PARSIQ Network FAQ
Understanding our Evolution into a Full-Suite Data Network
We at PARSIQ have been very excited about the growth and evolution of our platform in 2022. Not only did we announce a new roadmap for PARSIQ, but we are also actively preparing to launch our new flagship product, the Tsunami API.
With a successful testing phase already initiated, the Tsunami API is slated for release in July of this year. But that is not all! An entire network of products — such as our Data Lakes and Data Hubs — will follow in its wake. These products will set a new standard for Web3 data accessibility for dApps and protocols.
The evolution of PARSIQ into a full-suite data network is as significant as it is groundbreaking for our platform. So, we wanted to take a moment to create this FAQ document, addressing some of the questions that you no doubt have about how the evolution of PARSIQ into the PARSIQ Network will work.
Now, let’s get onto the questions!
We’ll start with some about our platform’s evolution into the PARSIQ Network and our new flagship product lineup, then we’ll move onto questions about the status PARSIQ Core (i.e., the existing platform), and end with some questions about the $PRQ token.
But to start it all off, let’s make sure the names of all our products are clear…
There is the PARSIQ Network, new products, and PARSIQ Core. What are all of these things?
In this evolutionary phase, we have found it necessary to find a way to differentiate between, on the one hand, our current technology and products and, on the other, the new line-up of products we have planned.
PARSIQ Core is the name we have given to our current technology and product — namely, our Smart Triggers, ParsiQL (programming language), and our classic data monitoring platform. It is “core” not just because it represents our initial creations, but because it also serves as the core technology allowing us to construct our new products.
The PARSIQ Network is the name we have given to the new network of products we are currently developing. Currently, this includes the Tsunami API, Data Lakes, Data Hubs, Data Lake SDK, the PARSIQ DAO, Atlas, and PARSIQ Hybrid.
For a broader description of PARSIQ, our history, our plans, and the evolution from PARSIQ Core into the PARSIQ Network, be sure to check out our PARSIQ 101 article. And for more insight into the first three of our new products to be released — the Tsunami API, Data Lakes, and Data Hubs — be sure to check out our article on how PARSIQ Network is setting a new standard for Web3 Data.
Why is PARSIQ undergoing a major change at this stage?
- TL;DR: The evolution of PARSIQ will open our services to a much wider base of customers and use cases. Our vision and mission have not changed, and ultimately, we will be better positioned to become the go-to, full-suite data network used to build the backend for Web3 dApps & protocols.
This is a great question, and could also involve other similar questions, such as: why is undergoing this evolution the right decision for PARSIQ? Or, why not stick to the goals outlined on the previous roadmap?
The evolution of PARSIQ represents a renewed, refined focus for our platform. To be sure, our vision and mission have not changed — but our roadmap and modes of delivery have transformed. For this reason, our new product stack will be called the PARSIQ Network. Of course, the decision to pursue this route was not made lightly. We spent a lot of time reflecting on the work we have accomplished with our partners, the feedback of customers, and learning from the growth of the industry at large.
While our original core technology has served us well (and forms the foundation of our transformation!), we found ourselves limited by it in some ways. For example, 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. Our flagship products also do not require other projects to use ParsiQL, our native programming language used to build PARSIQ. This will make our platform more attractive to developers, but it will also make it much easier for other projects to get the most out of the data we provide.
Essentially, the PARSIQ platform was calling out for expansion and growth. Unfortunately, the “transparency and openness” of blockchain data does not mean “ease of access” to that data. With that in mind, we decided to introduce our Tsunami API, which provides access to both real-time and historical data. As our evolution unfolds, the PARSIQ Network will open our services to a much wider audience of users. Ultimately this means that — with our new roadmap and milestones set — we will be better positioned to achieve our aim of becoming the go-to, full-suite data network used to build the backend for Web3 dApps & protocols.
What will be new with the PARSIQ Network?
- TL;DR: A lot! Our Tsunami API, Data Lakes, and Data Hubs will form the basis of our ability to provide Web3 dApps and protocols with solutions to all their data needs. This includes real-time data, historically indexed data, and data storage.
The new features are related to the new suite of products we have lined up. Among them, the first to be released are the Tsunami API, Data Lakes, and Data Hubs.
The Tsunami API will give Web3 Dapps and protocols access to a range of real-time and historical data, enabling them to track metrics such as TVL, liquidity, current and historical token prices, user balances and more. Each project will be able to set up their own data lake which will allow them to define specifically what kind of data/stats they require, which we can provide to them. Ultimately even individual end users will be able to utilize data lakes aimed at specific protocols and use cases, enabling them to gain the fastest possible access to whatever onchain data they require.
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 to Google’s Firebase on Web2, this solution will position PARSIQ as the go-to backend for Web3 applications.
Finally, Data Lakes are also on the horizon, which are custom integrations of each dApp and protocol, each with their own unique internal logic. By implementing the concept of Data Lakes, third parties interested in these dApps and protocols will have a way to retrieve their associated data through these dedicated Data Lake APIs.
Importantly, and as reflected in our roadmap, these are not the only products we are working on! Our roadmap includes further plans, such as the creation of a DAO, a blockchain data explorer, and Hybrid, which will provide dApps with the ability to manage certain tasks off-chain as well as a seamless integration of our reverse trigger technology. More details will be provided about these products as we get closer to their launch.
To learn more about the Tsunami API, Data Lakes, and Data Hubs, click here.
Do the new milestones on the roadmap have to be built from scratch? Does this mean PARSIQ is starting over?
No. Not at all!
Everything that we are currently building was only made possible because of all the tech we have been developing, and the research we have been conducting, during the last couple of years.
With that said, it is not as if we already had these products built: the API and the structure which will let us build Data Lakes and Data Hubs for clients will all have to be constructed by our developers. A substantial portion of the work necessary, for example, for processing real-time data or indexing historical data is already in place.
What is the timeline for the development and release of the new flagship products? When will the MVP Launch?
As noted above, our flagship Tsunami API is already in the testing phase, and is scheduled for launch in July of 2022.
As you can see on our roadmap, we’ve got plans to continue the evolution of the PARSIQ Network into 2023. As time progresses, we will be sure to update our community on the specifics of our product launches!
Which Blockchains will be supported at launch?
Upon launching the Tsunami API, we will provide real-time data and historical data for at least four major chains: Ethereum, BSC, Polygon, and Avalanche. Our plans include providing services on many more chains in the future.
Who will handle the transition? How will the efforts between different products be spread? Are there enough resources to develop and promote the new product?
- TL;DR: The evolution of the PARSIQ Network is a full team effort and we have more than enough resources to create and deliver our flagship products!
Our entire team is involved in guiding our platform through this transition.
At the broadest level, the evolution is being managed by Rong Kai Wong (COO) and the operations team. But the entire PARSIQ team is involved with the transition. Our product team and the developers do the technical work of creating the Tsunami API, setting up Data Lakes, and preparing the hardware necessary for running nodes and storing data for our Data Hubs. The product team also communicates with our Business Development team, who not only spread awareness of our new products and locate clients, but also find (for instance) projects to test our products ahead of their launch. We also have our Marketing and Community teams who help to spread awareness of Tsunami API, creating educational resources, making sure every project across the blockchain space is aware of what it can offer them, and helping to inform our community of our plans and progress.
About resources, yes: we have sufficient runway in terms of financial resources to support staffing and marketing. We also have the necessary developer resources needed to create the products themselves.
But we’re always on the lookout for more talent! Have a look at our job postings (website currently being updated).
Do you have new clients set to use the Tsunami API? Or, do you have to start over securing clients and partners?
Several clients — both existing and new — are in place to test the new API and services.
We do not need to begin anew with our client base, as our existing clients will also be able to continue to use the currently existing platform. We also have a growing pipeline of dApps and defi protocols to be early adopters of the Tsunami API and the PARSIQ Network as a whole.
Importantly, our new flagship products will make it possible for us to continue to gain more new clients, and to better meet their needs, then we could have achieved before our evolution as a platform.
So, we have a lot of interest shown by potential new clients and can maintain our existing client base — we are most definitely not starting from scratch in this regard.
What will the pricing model look like for the new flagship product?
We are currently in the process of working out the details of the pricing model. When we have determined how it will work, we will update our community (and fill in the answer on this document).
How can a dApp or protocol get in contact to get in line to use the new Tsunami API?
If you’re interested in finding out more about the Tsunami API from a business perspective or onboarding your own protocol, please don’t hesitate to send us an email!
Who can participate in the testing of the new flagship products?
We are looking for businesses, blockchain projects, and Web3 dApps and protocols to test our MVP. If you represent a project or protocol, and are interested in testing a product ahead of its launch, please get in touch.
We are not currently seeking individuals to test the MVP. In the future, however, it may turn out that we seek individuals to test our retail-facing products, such as Atlas. Finally, if you have any recommendations, we would love for you to suggest projects or contacts that we can speak to about testing the MVP.
What are your plans for the PARSIQ platform as it currently exists?
With the expansive new monitoring and indexing services offered by the Tsunami API (and our other products), there will be little reason to continue development on the existing platform as it is. This means that new features will very likely not be created.
The existing PARSIQ monitoring platform will remain active and accessible for clients who are currently using its services. There’s also the possibility that we can utilize our core technology to do custom work for clients (based on their size, needs, etc.). Though, doing custom work with the core PARSIQ technology will not be our priority.
The PARSIQ platform will not, however, remain accessible to retail users beyond existing paid accounts.
What will happen to existing free PARSIQ accounts and to the triggers associated with them?
Many of our users take advantage of the free accounts that we offer. Because of the logistics involved in our platform’s evolution, we will no longer be offering our free accounts. These accounts will be made inaccessible at a date we will specify in the future, and registration for free PARSIQ Core accounts will close at the time of the Tsunami API’s launch.
When it comes to paid accounts and client accounts: these accounts will be allowed to remain in place if they chose to retain their subscription. These customers will also have the option to move to using our new flagship products — it will be up to them if they want to use only PARSIQ Core, only the new products, or both!
Why — with the evolution into the PARSIQ Network — is it necessary to close down PARSIQ Core for retail users? Why not keep it live and just further expand your scope with Tsunami?
This is an important question, and one that we have thought a lot about. Ultimately, our decision is that PARSIQ Core will be left only for enterprise-grade customers where spending large amounts of resources is warranted. This decision involved a variety of factors. For instance, on the one hand, retail usage of PARSIQ Core does not accrue value for the project or the token holders, since it is free and does it generate revenue. On the other hand, it requires continuous resources when it comes to maintenance, updating, customer assistance, and so on. Because of reasons like these, it does not make the most sense, for the growth and success of our platform, to keep PARSIQ Core open to retail customers.
However, our decision to limit access to PARSIQ Core to enterprise-grade clients does not mean that we no longer have plans and ambitions to create products and services gear toward retail customers. Quite the opposite! For example, Atlas — the dApp and the DeFi explorer frontend that will be built on top of the PARSIQ data APIs — will serve as a much better free tool for retail users with a clearer value proposition and lower entry barrier.
What is the fate of PARSIQ Core and the technology and goals, such as ParsiQL, NCase, Retrospective Triggers, and the Public Marketplace of Smart Triggers?
- TL;DR: Our new approach involves reimagining our technology and the products we offer. The purposes the tech and products would serve has not fallen from our view. We’re finding new (and improved!) ways of realizing the goals we previously set for ourselves and creating the products we already had planned.
It is important to recall that, in the evolution of the PARSIQ Network, we are not abandoning the ambitions that inspired PARSIQ Core. We are, however, taking a new approach — an approach that will allow us to better reach our goal of becoming the go-to backend data solution for Web3 dApps and protocols.
Our new approach involves reimagining our technology and the products we offer. This means that we’re finding new (and improved!) ways of realizing the goals we previously set for ourselves and creating the products we already had planned.
ParsiQL is the domain-specific programming language that we created for our platform, and which powers our Smart Trigger technology. Moving forward, ParsiQL will not be the main language used to develop our new products. This is because our goal is to make blockchain data as easily accessible to our customers as possible. With our Tsunami API (and the other products on our roadmap), data will be made accessible immediately ‘out of the box’ for our customers, allowing them to use and manipulate it in whatever language they prefer. That said, ParsiQL will still be used by our product team to deal with large amounts of blockchain data efficiently.
As for our other, previously planned products, such as Retrospective Triggers, Ncase and Public Marketplace: these are not currently scheduled for release (as reflected by our roadmap). However — and very importantly — this does not mean that the purposes they would serve have fallen from our view.
For example, the Public Marketplace will be replaced by the public SDK which will allow anyone to build Data Lakes and publish them and be incentivized via PARSIQ DAO grants. And there will still be an element of IFTTT (if this, then that) notification capability featured on retail-facing products or apps in the future (e.g. Atlas). With something like this, as with our core Smart Triggers, users could use various Web3 dApps and Protocols and create IFTTT triggers in order to receive alerts when their criteria is met (e.g., when a certain price target for a monitored pair is reached on Uniswap or when the sale of a particular NFT happens on Opensea).
NCase is currently not in the MVP and has currently been deprioritized due the resources needed to create our flagship product. However, the technology behind it is important and will be used directly in PARSIQ Hybrid, as well as the Reverse Triggers technology.
Finally, the Smart Triggers and Retrospective Triggers that first elevated PARSIQ in the blockchain world will continue to live on within the Tsunami API . These features, which are now “under the hood” and part of the abstraction layer, will continue to be available to PARSIQ’s users.
It’s important to remember that, in and through PARSIQ’s evolution, our vision and mission have not changed — if anything, they have been further solidified and made easier to accomplish!
How about the utility of $PRQ — Why is the token needed? How does its utility work?
The $PRQ token continues to sit at the center of our platform, 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.
For example, access to the Tsunami API will be managed via $PRQ tokens. PARSIQ will make two models available for its Web3 customers. On the first, interested parties will be able to “pay to play” with $PRQ — meaning that each API call will cost a fixed amount of $PRQ. On the second, 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.
Token holders will also be happy to hear that even more utility will be attached to $PRQ in the future! New utility will come into focus, for instance, with the creation of our DAO. (Details about the DAO and its structure will be made available in the future.)
For more information on the $PRQ token and its utility, click here.
What is the relation of $PRQ to IQ Protocol?
The utility of $PRQ is a result of our team having created 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 $PRQ now sits at the heart of the PARSIQ platform, providing access to our services.
However, in solving this problem, the team recognized that IQ Protocol had the potential to become something much more revolutionary than just another tool in PARSIQ’s belt. Instead, what we introduced was not only the world’s first decentralized SaaS, but also a completely novel solution for lending and renting of NFTs and other digital assets. Now, other projects can utilize the platform to solve their own tokenomics, utility, and service models, as well as to serve as the basis of their NFT rental marketplace.
IQ Protocol, even though created by PARSIQ, is a platform of its own, with its own separate team (working closely with the PARSIQ core team) and will be governed like a DAO. This means that it will need its own token: hence the launch of the IQ Token ($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.
How will the evolution of PARSIQ benefit token holders?
Our newly refined approach will open PARSIQ Network to much larger adoption by Web3 protocols, dApps, and users.
No one else currently offers the suite of services we have planned; and the speed and ease of access to our data is currently unmatched. We at PARSIQ are whole-heartedly dedicated to our platform and to the advancement of Web3 and blockchain technologies. The $PRQ token is directly tied to usage of all of our services. As our platform accrues more and more users, so too will the $PRQ token accrue value.
The $PRQ token will also gain further utility upon the launch of the PARSIQ DAO, providing voting rights and more. Further details about the DAO will be made available as we get closer to its launch.
We are here to stay, and not only that — we are positioning ourselves to set the bar for what it means to be an infrastructure provider in this space. As our platform and products advance, we expect $PRQ to advance as well.
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.
And finally, don’t forget that we currently have incentives running for those staking $PRQ on IQ Protocol!
For details about the incentives, have a look at these posts:
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.