PARSIQ Network: How We Will Redefine Web3 Backend
As we march into the final days of the first quarter of the year, I am eager to update all of you on the progress that continues to be made within PARSIQ. There is much to share with all of you regarding what we have been doing to move forward on our vision of helping clients connect their Web3 protocols and dApps to off-chain user experiences.
In my first CEO letter, we made the exciting announcement that PARSIQ would refocus its efforts towards foundational technologies and SDKs. As many of you may recall from reading that letter, this decision was not taken lightly. Rather, it was the result of months of learning from our customers, partners, and the broader industry, amongst others — the critical needs that were arising from the different types of projects which have been launching.
In February’s announcement, we informed all of you that we had begun to work towards this refocused vision. Today, I am excited to share more about PARSIQ Network — what we’ve done, where we’re going, and a roadmap to clearly show the way of getting there.
Below, I explain the details of where we’re going and how we’ll get there.
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.
PARSIQ OGs will be pleased to know that the smart triggers and retrospective triggers that first elevated PARSIQ in the blockchain world will continue to live on within Tsunami. These features, which are now “under the hood” and part of the abstraction layer, will continue to be available to PARSIQ’s users.
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. Akin the Google Firebase on Web2, 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
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.
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.
This 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 will allow us to implement further decentralization within the PARSIQ Network, where validators can provably confirm cross-chain data initiate and cross-chain tasks.
The Next Twelve Months
We all know that blockchain is a rapidly evolving industry. The pace of change can often be measured in weeks, versus months or even years, across traditional industries. While many may see these frequent changes to be challenging, we see them as opportunities to continue to learn, evolve, and provide relevant solutions for our customers and for our industry.
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.
Our revised approach has received strong support from customers and partners, ultimately allowing us to build a pipeline of dApps and Protocols vying for early adoption on the PARSIQ Network — these trusted partners will assist us with tuning our product suite and will provide solutions that add additional value to the market.
We hope that you are just as excited as we are to see the new products we have in store, and I am looking forward to sharing with you again in the next few months when we are able to ship our Tsunami API.
All the best,