According to Grayscale, the annual revenue of the Web3 metaverse sector is set to reach $1 trillion in the near term. It will challenge Web2 projects with a total market capitalization of $15 trillion.
PARSIQ, the company behind the platform of the same name, is developing a platform that unites these segments. We explain PARSIQ and present a real-world case of using the platform, with CryptoPunks as an example.
About the Project
PARSIQ was founded in 2018 by former banker Tom Tyrman, cybersecurity specialist Andrei Kalinovski, and blockchain-solutions developer for Deloitte Anatoly Ressin, as a blockchain-solutions provider in Latvia.
«We kept encountering the same problems across different projects: most networks were fragmented data stores with which external services found it difficult to interact. We decided to create one reliable and flexible solution instead of building bridges every time», — tells the project team.
It has become a platform for monitoring and automating workflows across blockchains, extending smart-contract functionality into Web2.
Currently, PARSIQ supports Bitcoin, Ethereum, Binance Smart Chain, Solana, Polkadot and five more blockchains.
The platform integrates networks with each other and off‑chain applications like Telegram, Discord and Google Sheets. The project team regularly updates the list of supported applications.
To interact with blockchain data, you need to create smart triggers — equivalents of smart contracts that allow data to be passed to off‑chain applications. They can be used in various scenarios, for example:
- for automatic sending of thank-you messages when deposits are received to Bitcoin addresses;
- when cryptocurrency arrives from a blacklist — the platform will flag the account for additional verification and notify staff on Slack.
Smart triggers are written in ParsiQL — a domain‑specific programming language for the PARSIQ ecosystem. The logic behind the examples above is If-This-Than-That, though developers can create more complex scenarios.
PARSIQ’s features become available after signing up on the platform’s site. The main tools are located in the side menu:
- Projects — a user’s projects, each representing a set of smart triggers;
- Transports — a data-delivery channel from the blockchain to a third‑party application;
- User Streams — an interface for adding triggers to projects and monitoring activity in smart contracts.
Below we examine how PARSIQ works using the NFT-project CryptoPunks.
How to Track NFTs on PARSIQ
In November, PARSIQ and Gitcoin held the hackathon Defi & Cross-Chain Interoperability. Participants developed new solutions for monitoring blockchain activity in PARSIQ.
One of the winners was Pavel Fedotov (Pfed-prog), who presented a project for tracking NFT activity from the CryptoPunks collection.
Pavel added the CryptoPunks smart contract to PARSIQ and connected Telegram notifications to it. He performed the following steps:
1. Created a project: opened the Projects tab and selected Empty project from the side menu.
2. Added the contract code CryptoPunks to the Contract ABI field to track NFTs from the collection.
3. Switched to the User Streams tab. Based on the smart contract code, he defined three events to create a trigger TG:
- PunkOffered — NFT listed for sale;
- PunkBidEntered — bid confirmed;
- PunkBidWithdrawn — the user transferred the NFT to another address.
4. Chose TG to transmit data in the Transports tab.
The trigger delivered instant notifications about the chosen events via the PARSIQ Telegram bot.
More on the implementation — on the hackathon results page.
PRQ Token and IQ Protocol
PRQ is a token on the Ethereum and Binance Smart Chain networks that can be used to pay for the platform’s services. The company offers two models of monthly PARSIQ subscriptions:
- Old PARSIQ Model. Payment in US dollars. Pro — $49, Business — $399, Enterprise — $999;
- IQ Protocol Model. Payment for services with wrapped PRQ tokens via IQ Protocol. The protocol automatically adjusts prices based on demand for tokens.
The DeFi protocol IQ Protocol allows exchanging PRQ for its wrapped version (pPRQ) — PARSIQ’s internal currency for paying for platform services.
Users can borrow pPRQ through the protocol for 7, 30 or 60 days with a PRQ fee. Holders earn by providing liquidity to IQ Protocol.
In September 2019, PARSIQ raised €1.5m in a private token sale and PRQ IEO on the CoinMetro exchange.
The company planned to issue 250 million tokens, but 151,703,128 PRQ remained unclaimed, so the leadership burned them. In January 2021, PARSIQ also burned more than 50% of the team and advisory tokens — a total of 38.04 million PRQ.
«This balanced the distribution of PRQ and increased trust among token holders who supported us on the IEO», — say the team at PARSIQ.
As of now, the total PRQ supply stands at 310,256,872. The project team allocated them as follows:
- In circulation — 115,625,704;
- Team and advisors — 29,260,000;
- PARSIQ Development Fund — 40,371,167;
- Reserve — 125,000,000.
The token is traded on Gate.io, KuCoin, OKEx, EXMO and other exchanges.
Conclusions
PARSIQ is building an ecosystem that allows efficient use of blockchain data in business and daily life. The project extends the capabilities of smart contracts by integrating with Web2 apps like Telegram and Google Sheets.
In the near term, developers will add support for Stellar, TokenInsight and Bitsgap. PARSIQ users can vote on the priority of projects for integration in the Investigating section.
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