The way forward for blockchain expertise will closely hinge on how this expertise evolves. Creating extra advanced services and products would require fixed interplay with off-chain purposes and gadgets. PARSIQ envisions a world during which blockchains can function with out nearly all of technical necessities.
What PARSIQ Goals To Obtain
The evolution of blockchain expertise has confirmed enticing, though there may be at all times room for additional enhancements. PARSIQ, based in 2018, is a mission created by blockchain engineers with ample experience within the discipline. Being able to attach blockchain exercise to purposes that aren’t on a blockchain is the subsequent frontier to discover. Nonetheless, that’s simpler mentioned than achieved as there isn’t a lively “bridge” between the blockchain and the actual world.
By utilizing the PARSIQ platform, anybody can construct and deploy blockchain to off-chain connections. An interesting alternative, significantly for individuals who might not possess the mandatory coding abilities. Decreasing the boundaries to entry is an important first step towards attracting extra folks excited to experiment with this expertise.
In contrast to conventional ecosystems, PARSIQ goals to take away the necessity for internet hosting nodes or infrastructure. Moreover, the group desires to take away the necessity for spending funds and growth sources. As an alternative, the system is handy to make use of whereas serving as a viable bridge between blockchain and off-chain workflows.
One other facet to contemplate is how this strategy may be very completely different from conventional Layer 1 blockchains, similar to Ethereum and Bitcoin. The creation of a common bridge between the completely different ecosystems will catalyze broader adoption of blockchain expertise. Being a blockchain middleware supplier caters to the wants of centralized and decentralized blockchain tasks alike.
Peeking Beneath The Hood
Because the Internet 3.0 trade continues to fireside on all cylinders, it’s important to offer the mandatory infrastructure. PARSIQ gives a performance referred to as Sensible Triggers – which function a blockchain to off-chain sensible contracts. Extra importantly, this Sensible Set off extends the performance of conventional sensible contracts to the surface world, creating many potential new use instances.
Secondly, the group is intent on creating an interconnecting ecosystem for all blockchains. Facilitating information transfers and exchanges of different info between the completely different blockchains makes it simpler for customers to answer occasions.
PARSIQ is greatest described as a subscription-based Software program-as-a-service idea with a number of subscription plans from a enterprise perspective. There’s a free model out there for customers to discover the performance at their disposal. Relying on the utilization necessities, the subscription can at all times be upgraded or downgraded.
Come June 2021; the mannequin will transition to on-chain subscriptions. Attributable to this modification, customers who wish to entry PARSIQ providers and subscriptions might want to maintain the native platform’s token. Nonetheless, there can be no additional charge to make use of the platform, bringing extra worth to the native asset within the course of.
It’s pertinent for middleware suppliers to maintain pushing the boundaries and proceed to innovate. Exploring alternatives within the DeFi house is the subsequent goal for PARSIQ by way of the IQ Protocol. As a stand-alone product launching in June 2021, there can be a hyperlink between the platform, the PRQ token, and the Protocol. A complete of eight tasks underneath the PARSIQ banner will make use of this Protocol quickly.
The energy of the IQ Protocol is the primary risk-free collateral-less lending and borrowing protocol to create a round economic system. With a robust concentrate on on-chain subscriptions, lenders can earn passive revenue by offering tokens to the pool. Customers can “lease” expirable variations of the tokens to entry the PARSIQ platform and all the pieces it has to supply. This strategy can convey extra consideration to tokenizing subscription-based providers and options throughout the broader trade.
The strategy by PARSIQ has confirmed profitable up to now, with over 45,000 registered customers creating over 60,000 actively deployed Sensible-Triggers. Moreover, the community has processed over $25 billion in transactions, spanning a number of dozen company companions and shoppers. Furthermore, the group accomplished an Preliminary Coin providing in 2019 and is on the verge of closing a Sequence A fundraising spherical this month.
The potential B2B and B2C use instances of what PARSIQ brings to the desk shouldn’t be ignored. With its ease-of-use and highly effective expertise, there are numerous completely different use instances for builders, merchants, and enterprises to discover. Its ongoing partnerships with Aave, Solana, Binance, and others will assist catalyze the broader adoption of blockchain expertise.