PARSIQ Q&A #26
Every Friday-ish PARSIQ team answers your most important questions. Join our Telegram chat to ask!
It’s Friday which means it’s time for our weekly Q&A with our awesome community and this week, we can tell that people are getting excited for our upcoming launch of the IQ Protocol.
(1)What does Chainlink Keepers mean for parsiq?
Fundamentally, nothing. The proposed Chainlink 2.0 Whitepaper has a little bit of overlap in terms of off-chain computations, but as a whole, Chainlink remains focused on real-world to blockchain, while PARSIQ is vice versa, with conditional logic, programmability, workflow automation and third-party integrations.
Here’s a good Anatoly quote:
“PARSIQ is dual to oracle model. Like an oracle it is a reactive system that observes a state change in Domain A (source) and brings these changes to Domain B (destination). For traditional oracles the destination is a blockchain, and the source is outside world. For PARSIQ it’s vice versa. PARSIQ develops an extensive tooling for detecting on the fly arbitrary patterns within a blockchain (like transfers, liquidation auctions, and other patterns that rapidly emerge with evolution of DeFi) and notify an external world about detected events in real time (and even in future ahead of real action is performed, because PARSIQ develops mempool analysis as well). So for PARSIQ the source is a blockchain, and destination is an external world. Of course the entity notified by PARSIQ can make a decision and produce a new blockchain transaction (or trading order) that will complete an information/control cycle. It is worth mentioning that PARSIQ is able to consume data directly from oracles or even private proprietary sources to complete information that was caught on blockchain. Yet the blockchain (especially DeFi activity) remains a main source that initiates the sequence of actions. So we are kind of a dual to ChainLink:
Chainlink = World -> Blockchain -> World
PARSIQ = Blockchain -> World -> Blockchain”
We have planned for what we call reverse smart triggers later in the year, so theoretically we could work in any direction, having off-chain triggers creating on-chain actions. With this update, we could even do on-chain to on-chain actions as well. Furthermore we focus on doing smart triggers in real-time, creating some unique possibilities and use case scenarios with our technology.
(2)Will the IQ protocol be used as a revenue stream straight away in its 1.0 iteration?
Pretty much straight away, but it might take a week or so after launch for some to be switched to the IQ model.
(3)How is the UI/UX looking? Can we get a sneak peak?
Coming soon to a telegram chat near you.
(4)How did Evan Cheng find out about PARSIQ? What were the course of events that led to him?
We were introduced by a close friend, but we’ve been speaking to members of the Diem team even before that.
(5)It’s often been said that other staking pools for prq will be good for the IQ APY. Are parsiq actively looking at setting up alternative staking pools? OR are you prioritizing the IQ Protocol to ensure there is enough PRQ for your clients?
IQ pool will be the main and only pool to provide liquidity for renting PRQ to Platform users. The other staking pools that are planned will be for providing liquidity for trading/swapping on various chains. And those staking pools will likely have higher APY than IQ Protocol at first. But there is one important distinction. By providing liquidity and staking on swapping pools, you have to lock PRQ and another asset. So twice as many assets are locked and risk of impermanent loss. On IQ Protocol renting pools, only one asset to provide liquidity (twice less capital) and no risk of impermanent loss.
(6)Can you confirm where IQ will be launched? Eth? BSC? Sol? CM? And what wallets will be supported?
BSC at first (because of ETH fees which are unpredictable) and other chains later. Metamask at first, possibly a few other popular ones as well at the start.
(7)Will Tom be featuring on the Stansberry Report for the upcoming IQ?
Good idea, we’ll take a look at that.
(8)What plans have the Marketing firm got for the IQ Launch, will we be getting Q&A’s on other platforms and live demos?
We will be doing sessions to closed groups of people as well as public AMAs, Q&A’s upon launch and for a long time after launch since the goal is to make IQ Protocol one of the most prominent decentralized finance platforms in the space.
(9)How much in $ does IQ protocol expect to get from the 10m customer? Please give an indication for scale of the platform
Integration is finished with the client, now testing load throughput. After that, we can provide more exact figures.
(10)When ‘biggest move’ part 3 & Yellow paper part 2?
(11)How does Parsiq intend to develop the platform further with them doing so much already? How far in the future is Parsiq planning in terms of new technology?
Quite far, there is so much to build. Next step, we will be expanding further on the Retrospective Smart Triggers MVP (which now can just retrieve past balances) to add an indexed database of historical data and analytics. Smart Triggers will be able to collect any data and analyze it upon request. So not only will PARSIQ do real-time monitoring and triggering actions, but with pull-based historical analysis as well, since multiple clients have requested this. And since we already have the nodes and the systems and the events, we believe we could do it in a way that will give our clients the best value proposition for all types of data — real-time and historical.
Furthermore we are in the process of massive growth, both in terms of our ecosystem and partners, but also internally. We are onboarding a lot of new people. Our go to market team just grew by 4 new talented people with impressive experience, this month alone.
We also have a lot of plans for our Smart Triggers, Ncase and IQ that’s dropping in its first iteration just now. We still have a lot of things we want to do with these products and we have clients waiting in line to start using them, so the next 1–2 years is going to be all about growth, building and adoption. And who knows, maybe we get another great idea for a product, it’s not like we have a shortage of brilliant minds in house.