Led by experienced and highly qualified blockchain professionals, PARSIQ, a real-time blockchain monitoring and workflow automation platform that connects on-chain and off-chain solutions, has established itself as a key contributor to blockchain infrastructure solutions.
Founded in 2018, the team behind PARSIQ has spent considerable time and effort to finally roll out IQ Protocol, a completely new technology for the decentralized finance (DeFi) ecosystem. Following a successful testnet launch on Ethereum, the IQ Protocol mainnet launch began on June 30, 2021.
IQ Protocol’s introduction comes after a successful start to the year for the PARSIQ team. Days before the mainnet release, PARSIQ raised $3 million from its funding round led by the Solana Foundation and Axia8 Ventures, marking the first time the company fundraised outside of its 2019 token sale and underscoring the protocol’s potential.
A Viable Solution For Blockchain-Based Subscription Industry
IQ Protocol is compatible with several blockchains and protocols, including Ethereum, Polkadot, Solana, Binance Smart Chain, Algorand, Aave, Elrond, and many more. Built by PARSIQ and partners from the ground up, the IQ Protocol connects blockchains to off-chain solutions.
Owing to the existing suite of smart tools that connect blockchain activity to real-world data and the successful launch of the IQ Protocol, PARSIQ cements itself as a viable solution that sets the foundation of blockchain-based software-as-a-service (SaaS) subscription economy.
Take Elrond, a blockchain protocol that offers breakneck transaction speeds via sharding. The network has recently partnered with PARSIQ to add support for basic balance and token transfers, smart contract monitoring, and several other advanced features on the Elrond Network.
IQ Protocol has gained momentum as the bridge that connects Web 3.0 to Web 2.0, with eight promising projects already lined up to upgrade their business models and tokenomics through eventual deployment. IQ Protocol offers developers the freedom to customize token models tailored for unique features and use cases as a decentralized and open-source solution.
By enabling developers to tokenize existing assets, decentralized apps (dApps) leveraging the protocol gain the opportunity to roll out decentralized subscriptions, delivering a new capability previously absent in the DeFi ecosystem.
The team behind PARSIQ and its partners have created IQ Protocol as a blockchain agnostic solution that allows anyone to implement subscription models on-chain in a flexible and cost-effective format while maintaining all effective workflows of the SaaS business model via the concept of PowerTokens.
Unlike utility tokens, each PowerToken comes with a pre-assigned lifetime value (LTV). Businesses can tokenize their products and services using the IQ protocol, introducing custom tokenomics designed to symbiotically serve the interests of consumers and service providers. In addition, users can opt to borrow or rent PRQ for a fee from IQ Protocol without posting any collateral, introducing the first collateral-free lending solution within the DeFi ecosystem that is unique to IQ Protocol.
Redefining DeFi By Bridging On-Chain And Off-Chain Ecosystems
IQ Protocol combines the flexibility of SaaS with DeFi, offering an easily accessible and cost-efficient solution for businesses willing to build blockchain SaaS models via tokenization of products and services for on-chain consumption.
Take, for instance, the growing Play-to-Earn (P2E) gaming sector within the blockchain ecosystem. With IQ Protocol, game developers can introduce fully customized tokenomics to offer more value to users. For example, the concepts of recurring purchases of in-game assets, monthly passes, experience points, and more can be handled with PowerTokens.
By assigning a specific value for a certain period on each token, developers can add a plethora of new incentives while offering users the option to unlock in-game assets for a pre-defined time. Additionally, users can monetize these in-game assets or tokens by trading them in secondary marketplaces.
Beyond its application to play-to-earn gaming, IQ Protocol may also potentially disrupt the NFT-based in-game asset market via its risk-free renting pools. Instead of outright buying an NFT, interested users can rent an NFT for a limited time by paying a nominal fee.
As an open-source and decentralized solution, IQ Protocol can serve many value-added different purposes across a broad range of industries thanks to its innate ability to bridge blockchain technology and off-chain business models.
Between Smart Triggers, compatibility with promising networks and platforms, flexible tokenomics, and a suite of trading and monitoring tools, IQ Protocol has cemented itself as a capable solution readily equipped to support numerous real-world use cases.