Guides

PARSIQ: Connecting Blockchain to Off-Chain Apps & Devices

PARSIQ is a unique platform provides direct integrations among blockchains, data providers, and off-chain apps, aka the real world.
Pinterest LinkedIn Tumblr

PARSIQ is a unique platform provides direct integrations among blockchains, data providers, and off-chain apps, aka the real world.

With PARSIQ the complexities are hidden, there’s no need to reinvent the wheel by building in-house tools that are easily accessed on PARSIQ.

In other words, real-time blockchain complex events, like chain branch reorganizations, block confirmations, gas fee data, and the specifics of different blockchains are easy to manage with Parsiq. Anyone can build and deploy blockchain to off-chain automation in minutes

Because of this easy-to-use ecosystem there is no requirement for specialist knowledge, which means anyone can get started linking blockchains to off-chain legacy systems and networks.

Also, Parsiq ecosystem replaces the need to host nodes or spend money on infrastructure.

PARSIQ co-founders Anatoly Ressin and Andre Kalinovski strongly believe that transparency is key for blockchain to achieve mainstream adoption.

The crypto space must move beyond a narrowed, although valid, the perspective of network interoperability to one that establishes connectivity between this novel blockchain technology and the off-chain world it seeks to influence and transform. The liveness of the blockchain must not be wasted.

Who Should Consider Using PARSIQ?

PARSIQ’s breakthrough technology enables everyone and everything, be that individuals, enterprises or devices, to observe blockchain events in real-time.

This capability allows the off-chain consumption of those events by apps and devices, and as a result, said events trigger actions in any automated or semi-automated workflow environment. On a nutshell, the blockchain events hit the outside world

Another way of understanding this would be picturing the ‘static’ smart contract residing on blockchains similar to the way the internet currently works, where a user must click a button via a web browser in order to bring alive applications stored on centralized servers.

PARSIQ brings life to otherwise static smart contracts residing on blockchains waiting in vain for a ‘push’ or a ‘pull’ of interactivity.

We can imagine PARSIQ to be somehow the glue into the blockchain ecosystem so that the functionality of smart contracts can be fully utilized.

PARSIQ token (PRQ) went live in October 2019 raising €1.59 million precisely during the most recent crypto bear market. Later, Parsiq offered a full platform commercial release in May 2020. Currently, Series A fundraising round is ongoing (closes May 2021).

Parsiq’s core developers built a platform where absolutely anyone (coder or non-coder, individual, team or enterprise) can build and deploy blockchain to off-chain connections with just a few clicks or a few lines of code.

This simplicity relies on standardizing all chains into one easily consumable system for users to build blockchain to off-chain automation workflows.

Acting as a blockchain middleware, PARSIQ is a compelling solution for decentralized (and centralized blockchain) projects and companies to enable their applications.

As a universal blockchain to off-chain solution, PARSIQ sees not only major usage in the Web 3.0 emerging decentralized space, but also in the currently existing Web 2.0 space for companies that are starting to use blockchain as the underlying tech in the adoption phase.

The core developers of PARSIQ believe it can deliver value for clients, projects, users, and builders similar in scope to the value of the underlying decentralized networks (eg. Ethereum) themselves.

Saving money is the main reason why companies adopt the Parsiq system. By doing this, companies avoid investing in hardware infrastructure or node hosting; and replaces the need of developing non-scalable solutions.

This keeps companies safe from needing extra development in order to track blockchains in real-time.

Parsiq’s Smart Triggers: Extendible Smart Contracts

As well as Ethereum’s Smart Contracts solve the problem of automation within a decentralized network, PARSIQ’s Smart Triggers (which are essentially blockchain to off-chain Smart Contracts) extend the functionality of Smart Contracts into the outside world.

Many companies/entities will need this critical piece of infrastructure to bridge all these networks and systems – and here is where PARSIQ is having its unique market opportunity.

Currently, PARSIQ is likely to become a critical piece of infrastructure for blockchains by interconnecting them.

 Easily create automation connections between blockchains and apps
Easily create automation connections between blockchains and apps

Are there Alternatives to Parsiq?

PARSIQ’s offering is such that it has no direct competition which means it has a large addressable market defined by those seeking to leverage distributed ledger technology with the least friction and cost.

Other similar solutions like Polkadot and Chainlink are working at the level of spanning verticals so that blockchains can ‘talk’ to each other, but PARSIQ takes a different approach by solving interoperability at the user level.

So far, PARSIQ has no direct competitors.

There are many crypto projects doing various parts of what PARSIQ does, but none that do it all. In short, the PARSIQ technological approach is unique in the space.

The Graph is perhaps the closest competitor because it is also a blockchain data management and infrastructure project.

The Graph indexes transactions that have already happened and put them into a database. It then allows developers to query that data from the indexed database (i.e. pull historical data).

That is very different to PARSIQ’s approach which, by way of contrast, has visibility on all the activity taking place across different chains (including events that are not even visible from the blockchain directly) at the earliest possible level (mempool and confirmation levels) and allows for that data to be processed according to the coded logic (filter/map/compute/transform).

PARSIQ then pushes the information to the user in real-time in order to trigger off-chain actions.

The Graph and PARSIQ’s, therefore, take different technological approaches. Each has its own use cases. But processing live stream events is an approach that, coupled with data processing and robotic automation, is gaining serious momentum in IT and PARSIQ is doing this for blockchain.

In the paradigm that PARSIQ works in, it is positioned as the extension of protocols such as Ethereum, Solana and even infrastructure projects such as Chainlink.

Parsiq is becoming the universal bridge connecting decentralized systems with centralized non-blockchain systems.

With more than 45,000 registered users, more than 60,000 actively deployed Smart-Triggers, more than $25 billion worth of transactions processed, and more than 70 corporate partners/clients, Parsiq gained its pole position to become the middleware infrastructure of choice when connecting blockchain to real-world industrious processes.

How to Incorporate PARSIQ Into Your Business

PARSIQ currently operates as a subscription-based Software-as-a-Service (SaaS) with various subscription plans (Free, Pro, Business, Enterprise, depending on usage/month).

From June 2021 the model will shift to on-chain subscriptions, where users must hold the PARSIQ token to access PARSIQ services and subscriptions, but with no fee for actually using the platform.

There will also be a circular economy of reusable inputs and outputs via a new Decentralized Finance (DeFi) product, the IQ Protocol, which will launch in June on mainnet following the recently announced testnet launch.

The IQ Protocol is a stand-alone product developed by PARSIQ and open to all, although PARSIQ will be the first project to use the Protocol. It creates an economic model, linking the PARSIQ Platform, the PRQ token and the Protocol. PARSIQ has eight projects lined up to utilize the Protocol, with more in the pipeline.

IQ Protocol is the industry’s first risk-free collateral-less lending/borrowing protocol (“renting” protocol) for creating a circular economy around on-chain subscriptions.

It will be open-source and decentralized, designed to tokenize models, whereby a token/asset is required to be held to access services and features.

If tokens are decentralized money and assets, then IQ Protocol tokens (expirable representations of the regular token, called Power Tokens) are decentralized subscriptions.

Lenders will be able to earn passive income by lending the tokens into the IQ Protocol pool, while potential users can borrow or more accurately “rent” expirable versions of those tokens in order to access the platform and its features (without having to buy them from the market).

Current integrations
Current integrations

How to Get Started

Registering for an account on PARSIQ portal (portal.parsiq.net) requires only an email.

A simple Smart-Trigger contract can be set up and deployed extremely quickly, but more complex enterprise or corporate-grade solutions may take 30-60 minutes to deploy.

Small businesses, as well as personal users, have a Smart-Triggers interface intentionally simple, organized, and accessible. On the other hand, large businesses and enterprises are given a dedicated infrastruсture capable of being fully customized to their monitoring applications.

Four steps to deploy

  • Step 1: Choose what to monitor (set of addresses or wallets or smart contracts on any blockchain).
  • Step 2: Set up transports (delivery channels) where to deliver data or which actions to perform off-chain
  • Step 3: Script conditional logic (how to monitor, how to process that data, workflow steps etc).
  • Step 4: Deploy

Note: technical documentation, tutorials, videos, etc. are available on the platform (portal.parsiq.net)

Next step is to choose the User’s level of accessibility from three options featuring 1 ready-made visual template, 2 quick monitory wizards, or 3 coding IDE (integrated development environment) for developers.

Stay informed, your way

Choose how you want to be notified. PARSIQ can provide different delivery means based on your specific needs, from emails to refrigerator smart-screen notifications. Being these simple alerts, informative messages or raw data – you get to choose how you would like to receive your notifications.

If you are interested in testing it, you can run free trial versions or request a demo at https://www.parsiq.net/en/

Crypto Ecosystem Feedback

The response from crypto participants has been very positive, which has helped to validate the leadership’s belief in the commercial opportunities it offers to those building new products and the final end-users of those products. Therefore product end-users will benefit from the improved quality made deliverable through leveraging PARSIQ’s platform advantages.

The project continues to make user experience improvements and to assess requests for additional integrations and features.

PARSIQ’s Customer Segments:

1st. Segment, B2B crypto use cases: Web 3.0 projects, for example. DeFi projects, protocols, Decentralized applications (Dapps).

Centralized cryptocurrency service providers: eg. exchanges, wallets, custodians, over-the-counter trading desks.

2nd Segment, B2C crypto retail segment: individual traders who use PARSIQ to monitor whales, Uniswap swaps, liquidity pools, etc to front-run, build arbitrage bots, make trading decisions, and so forth and individual developers.

3rd. Segment, Traditional businesses: internal business process automation use cases: for example, notifications, compliance, accounting, deposit processing, etc.
Who should consider testing and further adoption:

  • Developers
  • Traders – institutional and retail
  • Crypto projects and companies
  • Traditional enterprises transitioning towards blockchain as the underlying technology
  • Crypto and blockchain investors – institutional and retail

Please click here for the Full product roadmap for 2021.

Key PARSIQ takeaways.

  • Connecting Web 3.0 to Web 2.0 – allows decentralized networks and applications to interact with current centralized networks, applications, and legacy ‘analogue’ systems..
  • PARSIQ is the universal middleware glue between blockchains and the real world.
  • Pushing forward the mass adoption of blockchain technology by allowing interoperability between blockchains and centralized systems.
  • Allows entities and individuals of all skill levels to easily consume, manipulate and make blockchain data actionable.
  • What Zapier did for automation and Splunk did for data processing, PARSIQ is doing for blockchain.
  • Smart-Triggers – representations of workflows deployed on the PARSIQ Platform – blockchain to off-chain Smart Contracts connections to automate and initiate actions.
  • ParsiQL – PARSIQ’s own domain-specific programming language designed for developers to interact with blockchain data and to process oracles and live streams of blockchain events
  • Reverse Oracle – blockchain data to the real world

The platform developers of PARSIQ will continue to innovate and provide improved capabilities in the future so that the blockchain is accessible to all, which is a great goal.




Important Note: There have been reports of scammers approaching companies via Telegram, LinkedIn and Other Social platforms purporting to represent Blockonomi and offer advertising offers. We will never approach anyone directly. Please always make contact with us via our contact page here.

Avatar
Author

Nicholas Say was born in Ann Arbor, Michigan. He has traveled extensively, lived in Uruguay for many years, and currently resides in the Far East. His writing can be found all over the web, with special emphasis placed on realistic development, and the next generation of human technology.

Write A Comment

1inch Exchange
As Featured In
As Featured In