PARSIQ Q&A #15
Every Friday PARSIQ team answers your most important questions. Join our Telegram chat to ask!
Thanks once again to our great community, for some good questions for our AMA.
1.It was responded to in a prior AMA that the IQ protocol for staking may be web based. Will the IQ Protocol be constructed in a way whereby the protocol will be able to monitor the PRQ in decentralised wallets and the “Staking” stay active so long as the PRQ are not moved or will PRQ have to be transferred to the proposed web based portal as I remember a gas costs was also mentioned prior? Also any other IQ Protocol info would be appreciated.
The web-based portal will be only for interacting with the users of the IQ Protocol. The Protocol itself is a series of smart contracts on a decentralized network. To lend you have to send PRQ to the smart contract, and it will issue corresponding iPRQ tokens back to you. You can reclaim your PRQ at any point by sending the iPRQ back into the pool. We are acutely aware of the potential ETH GAS problems and are working on optimizing this best as possible. More details will follow once we disclose the technical writeup on the IQ Protocol in March.
2.How IQ protocol will combat ETH TX fees?
We can do several things, but rather than get into details now, we would like to announce the entire technical aspect of the IQ Protocol in our technical papers coming in March.
With that being said, we aren’t necessarily limiting the IQ Protocol to the Ethereum network.
3.Can you say ratio of how many customers approach Parsiq vs how much solicitation is sent to potential customers ?
The customer strategy is a mix of inbound and outbound. Users discover PARSIQ through web search or hear about us via word of mouth, which drives users to our website to register and create user accounts as well as request demos. The outbound strategy is to identify strategic companies and projects that would benefit from the PARSIQ platform and engage them where they are: via Twitter, Telegram, Discord, LinkedIn.
4.Could Parsiq please tell us plans outside of traditional crypto for Parsiq? I.e. Could Parsiq enable blockchains to revolutionise healthcare, infrastructure? Are we going to see blockchains become functional systems rather than just for finance?
Blockchains are already being utilized as functional systems rather than just “finance”. Just take a look at something like CarVertical.
With our core goal being to disrupt the established, we aren’t limiting ourselves to financial systems only, there reason we are working on those right now is just the fact that they were the first to utilize this completely new ledger technology. In the future we expect to embrace different segments when it makes sense and we can deploy our technology for real use cases. We expect MASSIVE growth for DLT (Distributed Ledger Technology) in the future and with it an expansion of PARSIQ’s reach.
5.As Anatoly understands things better than most of us, what is his view on the old BTC argument for large blocksize vs small blocksize?
Does he think 1 better than the other?
“I tend to be on conservative part — small blocks. Yet I’m not as radical as some others in this question.
My personal view of Bitcoin is “Store of Value” and universal equivalent. Even if Satoshi originally thought that he created electronic cash without a trusted 3-rd party — he actually created much more. He created a whole digital universe (bitcoin network) and a substance (bitcoin/satoshi units) that are much more fundamental than money. This is a unique socio-economico-technical experiment that should be updated with care. I think Bitcoin should not pretend to be anything other than the universal equivalent of Buying Power. My own view is that Bitcoin itself should not move at all, yet needs to have such an ability (that is very important). Everything should be only “backed” by bitcoin. What I think bitcoin is missing is ability to integrate with other chains smoothly. Something like “reverse peg opcode (drivechain)””
6.What kind of companies have approached you about adopting the IQ Protocol i.e. has it been purely other DeFi crypto projects or have some traditional non blockchain SaaS providers approached as well?
So far we have spoken mostly to crypto companies. Those that have tokenomics that involve a token giving access to something — to services, to features, to computing power, to voting rights and more. All of them have shown substantial interest in utilizing the IQ Protocol. However, we do believe that as blockchain gets more widely adopted, most of the SaaS industry will migrate to on-chain subscriptions and with PARSIQ’s IQ Protocol they will have the opportunity to tokenize their subscription models and create a whole circular economy around them.
7.Do you think about fully decentralizing parsiq at some point?
Yes, we are constantly talking internally about what makes sense to decentralize in the future and you will see parts of PARSIQ being decentralized in the future — we will also offer running own nodes to handle event streams, without being on the PARSIQ network. It’s not in our plans currently to completely decentralize PARSIQ, as some of our technology is proprietary and would not make sense to decentralize right now — perhaps that changes down the line, we are very open for this scenario in the future.