PARSIQ Q&A #20
Every Friday-ish PARSIQ team answers your most important questions. Join our Telegram chat to ask!
Once again, thanks to Bryan for gathering up all these great questions and thanks to the community for getting involved and being interested in the future of the company.
1. Can you share the significance of the Parsiq logo and how it came about?
The logo is a generative model that represents bridging connections between isolated blockchains, other networks and off-chain systems.
2. What is Parsiq’s current forecast for the amount of Revenue IQ will generate on a monthly basis at the end of Q2, Q3 and Q4?
It is difficult to forecast since some users will be paying monthly, while corporates will be paying for the year in advance and different plans and different amounts of usage will have different revenue amounts, but the ambitious goal is for ARR to reach low 7 figures within a year and to triple the ARR each subsequent year, compared to the previous year.
3. What was the outcome of the huobi competition? Do we have a result yet?
No results yet. The integration was submitted to Huobi ECO Chain and we will be surely collaborating with them more closely in the near future.
4. When can we expect IQ Mainnet?
IQ Mainnet will launch within Q2. We cannot give exact date ranges since many things do not depend on us directly. We want it to be secure, user-friendly and functioning perfectly.
5. Would IQ protocol be able to be used with tokens that have deflationary or inflationary mechanisms in place since the supply would be changing or does that just adjust the power token value in proportion to the supply like what would happen if the price were to get too high?
That would just adjust the power token value in relation to the utility token.
6. You have mentioned other projects are wanting to use the IQ project for their own SaaS. Will they have to hold PRQ, or will they pay in order to use the IQ model?? How will the outsourcing model of IQ benefit Parsiq ?
This is not yet set in stone, but one option is: monitoring is required to be used in tandem with IQ Protocol (to be able to detect tokens held by customers and their eligibility for services to automatically give access to the services), so the upside could be that all the projects utilizing the IQ Protocol will also have to use PARSIQ services with it and thus borrow or hold PRQ. But there are also other models being considered.
7.We know the team is trying to hire new people to keep up with demand. Does the team have any projections or goals regarding how many people they want to hire by the end of this quarter and this year?
We expect to have a team of around 40 people by the end of this quarter. We are used to being a lean team, so scaling is not easy for us, but necessary. Further expansion will depend on the growth rate, but we expect exponential growth, if the first quarter of this year and our existing pipeline is any indication.
8.Instead of making potential institutional clients try and buy off the free market directly, why doesn’t parsiq offer a brokerage option to make it easier where parsiq then buys off the free market for them and they pay in fiat through the company directly?
The majority of institutional clients will likely be borrowing, not buying. But the good thing is, they can pay subscription fees (which in reality are lending or more accurately “renting” fees) in any currency (crypto or fiat), which will then be converted into PRQ (by buying from open market) and sent as yield to IQ Protocol pool.
9. Since the new Delivery vs Payment Channel mechanism can be used to share state off chain in a decentralised anonymous way would this be something that will be used outside of IQ protocol? Are there any limitations to which blockchains/off chain services can access this state?
Right! DvPs will be used off-chain and outside of the IQ Protocol for the sake of efficiency. We have no particular limitations in mind for the off-chain services as long as they meet the IQ Protocol’s Energy model via the Service’s “Resource” consumption.
10. Could you tell us something more about this top asian crypto custodian and client that will need to monitor 10m wallets ?
All we can tell you, is that you can expect those announcements in April along with many other interesting developments.