the tokens to their rightful holders.
How does PARSIQ help entrepreneurs and businesses embrace automation with blockchain?
PARSIQ simplifies the integration of blockchain infrastructures into existing businesses by connecting cross-blockchain workflows to off-chain third-party applications. Zapier, Google Apps, Telegram and even data analytics platforms can easily connect with blockchain business via PARSIQ’s Smart-Triggers.
Blockchain transactions have become an integral and essential part of many businesses today. Whether it’s receiving funds for customer payments, sending payments to suppliers, or executing smart contracts, you need to stay up to date on your transactions with smart notifications and real-time alerts. The possibilities are endless and use cases are limited only by your need to access this raw information.
PARSIQ automates the monitoring of blockchain transactions by tracking the wallet addresses that need to be audited. In addition to instant notifications, your business can gain insights and insights from these transactions. This includes:
- Insights that can be used from market data, which can be used in the analysis of both on-chain and off-chain data sources.
- Enriching transaction data with useful information such as the value of the fiat price or even the risk score of the sender address can improve the overall quality of the data collected.
New Epoch 2.0 economic model for PRQ tokens
PARSIQ team on Thursday 29 October announced a planned transition to a new expanded token economy, which will provide even greater utility for the PRQ token.
The first innovation the team talked about were public projects, which act as further gamification and attraction for users. With public projects, users can sign up for existing PARSIQ projects that have been pre-made by other users and finally receive some commissions in PRQ as a stable motivation.
“By paying public project developers in PRQ, users who have subscribed to the public project will incentivize creators to come up with interesting, complex, and most important problem solving projects.”- says Tom Tirman, CEO of PARSIQ.
The team has already shown an example of what a public project can look like. A few weeks ago, PARSIQ released FLASHR – a free product to track asset movements of famous crypto projects. Flashr is a free, public monitoring system that allows users to be notified of any token movement they are interested in or have invested in. Currently, FLASHR tracks 13 projects: Aave, Serum, FTX, Huobi, PARSIQ, Band Protocol, Compound, Reserve Rights, DFI.Money, Chainlink, CoinMetro, Yearn.finance, Uniswap.
The remainder of the Tokenomics announcement covered the new requirements for maintaining a certain amount of PRQs to track the same number of addresses; O2 protocol for the risk-free collateralized loan system provided to the crypto community by the PARSIQ team and also new information on the previously announced Uniswap bonus program for liquidity providers.
As the team stated, PARSIQ plans to reveal another fruitful partnership with a top-10 blockchain project in early November. PARSIQ is actively working to collaborate with leading Level 1 blockchain protocols to expand the range of blockchain integrations and give projects based on those protocols the ability to monitor and automate workflows between blockchain and off-chain.
Visit the PARSIQ website to discover some possible use cases and find more details about the project and the token: https://parsiq.net
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This is a press release. Readers should perform their own due diligence before taking any action related to the promoted company or its affiliates or services. Bitcoin.com is not liable, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Image credits: Shutterstock, Pixabay, Wiki Commons
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