Published in


Every Friday PARSIQ team answers your most important questions. Join our Telegram chat to ask!

Greetings PRQrew and Qties! 🖖

It’s time once again for our AMA session, where we answer questions from our brilliant community!
Thank you all for some great questions this week!

1.How many triggers have you implemented since starting and with IQ in mind how much would this cost if someone didn’t hold a bag

Since launch, over 150k Smart Triggers have been deployed in total. The fee calculation depends on many aspects (addresses under monitoring, number of API calls, additional feature usage etc). More info on that closer to launch of IQ Protocol.

2.How’s Ncase working for coinmetro and other clients? Any issues and have the team resolved them?

Still in the testing stage. Stay tuned for more updates regarding Ncase. But for Coinmetro and others, Ncase’s non-custodial system is the perfect execution of the vision of a centralized platform providing a decentralized custody of funds. This approach will prove to be extremely popular within the industry in the coming years.

3.How many new team members have been onboarded over the past two months and how many more are parsiq expecting to onboard in the next few months?

how are they coordinating those teams — of full time and freelance staff?

We have onboarded 5 new members in the past 2 months in addition to the teams who are now working as outsource. We hope to onboard 2–3x as many in the coming months.

4.How can external projects use IQ Protocol and how will it benefit PRQ?

We already have multiple projects lined up for using our upcoming IQ Protocol and any project looking to use their utility token as payment for a type of service or product can implement this revolutionary protocol to also add to their tokenomics profile. You’ll have to wait for our documents to be released to get the details on PRQ’s role in this. But this is PARSIQ’s entry into pure DeFi and the protocol is the first of its kind — to tokenize subscriptions, grant accessibility via risk-free collateral-less lending pools and earn passive income for holders. On-chain subscriptions are the future of all SaaS.

5.Will the experimental API being used in the ETHDenver event be integrated into the existing services that are offered? Would this open up another set of use cases to the services provided by Parsiq?

Yes, absolutely. We are not only planning to make this API available publicly that will be possible to use without any payments, but holding PRQ (recall IQ Protocol). But also all the functionality that stands behind this API will be accessible from ParsiQL. This means the wider access to the additional information that will be retrievable during the Smart-Trigger Workflow execution. This API is yet the next step towards lower barriers between ON & OFF-chain.

6.Given that parsiq has so many different use cases, what is the team’s process on figuring out which direction to take ? Which avenues do you currently regard as particularly promising?

It’s correct that our services are very versatile in the way we can help projects, but oftentimes, we communicate with the individual project/client on what their pain points are and help them understand how PARSIQ can relieve some or all of those. Along with giving them feedback on how to utilize the entire suite we offer to give their clients or community an even better service.

Our current platform is already considered a huge success, which is evident from pretty much all major projects in this space wanting to work with us (and some big non-crypto companies as well). With ParsiQL 2.0 coming, Public Projects, Ncase and the IQ Protocol, we have no doubt that 2021 is going to be a major year for PARSIQ.

7.Fast forward 10 years, how does the world look differently WITH Parsiq than it would without it?

10 years is a looong time in crypto. 10 years ago we barely had Bitcoin — in fact, 10 years ago to the day was the first time Bitcoin hit 1 USD.
How about we just look a few months ahead?

PARSIQ is aimed to be a bridge and that is our current mantra. We want users and projects to be able to “talk” to or work with other projects across blockchains and systems.
Imagine this use case for example:
You go to a website, let’s call it “Amazoom” to buy a specific product and you want to pay for that product in crypto.

PARSIQ will handle:

  • Receiving whatever token is used for payment
  • AML and KYT on that specific payment
  • Swapping it to a currency(most likely a stablecoin) of choice for Amazoom
  • Notify Amazoom that payment is received and verified in their proprietary system
  • Sending the client an invoice for the product and payment verification
  • Handle sending an incentive/loyalty token back to the client, one that can be used in future transactions to give discounts or unlock special offers.

All Amazoom has to do is send the product to the client.

8.Some people claim that prq is meant to equal $1 is this true?

This is not true. Our Tokenomics will scale dynamically to make sure our clients never “overpay” for our services as well as make sure that PRQ can make its own price discovery.

9.How many clients you have right now for Ncase service ? How many clients you predict to have for Ncase service EOY ?

The initial MVP version is being tested by the first batch of customers. We will reveal some statistics after the next development sprint. Difficult to estimate any specific numbers as the clients will vary in size and onboarding complexity, but we expect Ncase to be quite widely adopted as this service has very high demand.

10.Do you think Parsiq can solve gas problem ? How will gas price affect usage of IQ protocol and lending ?

Ethereum’s gas issue is not solvable on their current chain, but you can be smart about how to interact with it and bundle transactions as well as use complimentary services. Stay tuned for our technical documentation describing the inner workings of the upcoming IQ Protocol.



Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store