PARSIQ Q&A #2
Every Friday PARSIQ team answers your most important questions. Join our Telegram chat to ask!
1. There is 100.582.177 token in circulating supply but the total amount of tokens is 500.000.000. Are those 399.417.823 tokens will be taken out of circulating forever? Or are you planning to put all 500 mln into circulating over time? Rebalancing is planned for October. Is that mean in October we will see growth in circulating supply?
Currently, the team has no plans to use the funds from the reserve wallet. I don’t think that will change in the near future. As for rebalancing — we are currently negotiating a new structure and vesting period for the team/advisor token allocation for it to be fairer to the token holder community and have minimal effect on the circulating supply. Details in October.
2. Will there be different versions of enterprise PRQ access vs retail investor access?
In terms of the product, we do have different plans for retail and enterprise users. Some features will be available only for enterprise-grade customers. However, in terms of PRQ tokenomics, it will work in the exact same way for both retail stakeholders and enterprises.
3. After reading the Techsauce article about why oracles are important, and what are the differences between classic oracles like Band and Link and a reverse-oracle like PARSIQ. Would PARSIQ consider partnering or integrating with one of the classic oracles and if yes, what would be the importance of such a collab?
Oracles Will Play a Big Part in the Real-World Success of Smart Contracts and Decentralized Finance
It was in the early 1990s when the idea of smart contracts was first conceptualized. By 1998, the Stanford Digital…
Oracles will play an important role by bringing off-chain data to smart contracts that have so far been isolated. But PARSIQ acts as a next layer by catching any events happening on the blockchain via our monitoring subsystem. We can allow anyone to automate actions based on events happening on the blockchain. Those actions can be executed either in any off-chain app or device or even cross-chain. So PARSIQ and classic oracles solve different problems. We actually have recently had discussions with some oracle projects about potentially partnering up and bringing value to both ecosystems by allowing each other’s users to consume different data feeds.
4. What’s the weekly growth rate of the PARSIQ platform? How well has Flashr been received? Based upon current contracts and the rate at which you have been acquiring clients, when do you project that you will be a profitable company?
Introducing ⚡️ FLASHR: PARSIQ’s Newest Sub-Product
Because of the increasing mainstream adoption of blockchain technology, more people are drawn to this new industry. New…
The growth rate varies from week to week, depending on the marketing activities or product/feature releases we do as well as media coverage. But since we announced reaching the milestone of 5000 users (that was 3 weeks ago), we’ve had nearly new 700 users. Flashr has had an immensely positive reception. We have even seen people actively talking about in the official Telegram groups of the projects that are included in Flashr.
As for profitability, this is a tough question. We are quite happy with the MoM revenue growth rate and if we stayed put and just focused on the tech we already have, prioritizing mostly client acquisition, I believe we could reach profitability quite fast. But we are looking at this project long-term — where do we see the project in 3–5 years and what we want to achieve in the industry long-term. And for that vision to come to fruition, we need to develop more, add features, improve the product, more integrations, additional sub-products etc. And that means higher burn rate. But it also means that our tech will be needed and sustainable in the long run, which is the goal.
5. With being in the space you are, developing those types of products, what’re your thoughts of anonymity on-chain? Is privacy coins an active subject discussed by the team? As Ethereum leaks IP-addresses of users of certain dapps, will PARSIQ eventually be able to collect the localization data of ether/similar blockchain-users?
PARSIQ works with data that is publicly available on the blockchain but also can act as an opt-in auditor for coins designed to support of this feature.
Beam is a good example:
“To comply with relevant regulations, a wallet can be configured to attach digitally signed documentation (eg invoices or contracts) to all transactions in a cryptographically unforgeable way. In turn, specific auditors can be granted permission to inspect the complete list of transactions along with all the attached documents.”
Discover all the features of BEAM, a new cryptocurrency based on Mimblewimble protocol with a direct focus on privacy.
6. Can PARSIQ help performing dust attacks, since you can track down wallets and movements?
Theoretically, the dust attack process can be simplified via the process of real-time monitoring. And, honestly, not only dust attacks. But it is important to note that any sorts of attacks are independent from off-chain tools in the end, as the blockchain access — all that matters. The rest (various off-chain tools) is simplification. We discourage malicious and fraudulent activity, but these types of attacks did, do and will exist in spite of our beliefs.
7. Are you going to update Flashr (new features, not just coins/tokens) continuously or is it just as a showcase of what PARSIQ can do?
We will be updating Flashr continuously. Not only adding new tokens, but new features to give everyone a wealth of trading data to match on-chain alerts.
8. You guys are working on rolling out your new tokenomics model next month and you mentioned it might include staking/lending. With all the innovations going on in the DeFi space right now, are you guys looking at what’s going on with DeFi and is that influencing the tokenomics of PRQ in any way? If so, in what ways? What DeFi projects have you been influenced by?
I believe we will offer a new and unique tokenomics model to the market, which will encompass DeFi use cases as well as provide proper incentives for the community. Details will be announced in October.
9. Has EXMO expressed interest in using PARSIQ’s services? Do you plan to do heavy marketing in Russian speaking countries?
We are in discussions with EXMO as well as some other major exchanges to provide various solutions. For one of them, the plan is to integrate on-chain trading signals for the exchange’s users. The Russian-speaking crypto community is one of the most active communities in the space. So we will definitely implement marketing strategies for those regions.
10. With the heavy gas fees right now, how will PRQ deal with that. I know it is blockchain agnostic, but the token is an erc 20. Will there be tokens on other chains or will it always be an erc20 and how will you deal with the high gas fees if so?
We are open to migrating PRQ to another chain, but it’s too early to say right now.
If you have questions about using PARSIQ you can always ask our team in TELEGRAM GROUP: https://t.me/parsiq_group