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PARSIQ Q&A #27

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 are sharing details of our newly announced funding round.

(1)Will it be guaranteed tokens are safe in the IQ Protocol? Even if in the worst case scenario possible, something happens and tokens cant be recovered, Would Parsiq refund the holders? Or will that risk be on us?

The smart contracts are sound economically and security-wise. This is what the security reports and audits are for. In worst case scenarios, there is always the PRQ governance function to fall back on, but it is time-sensitive.

(2)How difficult will it be to move the PRQ back from BEP20 to normal PRQ in order prior to moving it to other wallets that Parsiq will enable for staking in the near future

It’s the same process as moving them to BEP-20. Essentially you need a bridge, we will be utilizing the Anyswap bridge. Here you connect your wallet, choose what asset you want to move, from which chain and to where. All it takes is a little gas for the transfer and that’s it.

(3)As Trust wallet is owned / run by Binance will it be able to bridge / connect to Binance smart chain or will it be able to be used with ETH IQ Protocol afterwards?

The trust wallet doesn’t natively support bridging, but can be used with the Anyswap bridge. We don’t guarantee that Trustwallet works with the IQ Protocol right away. Our first supported wallet will be Metamask.

(4)For those members that move across to the BSC token (And ETH then becomes available) but they decide to leave their tokens on BSC still earning interest. Will the interest for that amount of PRQ still stay the same whether they keep it there or move it later to another chain or instead perhaps split 50/50 as it will be the APY that will mater not what amounts/where PRQ will be so long as it is staked in whatever chains IQ protocol portal, would this be a correct assumption?

For using the IQ Protocol, you should receive similar rewards no matter what chain you decide to use. We will be using a self built aggregator to automatically self level the borrowing from each pool according to their size, so the overall pool earnings would be matched per chain. There could be small fluctuations, but nothing drastic that would warrant you needing to split your stack across blockchains.

(5)Any estimation / time windows as to how long after IQ protocol goes live on BSC that it will be available to be staked on Ethereum?

No hard timelines, we just want to make sure everything is working as intended before deploying to the Ethereum network as well.

(6)How did the VC investments work? Do they own prq or own stake in some other way?

All VCs bought tokens with at least 1 year or longer vesting. The tokens were taken from the unallocated Team & Advisor wallets which are scheduled to unlock within time anyway, so no further dilution of the current circulating supply happened.

(7)Did VC’s want to invest more than 3m $ in total and there was a cap?

We were overwhelmed by the interest, with some investors wanting to take the whole $3M by themselves. We did raise the cap from 2 to 3 million as we quickly filled the first 2 and some very interesting companies wanted to join as well. We had to refuse some as well as they wanted bigger allocations. Our goal for this round wasn’t to raise capital, we have more than enough runway funds for years, but we also recognize that to take the company to the next level, we need people who have experience in doing just that, along with powerful networks. Furthermore, we want people joining PARSIQ to also have a strong incentive to keep focus on helping us build, which a token investment would certainly do. Others may pay advisors to be on their website with an image and a smile, but we intend to use our investors, listen to their advice and work closely with them when we start setting the goals for the future.

(8)What does Parsiq plan to do with the $3m funds raised? How are the partners contributing to the roll out? How will this affect what Parsiq was going to deliver over the next few years?

Overall growth, we need every department in PARSIQ to expand as we start focusing more on marketing than ever before. We want to participate in all the events that make sense and that takes more hands than we currently have.

Deploying our SWARMS project is also fully funded now with this raise. Stay tuned for this one.

The partners have already started to share their network and we are full steam ahead, short term the community should be able to see some of the fruits of these new partnerships.

Basically it just means that we can expedite our plans. Up until now, we’ve grown almost completely organically, apart from a single investment from Binance X. With funds in the bank, we can focus on getting more people onboard without thinking so much about cash flow restrictions.

(9)Can you tell us which wallets will be supported by IQ’s UI at launch?

Metamask at first.

(10)Any involvement / business coming Parsiq’s way from the current round of Parachain auctions on Kusama network?

We are working directly with the teams from some of the Parachain projects as they want us to integrate/add support for the networks on the PARSIQ Platform.

If you have questions about using PARSIQ you can always ask our team in telegram: https://t.me/parsiq_group

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