CEO Rong Kai joins CoinEX for their “You Ask, We Answer” series
Recently our CEO Rong Kai Wong joined CoinEx to take part in their You Ask, We Answer series on X, here’s a recap of some of the best questions we’ve picked out, as well as Rong Kai’s answers!
Please note, we have edited some questions only for spelling and grammar purposes, original questions can be found on the inital X post here: https://twitter.com/coinexcom/status/1725317837861077094
What are the competitive advantages and features of the PARSIQ platform over other similar projects which provide API solutions in the crypto ecosystem? What types of API solutions have you implemented and how can users make use of your platform to track on chain data?
So as with any product, the advantages and disadvantages vary depending on the competitor we are comparing ourselves to but some of the common advantages we see in the data APIs we offer at PARSIQ compared to other data providers are:
Real-Time Monitoring: Users often seek real-time monitoring capabilities to track transactions, smart contract interactions, and other on-chain activities instantly.
Historical Data Access: Access to historical on-chain data is essential for comprehensive analysis. Platforms that provide historical data enable users to identify trends and patterns over time. It’s common for a data providers to specialize in either real-time monitoring or historical indexing, but at PARSIQ we provide both to offer a comprehensive solution
Multi-chain Support: Supporting multiple blockchains enhances the platform’s versatility, enabling users to monitor and retrieve data across Ethereum, BNB Smart Chain, opBNB, Polygon PoS and zkEVM, Avalanche C-Chain, Metis Andromeda and Arbitrum One with more added all the time.
Customizability: API Providers quite often offer only a set “off-the-shelf” solution. At PARSIQ we have created what we call Data Lakes, which are custom APIs tailored to the specific needs of a, allowing them to cater to any possible use-case requiring on-chain data.
Comprehensive Documentation and Support: Clear and comprehensive API documentation helps developers integrate the platform’s services seamlessly into their applications, while hands-on support is offered to assist our users with any difficulties they may encounter.
Could you tell us some highlights of the team behind PARSIQ? What in your background and experience has nurtured the platform and ensured its vision and future development?
PARSIQ has a super diverse team with extensive knowledge in the blockchain space, originally founded in 2018, PARSIQ was one of the original blockchain infrastructure projects, resulting in a team with a deep knowledge of both blockchain data and Web3 in general. Our founders originated in backgrounds such as Computer Science, Blockchain Architecture, Cyber Security and Fintech, and we have a core team of senior executives with vast experiences in their respective fields.
As CEO, I was hired from Binance to oversee business operations in the company in 2021. Where I was in the team overseeing the $100M BSC Accelerator Fund which invested in PARSIQ in 2020. My experience in both public service and the blockchain ecosystem I believe has helped to grow PARSIQ to what it is today.
Could you share some real-world examples or case studies where PARSIQ’s blockchain monitoring solutions have been successfully implemented, showcasing the tangible benefits and impact it has had on those industries or use cases?
There’s a lot of examples we could give of how PARSIQ’s data APIs have benefited various projects in the space, we’ve even highlighted some case studies on our blog where you can read in detail which I’ll link below:
https://medium.com/parsiq/data-in-action-delivering-data-with-speed-accuracy-32e890d55ea6
https://medium.com/parsiq/data-in-action-delivering-data-with-speed-accuracy-5e2682372c96
https://medium.com/parsiq/data-in-action-improving-ux-in-blockchain-gaming-57a022f2f7f7
PARSIQ has diversified from products like monitoring, workflow management, wallet solutions and now DeFi. Do you think increasing the breadth of solutions can affect depth?
Well to say we’ve diversified away from things like monitoring or DeFi isn’t entirely accurate since PARSIQ was never a decentralized data provider to begin with and we still do specialize in real-time monitoring. In fact with the introduction of Reactive Network, PARSIQ will now be introducing a truly decentralized data solution!
But it’s true to say that focus is sometimes needed in order to truly offer a top-tier product. This is something many projects, including ourselves have learned as the space has developed. With so many projects around it’s certainly necessary to find and focus on a unique value proposition. I think we’ve achieved that pretty successfully, despite having changed the overall approach to our data solutions in the past, we’ve never strayed from our core offering as a blockchain data provider.
Instead, we’ve gradually refined our products down as we’ve learned what projects and protocols in the space truly need from a data provider and transformed our offerings to better fit what is needed. Each of our products build on the technologies created previously to offer a better suite of solutions to clients. In Reactive Network, we are realising the dream of blockchain data subscription functions that had proven so hard to build thus far.
One of the interesting features that PARSIQ has is “Smart Triggers”, can you explain in more detail about this? How is this implemented on your platform, and what benefits will users get from the “Smart Triggers” feature?
Smart Triggers were a feature of our original PARSIQ real-time monitoring platform, offering an IFTTT (If-this-then-that) functionality where users could set up “triggers” to react to specified on-chain events. In our new product suite we have something we call “real-time filters” which acts in a similar way, allowing users to add customizability to the data they retrieve either as raw or decoded data.
What kind of marketing strategies do you have in place to attract new users? What are your plans for 2024 and what is the goal of this project?
As we head into 2024, our marketing strategies at PARSIQ are multifaceted and tailored to attract new users effectively. Our core focus remains on enhancing our established services — the Tsunami API and custom Web3 data APIs, known as Data Lakes. We believe that continuously improving these services is crucial for client acquisition and retention.
With the upcoming introduction of our Reactive Network, our marketing efforts will start to diversify. We plan to split these efforts to begin attracting developers to the Reactive Network. We’re keen to showcase its potential to the developer community.
In terms of marketing tactics, we’re not just sticking to the traditional playbook. We’re exploring new activities to raise awareness about PARSIQ’s offerings. This includes digital marketing campaigns, engaging content creation, and strategic partnerships, all aimed at highlighting our unique position in the Web3 space.
The overarching goal of our project for 2024 is to solidify our position as a leading provider in the Web3 data solutions market. By expanding our user base, continuously improving our product offerings, and maintaining a dynamic and engaging community, we aim to not only meet but exceed the evolving needs of our clients and the market.
Can you elaborate on how the PARSIQ SDK leverages Data Lakes for advanced blockchain data processing? What are the key features of this SDK that make it stand out for comprehensive data analysis and interpretation in blockchain applications?
The PARSIQ SDK allows users to truly unlock the potential of Data Lakes and Tsunami API by giving them access to query any data they need via Tsunami API and to maintain their own historical data indexes.
Using the SDK they can even design their very own Data Lake for exactly the use-case they need. This could fit almost any potential use-case involving on-chain data from any of our supported chains.
This is a perfect approach for any projects with their own dev resources who know exactly what data they need to fulfill their use case.
You say “With our domain-specific programming language, ParsiQL and IDE, developers can build and deploy custom automation solutions for any use case.” so did you explain what is ParsiQL and IDE? What do they do for the real world?
ParsiQL was our domain-specific language created specifically for PARSIQ’s original real-time monitoring platform, designed originally by one of our founders, Anatoly Ressin and expanded on by the PARSIQ team. It was decided against using ParsiQL when designing Tsunami API in order to allow developers to better interact with our APIs without needing to learn a new coding language, therefore developers are able to build on our platform in the same environment as their native chain smart contract building environment, making it easy to cross check and synergise.
Looking ahead, what emerging trends in the Web3 space does PARSIQ foresee, and how is the company positioning itself to adapt and innovate in response to these trends? Are there any upcoming features or partnerships that the community can look forward to?
As the industry matures and regulations become clearer, we think that Web3 space will undergo a series of technological and resource consolidation. Liquidity and developer attention will be the currencies of the industry. We also think that the NFT sector will see a revival, coming back with a focus on utilities. This will result in NFTs focusing more on its technological value as a “key”, and as non-fungible unique items or representations of high value commodities. The march towards real life digitalisation will come in more. Whoever can command attention from developers, lower adoption hurdles by implementing foolproof User Experiences with minimal or hybrid chain interactions, and draw in investment and liquidity, will emerge winners in the coming next cycle.
We are personally excited for this and building towards the heart of the next cycle. We are looking to be truly chain agnostic and bridging the data gap between all chains. The community can expect more collaborations with L1s and L2s, collaborations especially in Asia, and financial tests in Europe. As our product development reaches fever pitch, we will share more details.
About PARSIQ
PARSIQ is a full-suite data network for building the backend of all Web3 dApps & protocols. The Tsunami API provides blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time and historical data querying abilities. Data Lake APIs allow complex data querying & filtering for any project; specifically designed and tailored for our customers’ blockchain data needs.
Supported chains: Ethereum, Polygon, BNB Chain, Avalanche, Arbitrum & Metis + more to come
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