from IFTTT to Go-To Backend for Web3 Applications
PARSIQ and Crypto.com recently made the exciting announcement that the $PRQ token is now available for trading on crypto.com under the $PRQ/$USDT pairing. PARSIQ is extremely proud of this recognition and the opportunities which come with it — including the introduction of PARSIQ to new audiences, and adding yet another trusted platform to acquire and HODL $PRQ tokens!
Many of our followers are aware that, earlier this year, PARSIQ made a huge announcement wherein we shared that after many years of listening to our customers and learning from the industry, we would be refocusing our efforts towards foundational technologies and SDKs.
Towards the end of March’22, Tom Tirman, our CEO, announced a new roadmap for PARSIQ — full of exciting new milestones which we look to achieve for the remainder of 2022. As many of you may have imagined, an evolution of PARSIQ’s products and services means that PARSIQ’s token utility also needs to evolve alongside — to continue serving the needs of the Web3 projects which rely on our solutions, retail customers, and token holders in general. Our goal is to be a full-suite data network used to build the backend for all Web3 dApps & protocols.
This article serves as the most comprehensive guide on what PARSIQ is, its history and plans, and what is the utility of $PRQ token.
- Founded in 2018. Backed by leading investors and advisers: Binance X, Solana Foundation, Axia8 Ventures, and many more.
- Built a blockchain monitoring platform aka bridge between blockchains and off-chain apps.
- Evolved to being a full-suite data network to build the backend for all Web3 dApps & protocols.
- The Tsunami API will provide blockchain protocols and their clients (e.g. protocol-oriented dApps) with real-time data and historical data querying abilities — planned launch in July, 2022.
- $PRQ serves as a means of payment to access PARSIQ’s products and services — via the risk-free renting framework IQ Protocol.
- $PRQ holders will get additional incentives in PARSIQ DAO — from voting on product integrations to managing the DAO treasury — in 2022.
- 2x Yield Boost Incentive and the Free $IQT Incentive programs are available for those who stake $PRQ in IQ Protocol during Q2, 2022.
🐣 PARSIQ Origin
PARSIQ was founded in 2018 by Tom Tirman, Andre Kalinowski and Anatoly Ressin. Development work started in 2019 with a free beta. The token went live in 2019 with a full platform commercial release in May 2020.
Most of the team are professional blockchain engineers who have built numerous blockchain systems and backends for crypto exchanges, etc.
Each time we engaged with blockchain technology, we faced the same issue — we had to build something to connect blockchain activity to centralized applications, devices, user-facing front-ends, legacy systems, and other off-chain networks.
So that’s when the decision was made to build a platform available for everyone to bridge the gap between blockchains and real-world apps like Google Sheets, Telegram, Discord, Salesforce, and so on.
In October 2020, PARSIQ received support from Binance’s $100 million accelerator fund for developers to build blockchain projects on Binance Smart Chain.
In June 2021, PARSIQ completed a funding round backed by Solana Foundation and Axia8 Ventures, with additional participation from Mindworks VC, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum Ventures and others. Evan Cheng, CEO/co-founder Mysten Labs (former Director of Research at Facebook’s Novi Financial), has contributed to the round as an individual investor.
💪🏻 PARSIQ Core
Since its inception, PARSIQ has been a data-focused company, one with a broad range of tools and capabilities to help customers in an impressive variety of ways. For example: in 2021 alone we secured upwards of 70 partnerships and integrations, involving a range of use-cases; we created a user-defined ABI decoder, making it even easier to customize our Smart Triggers; and our monitoring of blockchain data helped resolve large-scale hacks.
PARSIQ Takes Measures to Mitigate CoinMetro Hack and Secure Uniswap Liquidity Providers Funds
DON’T BUY OR SELL CURRENT PRQ TOKEN as of NOW.
Indeed, the idea behind the PARSIQ platform has been to facilitate the widest variety of use cases that are present on the blockchain. As we continue to expand and grow our vision, all of our upcoming products will be built upon the core PARSIQ data monitoring technology.
For this reason, as we move forward our we will refer to our classic monitoring platform as PARSIQ Core.
Monitoring Platform → PARSIQ Core
Currently, PARSIQ Core’s monitoring technology supports Ethereum, Binance Smart Chain, Solana, Bitcoin, Algorand, DASH, Huobi Eco Chain, Polygon and recently we’ve added Casper Deploys support.
Besides Native Streams, we also support Chainlink Price Feed (like ETH/USD, BTC/ETH, etc.) and we have the External Data Providers: Crystal Blockchain and Uppsala Sentinel Protocol for risk scoring, Cryptorank and Chainlink for price feeds and we also have OpenSea API Wrapper for additional data on NFTs.
Within the announcement of the new roadmap for 2022 and further on, it was decided to address the existing set of tools — that allows clients to build on top of blockchain data streams — as PARSIQ Core, which will remain available for PARSIQ customers.
The smart triggers and retrospective triggers that first elevated PARSIQ in the blockchain world will continue to live as part of the abstraction layer within Tsunami API — the new main product expected to ship in July, 2022.
While our initial model has served us well, allowing us to cast our net far and wide in terms of our offerings, we recognize that to best advance our vision, it is necessary to sharpen our focus by offering more powerful, and more specific, technologies. To provide a more focused offering, we must expand our product.
PARSIQ → PARSIQ Network
We will do so by using our existing tech stack and rely on the expertise we’ve acquired through listening to our customers, investors, advisors, partners, and through the input of our community members. From there, PARSIQ starts its evolution journey to become PARSIQ Network.
🔐 Evolution of PARSIQ: Key Points
+ Focus on large blockchain protocols (DeFi & NFT related) and Web3-oriented companies.
- Many of the projects who currently come to us are seeking solutions to their problems and have found that our platform — in its current form — readily covers about 60–70% of their needs. For the remainder of the solutions, they require custom-built solutions. We love customizing our technology to fit the real needs of projects, but it has not been possible for us to do this for every project all the time. Moving forward, we maintain our offering of customized solutions, but will be much more tactical and comprehensive with the customizations we offer.
+ Support for our current client-base through a customer success team, rather than by offering our platform on a self-serve basis.
- Our goal now is to build toolsets — not for universal, blockchain applications — but for particular projects with particular needs, but ultimately making for easier custom integrations in the long run.
+ Sharing this toolset with the developer community — meaning, eg., APIs — as providing easily accessible and transparent sources of data are our top priority (in contrast to UI).
- Our expanded vision includes aspects of decentralization in our product and the ability for developers to contribute to the technology, as well as things like developer and project grants, ecosystem funds, etc.
+ Concentration on Data and its accessibility for different user groups.
- Our focus is on providing a one-stop shop for all kinds of data, no matter one’s needs. Not only will the APIs provide the raw data with filtration mechanisms, but it will also be accessible very quickly.
- For example, we have gotten our historical data to the point where 1 million blocks can be processed in about one minute. That is very fast compared to what is currently on the market.
+ Onboarding IQ Protocol and other DeFi protocols at the forefront for mutual benefit.
- Our new vision includes a flagship product — oriented towards Web3 Protocols and dApps — that will help solve all their data needs. It will, of course, be built upon the existing PARSIQ tech stack.
- IQ Protocol and other protocols will become full-fledged users of this Web3 oriented flagship product.
+ Updating the go-to-market strategies to give the community and token holders clearer means of participating with, and contributing to, the project at large.
- The expansion of our platform will include a B2C/retail-facing element, which will help foster more community adoption and awareness.
- We aim to create network effects via a consumer-facing mobile app connected to the flagship product.
- And — very happily! — there will be more utility for the $PRQ token and even more involvement for token holders (read: DAO) in project decisions.
PARSIQ is the go-to backend for #web3 applications 🌊 We're a full-suite data network used to build the backend for all…
🕸 PARSIQ Network
The new product stack will be called the PARSIQ Network — a full-suite data network to build the backend for all Web3 dApps & protocols. By utilizing the benefits of a decentralization with the speed and scalability of a centralized solution, we’re positioning PARSIQ Network as the best-in-class data partner for Web3 projects.
Over time, this hybrid approach (i.e., working with on-chain and off-chain data) will allow us to implement further decentralization within the PARSIQ Network, where validators can provably confirm cross-chain data and initiate cross-chain tasks.
- Our first new product in our updated roadmap is scheduled to launch in just a matter of months. 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.
- 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. This solution will position PARSIQ as the go-to backend for Web3 applications.
- 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
- 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 — Atlas. 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.
- 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.
🛍 $PRQ — Token Utility Updates
We are excited to share how $PRQ token utility has evolved, and will continue to evolve, as PARSIQ follows its roadmap and continues to roll out exciting new solutions to the Web3 world.
Staking & Yield
Since the deployment of the IQ Protocol, $PRQ holders have been able to stake their tokens and earn valuable yield. This continues to hold true. $PRQ holders can continue to stake their $PRQ tokens and not only continue to earn more $PRQ tokens, but also qualify to earn $IQT tokens!
For details about the incentives, have a look at these posts:
To learn how to stake $PRQ on IQ Protocol, see this $PRQ staking guide.
Tsunami access will be managed via $PRQ tokens. PARSIQ will make two models available for its Web3 customers. Interested parties will be able to “pay to play” with $PRQ — meaning that each API call will cost a fixed amount of $PRQ, OR tiered access will be provided based on the number of $PRQ tokens which are being held by the user account.
The number of these tokens will drive what functionalities a user will be able to access, including the number of API calls which will be made available to that particular account.
To access PARSIQ’s products and services, customers will need to hold $PRQ tokens or rent them from the $PRQ renting pool. Even if a client decides to pay with stablecoins, PARSIQ will borrow the necessary equivalent amount of $PRQ from the pool to tie a client’s access to $PRQ.
For instance, IQ Protocol clients will have PARSIQ monitoring services available at their disposal. The cost associated with these services will be paid to PARSIQ through borrowing $PRQ tokens.
We anticipate that a significant percentage of our users will rent tokens — freeing up their capital for other needs they may have in their projects. $PRQ rentals will generate fees, and a percentage of those fees will be earmarked for interest yield to our devoted $PRQ stakers.
The PARSIQ DAO
From voting on product integrations (e.g. new Data Lakes) to managing the DAO treasury, $PRQ holders will play a critical and important role in the PARSIQ DAO, deciding collectively how to strategically and successfully move its products and services forward.
While our approach to helping our customers may be changing, our vision and our goals continue to remain the same. We are building for the long-term. We are building for Web3, to support decentralized applications, decentralized finance, and all that the world of blockchain has to offer which still has not yet surfaced during these early stages of the industry.
Where can I buy $PRQ?
$PRQ is currently listed on the following exchanges:
If you’d like to learn how to bridge $PRQ from ETH to BSC, click here.
If you are using a DEX, be sure you are using the correct $PRQ token contracts:
- ETH Contract:0x362bc847A3a9637d3af6624EeC853618a43ed7D2
- BSC Contract:0xd21d29b38374528675c34936bf7d5dd693d2a577
And if you are staking $PRQ on IQ Protocol, you will receive an iPRQ token as your proof-of-stake. To add that token to your wallet, use the following contract:
- iPRQ Contract: 0xc179082409ce39855159e7344d9ee2df32af6d36
For more information about staking, click here.
$PRQ Token distribution and supply:
The $PRQ token contract was deployed on the Ethereum blockchain on September 21st 2019 with a total supply of 500,000,000 tokens. PARSIQ successfully raised 1,595,000 EUR through a private sale (0.0175 EUR) and an IEO on Coinmetro.com (0.025 EUR). Out of 250,000,000 total tokens offered, 151,703,128 remained unsold and have since been burnt.
To show the team’s long term commitment to the project and protect the $PRQ community, in January 2021 a decision was made to also burn over 50% of team and advisor tokens (A total of 38.04m $PRQ). This re-balanced the available $PRQ in the market and has increased the trust with $PRQ holders who have supported PARSIQ so much since the $PRQ ICO.
There is now a total supply of 310,256,872 tokens divided up as follows (note: the numbers below reflect the totals as of June 2022):
Circulating Supply: 164,750,031
Team & Advisor Pool: 13,860,000 (Releasing 1.4m $PRQ per month until January 2023)
Development Fund: 22,713,405
Reserve Fund (Locked until further notice):125,000,000
Where can I follow PARSIQ online?
What is the relation of $PRQ to IQ Protocol?
As we noted, the $PRQ token sits at the core of the PARSIQ ecosystem, providing access to all PARSIQ services and tools. Where PARSIQ’s infrastructure is required, the $PRQ token is needed. In other words, $PRQ is PARSIQ’s utility token, which means it unlocks utility/services with PARSIQ.
The utility of $PRQ is a result of our creating IQ Protocol. Indeed, IQ Protocol solves the “token not needed” problem that so many blockchain platforms face.
The origin of IQ Protocol is interesting. It was initially proposed by Anatoly Ressin (our Chief Blockchain Architect) in November of 2020. He conceived of it as a way to better align the interests of token holders with those of utility users. And indeed, it is thanks to IQ Protocol that $PRQ now sits at the heart of the PARSIQ platform, providing access to our services.
However, in solving this problem, the team recognized that IQ Protocol had the potential to become something much more revolutionary than just another tool in PARSIQ’s belt. Instead, what we introduced not only the world’s first decentralized SaaS, but also a completely novel solution for lending and renting of NFTs and other digital assets. Now, other projects can utilize the platform to solve their own tokenomics, utility, and service models, as well as to serve as the basis of their NFT rental marketplace.
IQ Protocol, even though created by PARSIQ, is a platform of its own, with its own separate team (working closely with the PARSIQ core team) and will be governed like a DAO. This means that it will need its own token: hence the launch of the IQ Token ($IQT).
The IQ Token will have a different set of properties than $PRQ. All of the details about $IQT are still being determined, but it’s all very exciting. When we get closer to the IQ Token launch, we will have a complete (at that point) description of what the IQ Token unlocks.
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.