PARSIQ Q&A #4
Every Friday PARSIQ team answers your most important questions. Join our Telegram chat to ask!
Hello community and happy Friday!
1. How hard was it for you guys to handle this stressful situation: the hack, hard fork, and poloniex incident. We heard that you didn’t sleeping for almost two days. Could you tell us how these days were for the Parsiq team?
The last weeks have been very hectic and indeed, the team hasn’t had much sleep, as everyone has been working hard to mitigate the situations that occurred and to keep delivering results in terms of product development, client acquisition and much more. It was a very difficult time and we had to make some hard decisions, but thanks to the team’s efforts and the support of the community, it is only forward from here for PARSIQ.
2. Could you explain the benefits of the new updated smart contract for the PRQ token which they had been expedited due to recent matters. How does it affect/improve the token/platform? What can you do now that was not possible prior?
The new smart contract has governance features that utilize MPC-based decision-making during high-priority incidents, such as a large hack. More details coming up in a future announcement.
3. Will Parsiq help improve the database of “bad actors” that ChainAnalysis has? Or does ChainAnalysis utilize your services to find more of these bad actors?
Is it Parsiq that is integrating ChainAnalysis services? Can you give us more details on the relationship and how it works?
At this point, PARSIQ is partnering with other companies similar to Chainalysis (companies like Uppsala Security, Bitfury Crystal with more in the pipeline) to tap into their databases of bad actors. In return, PARSIQ will allow those companies to use its monitoring tech, so these partnerships are always mutually beneficial integrations. While we have spoken to Chainalysis in the past, we have as of yet not actively pursued integration with them. Perhaps in the future.
4. Now that you have successfully mitigated the hack and have gone through the process yourselves, is there anything you plan to do differently when helping others that find themselves in a similar situation? Any particular things that stand out or anything you want to try and improve?
The governance model that we have applied to our new smart contract will help mitigate such situations, should they happen in the future. We are also helping implement this governance model for multiple projects who suffered similar incidents.
5. Will ALL user costs be tied to the PRQ token? For example, will every service/product require payment or the holding of PRQ? If some do not require the token, can you explain why not? What percentage of services/products you have planned require PRQ?
Almost all the services will require holding/staking PRQ. There will be exceptions for certain enterprise clients (for various reasons) who will still be paying in USD without the staking mechanism, but in their case the Epoch 1 utility will apply (a fraction of the USD payment will be converted into PRQ and sent to retention wallets, decreasing supply).
6. What’s the ratio of paying vs non-paying users currently? Do you see a large number of free users upgrading to paid services? You mentioned large clients waiting for new services, if they all come onboard, will the amount they bring in be more than you are currently making? Basically, are you expecting a large surge of revenue as soon as the new products release?
The majority of our 6000+ registered users are B2C. Until relatively recently, almost all of the B2C segment had been using the free plan. However, in recent months, we have seen more individuals upgrading to a paid plan (mostly individual traders or individual developers). Revenue is driven mostly by B2B customers (exchanges, payment providers, wallets, OTC desks, trading companies, protocols, NFT marketplaces, stablecoins etc). We have a very decent pipeline of corporate customers awaiting certain customizations or modifications to start using, so we are expecting a surge in revenue, but this all takes development time. We also predict that the release of the new product which has been mentioned in one of the previous QA sessions will play a vital role in increasing our customer base and revenue.
7. With PayPal now getting into the crypto space in some capacity, will they require the services of PRQ? If not, is this something you’ve considered approaching them about? Which of your services would they be most likely to use or require?
It is possible. Targeting large enterprises from the non-crypto world, who are slowly transitioning towards blockchain, will become a key focus in the future. In fact, we’ve already had multiple calls with traditional banks, financial service providers like Visa and gaming giants like Ubisoft to introduce our platform and some of them have confirmed that they are potentially interested to use PARSIQ services in some of their future blockchain initiatives. But such large corporations are slow to move. We will surely be pursuing this.
8. New tokenomics will be announced next week. Could you give us a little sneak peek about this event? Something special for your devoted community? Maybe what percent APY we can expect from staking? Or who will be using your services?
The official announcement will be next week, so we can’t share exact details before that. But essentially, users and clients will be required to stake PRQ to use PARSIQ services. The amount of PRQ they have to stake will depend on the usage. For many, market buying may not be the best option, so they will have the ability to borrow from a unified pool. This allows lenders to earn passive income and the best part is the lending-borrowing process will be risk-free. More information next week!
9. It looks like Q4 will be a big deal for Parsiq. What do you plan for 2021 and what Parsiq wants to achieve? Do you have any longer-term goals, you’d be willing to share or hint at? Something none of us are expecting or considering. We know there is so much you can do with what you’ve made. Can you give us a little teaser about something you guys are doing that will surprise us all?
In addition to expanding the product, the list of integrations and partnerships, growing the customer base, we also want to focus on companies utilizing blockchain outside of the crypto space. Traditional organizations with whom we can launch joint blockchain initiatives with the application of PARSIQ tech. In time, when blockchain adoption increases substantially and it becomes the underlying tech for the transfer of value, we will work hard for PARSIQ to become an important pillar for blockchain to off-chain RPA (Robotic Process Automation).
10. Do you plan to make AMA’s live (or pre-recorded) on Youtube for people that prefer video to Medium/Twitter/Telegram? Something similar to Kevin Murcko weekly Friday AMA?
Yes, there are plans to do video AMAs. Not as regularly as Kevin does, but about once a month for video AMAs in addition to the regular Telegram AMAs. Also stay tuned for more interviews, presentations and digital events. A lot of exciting things are coming up for PARSIQ.
If you have questions about using PARSIQ you can always ask our team in TELEGRAM GROUP: https://t.me/parsiq_group
