PARSIQ Q&A #28

Every Friday-ish PARSIQ team answers your most important questions. Join our Telegram chat to ask!

PARSIQ
PARSIQ
Jun 28 · 4 min read

It’s time for another round of Questions and Answers from our amazing community!

We can tell everyone is excited for the launch of the IQ Protocol, 8 out of 12 questions is about IQ 🚀

(1) As other projects are expected to be able to use the IQ Protocol themselves as well in the (near) future. Are there any plans for charging (monthly) fees like a subscription or charging fees at all etc. in order to provide them the new model of Staking/lending?

The IQ Protocol itself is completely open source and free for everyone to use. You will need to pair it with our monitoring system, to allow you to see who’s eligible for services, so you could say that there is a subscription bundled with the use of the IQ Protocol, but you are getting several services for the price of one.

(2) From the documentation, IQ seems like a flawless model but given the current nature of all defi protocols which fail, some had even been audited twice , would it make sense to add a bit of insurance at the cost of a lender’s fee in the form of a premium ?

We will be exploring DeFi insurance possibilities going forward.

(3) What are the main barriers to allowing the IQ protocol to function on Ethereum and exchanges?

Cost of using the network. For exchanges, all it takes is some dev work to tie the IQ Protocol to their backend and frontend.

(4) Any updates on NCase and when we might start to see this being used in the wild

Ncase will have a lot more attention post IQ Protocol launch. To make sure we met the Q2 launch time it has been an “all hands on deck” situation.

(5) Are we going to see a community demo on more technical Parsiq features and tools?

After the success of the first demo, the team has already begun planning the second! And we’ve even garnered attention from one of our partners and will be doing a demo for their community as well — to be announced.

More actions, More analysis, More PARSIQ Tech!

(6) How will NCASE be utilised by the IQ Protocol? Can we expect interaction between services? And therefore any other Projects using IQ, will end up needing NCASE along with PARSIQ Monitoring?

Ncase and the IQ Protocol are not currently tied together and one can be used without the other. In the future, we might see clients utilizing both products and tying them together might be beneficial.

(7) On Github the IQ Protocol is often referred to as the IQ Alliance. What name does it fall under and why did it change?

The IQ Protocol is named as a mix of the PARSIQ name and the fact that it’s an intelligent, dynamic and ever changing Protocol. The IQ Alliance however is because PARSIQ enlisted the help of several other projects out there to finish up everything that makes up the IQ Protocol — more on this later.

(8) If IQ protocol is regarded as ‘Parsiq Service’ therefore requires projects making use of it to hold or borrow PRQ like the other services

See the answer for question 1. The project wanting to use the IQ Protocol is required to use the monitoring solution, hence needing to hold or borrow PRQ from PARSIQ’s IQ Protocol pool.

(9) If IQ can be used to split any token to quasi and interest tokens, can IQ be extended for yield farming ? Any such plans ?

We’ve only scratched the surface on how the IQ Protocol can be shaped in the future. With the announcement of Mysterium Network using the IQ Protocol, they’ve already found another use case for the protocol, in that they aren’t using it for eligibility purposes for services, but for yield earning purposes.

(10) Anatoly had mentioned previously that Solana is well suited for deeper functionality for smart triggers, has there been any investigation about what additional functionality might be possible and will there likely be future projects involving Solana since they are strategic partners?

Once the IQ Protocol is launched, we are going to take a deep dive into all things Solana, as we have clear expectations that this will be a very popular blockchain for various purposes.

(11) Have the Team checked out TrueBlocks, Are they a competitor?

From a quick glance: This looks like very early days for the project and it looks more like a competitor for The Graph as in they are looking at historical data, not real-time. Check out this hackernook article on push vs pull

(12) On IQ, is the borrower’s fee determined by the parsiq market price at that moment for example borrowing 1000 qPrq at 10 PRQ fee and if PRQ price dips by 50%, the same would cost 20 PRQ ?

Yes, in part. But also other variables come into play such as slippage of the pool for larger borrow amounts, and the overall pool size etc. We are working hard on getting the last of the yellow paper out, with all our models in there.

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

PARSIQ

Monitor, detect and prevent fraud on the blockchain