TALLINN, Estonia, Oct. 31, 2020 /PRNewswire-PRWeb/ -- PARSIQ, a
blockchain-to-everything monitoring service, was announced to get
Binance funding in addition to other four projects. Even though
PARSIQ is not a DeFi project itself, it brings another layer of
security and transparency addressing the main problems in DeFi.
PARSIQ: under the hood
PARSIQ technology is a proprietary ParsiQL programming language
that allows users to monitor and interpret an endless stream of
data on the blockchain.
Among the obvious use cases is monitoring the wallets of traders
and ordinary users. Among the non-obvious are complex system
integrations for financial institutions and DeFi projects that use
the PARSIQ infrastructure to improve security, conduct audits,
comply with regulatory requirements, and expand their workflows in
other ways.
The primary drag and drop interface of the service - Quick
Monitoring Wizard - allows users to create their own notification
system for the required crypto-addresses in a few clicks and bind
additional data: Risk Score, information about the amount in
equivalents (for example, in fiat or BTC), set up uploading to
Google Spreadsheets or send directly to Telegram messenger.
PARSIQ's technology was recently used to help KuCoin hack victim
projects restore the balances and conduct hard-forking of their
tokens in order to restore the tokens to their rightful
holders.
PARSIQ for DeFi
The main difference between DeFi and traditional financial services
is that in decentralized financial services, the user acts as a
self-custodian and completely controls their assets.
PARSIQ can monitor DeFi collateral by applying Proof of
Custody/Solvency mathematical equations to the PARSIQ platform's
real-time blockchain monitoring capabilities. With this monitoring
service, everyone can now see the exact state of the pool's wallet
in real-time. Users can also be notified about the transfers—the
coming in and out of the pool instantly once they occur, bringing
both auditability and security to the space.
Even with millions of addresses, stakeholders can monitor
balances on crypto addresses in real-time at scale. Using the
PARSIQ platform, depositors can transparently check that their
crypto collateral stays in the designated wallets via Smart
Triggers.
New Epoch 2.0 economic model for PRQ tokens
On Thursday, October 29, the PARSIQ
team announced a planned transition to a new expanded token
economy, which will provide even greater utility for the PRQ
token.
The first innovation that the team told about was Public
Projects, which serve as additional gamification and attraction for
users. With Public Projects users can subscribe to existing PARSIQ
Projects that were pre-made by other users, and finally receive
some fees in PRQ as a stable motivation.
"By paying Public Project developers in PRQ, users that have
subscribed to the Public Project will incentivize the creators to
invent interesting, complex and more important – problem-solving
projects." - says Tom Tirman, CEO of
PARSIQ.
The rest of the announcement covered new requirements for
holding some amount of PRQ to monitor the same number of addresses;
O2 Protocol for risk-free collateral-less loans system provided to
the crypto community by the PARSIQ team; and also new information
about the Uniswap liquidity provider bonus program, which was
announced earlier.
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As the team stated, PARSIQ plans to reveal another fruitful
partnership with a top-10 blockchain project at the beginning of
November. PARSIQ is actively working to partner with major layer 1
blockchain protocols to expand the range of blockchain integrations
and give projects that build on those protocols the ability to
monitor and automate workflows between blockchain and
off-chain.
Visit the PARSIQ website to discover some possible use-cases and
find more details on the project and token: https://parsiq.net
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Media Contact: anastasia@parsiq.net
SOURCE PARSIQ