PARSIQ Q&A #5
Every Friday PARSIQ team answers your most important questions. Join our Telegram chat to ask!
Hello everyone and thank you for the questions. Wasn’t sure we would have the time to answer them today with all the work going, but the questions were so good, had to make the time.
1. How will Binance’s investment affect PRQ? Could you tell us in detail how this partnership will help Parsiq? What are able to do now that you could not before? How will you be using the funds raised?
The investment received from Binance will mainly be used for development. The PARSIQ platform has already grown into something big, but our plans on how to evolve it (in terms of integrations, features and sub-products) are so ambitious, that it requires some serious development resources. More details on the roadmap below. As for the partnership itself, we will be finishing our integration with the Binance Smart Chain and allowing BSC users, developers and projects building on BSC to solve many of their pain points. And most importantly, by doing joint marketing in the form of educational materials, developer workshops, hackathons, we can tap into Binance’s community of developers and builders to grow PARSIQ even further.
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2. What kind of public projects do you want to see or expect to see. Do you have any ideas of projects that will emerge or that you want to see created?
We will be looking forward to seeing new use cases, those that even we might not have thought of. The range of possibilities is so wide. Also, we will have a public selection of User Data (addresses of interest: exchange wallets, hacker addresses, whales etc.) that users can include in their triggers, but we are also looking forward to users creating Public Projects (for others to try) with valuable User Data (interesting artifacts to monitor) that they have themselves found.
3. Did you start market buying from client purchases already? If not, then when will this begin?
There are some clients who’ve been paying in PRQ in manual mode (as per Epoch 1 model), but in Q4 we will finish the system for automated PRQ payments processing, which is based on the new product we are developing (so the first piloting client for PARSIQ’s new product related to wallet payment processing will be PARSIQ itself).
4. When can we expect the O2 protocol to be implemented? Why is it called the “O2 Protocol”? Will this still be in Q4?
The Epoch 2 tokenomics in its full implementation will be live in Q1 2021. We have too much development in the pipeline to fit it into this year. O2 is oxygen and this protocol will be open-sourced and available for other projects to use in their tokenomics models — a breath of fresh air for their tokenomics, so to speak ;) But it has other meanings as well within the technological scope, internally.
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5. When is the next level of tokenomics going to be revealed?
6. Some people are confused about the Binance partnership thinking that PRQ will be on Binance’s chain. How does ParsiQL make it easier for blockchains to communicate with each other? What blockchains are you going to integrate and which ones have you already integrated? Is your plan to integrate with every chain? Will Parsiq be used in every blockchain eventually?
Essentially, we standardize everything for users across different blockchains. They can consume real-time blockchain events at scale by easily scripting (via ParsiQL) or creating (via wizards and visual editors) Smart-Triggers in the same easy painless way for any of the blockchains. People don’t have to know the specifics of every blockchain or what events exist in those blockchains or spend time integrating with those blockchains. This will all be ready-made, saving them time, money and reducing complexity.
Our plan is to integrate all of the major blockchains that we think will have a high level of adoption. This is why in addition to the obvious chains (Bitcoin, Bitcoin forks, Ethereum) we have also integrated Algorand, Celo and are finishing the Binance Smart Chain integration. We are closely working with a whole number of teams from other top tier blockchain protocols to integrate them, but can’t reveal any names yet.
7. We see a lot of interest from new people regarding Parsiq. Can you write for everyone who is hesitant to buy PRQ, what are your goals, what are you trying to achieve, and why Parsiq will be one of the biggest projects in the future?
PARSIQ’s mission is to empower individuals and companies to automate workflows by connecting blockchains to off-chain apps, devices and web services. Leveraging real-time monitoring triggers at scale will result in increased efficiency, transparency, better outcomes and lower costs. Our solutions enable all functions of an organization to automate processes including compliance, financial accounting, real-time audit, analysis, risk assessment, customer experience and product innovation. In essence, PARSIQ is the seamless bridge between blockchains and the real world that allows everyone to understand and manipulate blockchain data streams.
We feel that our approach to building the PARSIQ platform is quite unique and solves actual problems for projects in the crypto space as well as traditional companies who are slowly transitioning to blockchain.
Who knows, maybe one day the concept of “Smart-Triggers” will be just as well known as “Smart Contracts” and “ParsiQL” as widely used as “Solidity” ;) Kidding… but PARSIQ team has some very serious ambitions.
8. What does the roadmap look like now if it’s changed? When will you be posting an updated roadmap?
Short-term, we will be focusing on expanding integrations with blockchains, off-chain apps, and data providers. We will be improving the platform core. Most importantly, we will be building out a full-fledged marketplace for Public Projects and implementing the Epoch 2 tokenomics model. Long-term, we will post an updated roadmap before EOY. However, some of the things coming up we cannot reveal or announce before they are actually implemented, so there will be surprises.
9. How many partnerships/announcements/listings/products can we expect to see before EOY?? Will Nov or Dec. be bigger?
There are a number of partnerships and collaborations lined up for this year. Including one of the biggest projects in the space, one DeFi protocol and at least one layer 1 blockchain protocol. We have more in the pipeline, but they may be pushed to next year, since like the team has mentioned, we want the partnerships to actually have meaning and bring value, mutual integrations with these players take time.
10. What will happen if Binance is hit by regulators? Will this affect Parsiq and will prq be able to help Binance in this situation?
Obviously, our technology is available for any parts of the Binance ecosystem to use. If it can help Binance increase compliance measures or mitigate risk or solve other issues in the future, that’s great. But what’s important to understand is, we are currently not working with Binance Exchange, we are working with Binance X, the initiative that launched Binance Smart Chain and Binance Labs, the investment arm of Binance. We believe that the Binance Smart Chain will have (and already does have) impressive adoption because of the compatibility with Ethereum, the speed, scalability and cost-effectiveness of the chain. A lot of projects are building on it and it is PARSIQ’s goal to offer our technology to all of them.
If you have questions about using PARSIQ you can always ask our team in TELEGRAM GROUP: https://t.me/parsiq_group