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Huobi Global AMA with PARSIQ CEO Tom Tirman

PARSIQ CEO speaks with the Huobi Global Discord Community

Welcome to the Huobi Global AMA recap! On Monday, June 6th 2022, PARSIQ CEO Tom Tirman answered community questions inside of the Huobi Global Discord.

We are very happy to continue our relationship with the Huobi community. In case you missed it, $PRQ was been listed on the Huobi Global Exchange on April 21, 2022! 🥳

Please see below for full transcript:

Huobi Global: Welcome to our server sir! Can you please introduce yourself?

Tom Tirman: My name is Tom, I’m the CEO and Co-Founder of PARSIQ. I come from a traditional finance and fintech background and I got into the blockchain/crypto space in 2017.

In 2018 me and my co-founders started building PARSIQ and it has been quite a journey ever since.

Huobi Global: Great! can you tell us about PARSIQ, the team, and the product?

T: Founded in 2018, PARSIQ is a blockchain data and infrastructure solution for building back-ends of all different types of Web3 projects, Dapps and Protocols.

You can think of PARSIQ as the middle layer between complex blockchain data and the user interface. We provide both real-time and historical data at the fastest speeds in the industry at scale.

The head office is in Tallinn, Estonia, but we have a very international team spread across Asia, Europe, and North America.

Over the past year we’ve expanded to over 30 team members bringing experience across many industries, cultures, and blue-chip companies.

Huobi Global: Wow, as I know, PARSIQ is transforming its core product — can you tell us more?

Tom Tirman: Yes, but rather than ‘core product’ PARSIQ Network is a product suite which provides complete web3 backend infrastructure. I’ll tell you a little about the individual components.

Tsunami API

The Tsunami API, which will ship during July, 2022, will provide blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities. The Tsunami API is not only foundational towards our updated approach, but also acknowledges the successful core attributes of our prior core technologies.

With Tsunami, PARSIQ amplifies its power towards building the world’s most powerful and easily accessible data services. Tsunami will first be supported on Ethereum, BSC, Polygon, and notably Avalanche, with additional chains to be announced and added on a continuing basis. Alpha testing results have been a great success with speeds of 6bn+ transitions queried in milliseconds — by far an industry leader.

Data Hubs

From Tsunami, PARSIQ will move on to build out Data Hubs. Our focus to move further to become a custom-tailored DeFi data provider will require us to build protocol-specific filtration middleware. Here, the protocols can access their real-time and historical data APIs with their Data Hubs where their customized data is being stored. Akin the Google Firebase on Web2, this solution will position PARSIQ as the go-to backend for Web3 applications.

Data Lakes

Data Lakes are also on the horizon, which are custom integrations of each dApp and protocol, each with their unique internal logic. By implementing the concept of Data Lakes, third parties interested in these dApps and protocols will have a way to retrieve them through these dedicated Lake APIs.

SDKs and Atlas — PARSIQ’s DeFi and dApp Explorer

We want to make the onboarding experience for PARSIQ customers as easy and seamless as possible. This is why, along with the initial development and release of the Tsunami API, we will also be working on a release of a plug-and-play developer SDK — which will help speed up the on-boarding process for new protocols. We are also excited to announce that the SDK is intended to be open to everyone — and we are looking to involve the community in its development. This involvement, which will be organized, managed, and incentivized through the PARSIQ DAO, will make it so that it is up to the community to decide on where to steer this product going forward.

From a community and retail perspective, PARSIQ has a blockchain data explorer planned on the horizon. This explorer, which will be designed with an easy to use front end, will be meant for all types of users, from the most sophisticated to the casual retail user.

PARSIQ Hybrid

With the above features implemented, PARSIQ will move towards a product known as Hybrid. We want to offer a solution that allows for non-critical on-chain processing activities to be taken off-chain. This will not only lower costs and complexity, but also create a more satisfying user experience for all end-users. With Hybrid, we are going to provide dApps with the ability to manage certain tasks off-chain as well as a seamless integration of our reverse trigger technology. PARSIQ will take this one step further by helping to manage tasks off-chain and cross-chain, as appropriate.

Huobi Global: Nice! so How/why are these services vital to projects and the crypto ecosystem?

Tom Tirman: Projects need both real-time and historical blockchain data for calculating APY yields and other DeFi parameters, notifying users on specific on-chain events like price movements, and combining on-chain and off-chain logic like adjusting to fiat currency fluctuations.

However, blockchain data is growing in complexity with increasingly sophisticated DeFi solutions and Dapps. The volume of data is also growing with every transaction and block and with new chains, side chains, and forks emerging the task is growing exponentially and providers are struggling to deliver fast and reliable querying speeds to support this technological boom. This typically leads to higher customization requirements which can be lengthy, costly, and developer intensive… PARSIQ solves this.

Huobi Global: Impressive… How are $PRQ tokens linked with PARSIQ’s success?

Tom Tirman: We have a pretty unique approach which utilizes IQ Protocol’s token framework to create a tokenized SaaS model. In short, PARSIQ token holders have the opportunity to stake their tokens into a rental pool.

PARSIQ customers have two options:

1. They can access PARSIQ Network by holding a number of $PRQ tokens which they’d need to buy from the open market.

2. They can pay a monthly subscription in stable coins which, using IQ Protocol, essentially rents the tokens from the token pool for the duration of the subscription — this gives the $PRQ stakers a yield.

This means demand for the product is linked directly to the token price and creates a circular economy with shared incentive for holders, customers and speculators. It also provides yield with zero token emissions, so stakers can be confident their rewards are not the result of an increased token supply.

You can stake BEP-20 $PRQ tokens on IQ Protocol to qualify.

Huobi Global: Ok, last question, I’d like to know What are the big events on your roadmap over the next 6 months?

Tom Tirman: In addition to the product launches we have some great initiatives for community and investors which include double staking rewards as well as airdrops for the IQ Protocol token, $IQT, which will be released in Q3.

PARSIQ is always building, regardless of the market, and we are confident in our ability to establish the product suite as the industry standard for blockchain builders.

You can find out more about our staking incentives and community rewards by joining our Telegram and following us on Twitter. We also have an active Chinese and Vietnamese community.

Tom Tirman: Thank you for hosting the AMA and thanks to the Huobi community for tuning in. We have lots in store for PARSIQ this year and onwards.

About PARSIQ

PARSIQ is a full-suite data network for building the backend of all Web3 dApps & protocols. The Tsunami API, which will ship in July 2022, will provide blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities.

Website | Blog | Twitter | Telegram | Discord | Reddit | YouTube

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PARSIQ

PARSIQ

Go-to backend for web3 applications 🌊