PARSIQ Broadens Its Offerings Further Following The Successful Launch Of Its IQ Protocol

PARSIQ, the middleware connectivity layer that connects blockchain activity to real-world applications, recently added another milestone to its long list of achievements. Following months of experiments and validation in testnet conditions, the PARSIQ team rolled out its IQ Protocol on the Ethereum mainnet on June 30th, 2021.

PARSIQ has already established itself as the most preferred solution for blockchain monitoring and workflow automation, serving as a multi-level bridge between on-chain and off-chain platforms. With IQ Protocol now live on mainnet, PARSIQ has added another promising feature to its existing suite of products and officially marked its entry into the decentralized finance (DeFi) ecosystem.

Since its inception in 2018, the PARSIQ team has focused on ongoing development and implementation of new features based on user feedback and extensive testing. These efforts led to the successful launch of the first-ever risk-free and collateral-less lending, borrowing, and staking protocol for the DeFi ecosystem. 

Underscoring the project’s momentum, Axia8 Ventures and Solana Foundation led a private funding round for PARSIQ just days before the mainnet launch. A consortium of investors, including Krypital Group, Sanctum Ventures, CoinUnited, Elevate Ventures, Mindworks VC, Transfero Swiss, and others, injected $3 million of new capital into the project.

A Promising Direction For Decentralized Subscriptions

Built by team PARSIQ and partners, the IQ Protocol is the first-ever blockchain-based solution for the subscription-based business model. IQ Protocol is open-source and decentralized as a standalone product, designed to empower businesses to build seamless blockchain SaaS models by tokenizing their products and services for on-chain consumption.

From a technical perspective, IQ Protocol is a blockchain agnostic solution that supports on-chain subscriptions while maintaining the workflows of existing off-chain subscription models. By enabling businesses to tokenize their existing services and features and transforming them into PowerTokens, IQ Protocol cements itself as the only solution that opens the gateway for the decentralized subscription business model. 

Unlike other utility tokens, PowerTokens are unique to the crypto market. These novel tokens help businesses build a genuinely circular economy, collecting subscription fees, customizing tokens to meet specific goals, and much more. 

For instance, any business that tokenizes its services as PowerTokens assigns a lifetime value (LTV) to each token. The LTV of each PowerToken offers its owners the right to consume a predefined amount of the products and services supplied by the business. 

Additionally, the IQ Protocol allows users to lend their excessive tokens in pools attached to audited smart contracts, offering an additional option to earn interest when hodling tokens. Accordingly, the IQ Protocol supports varied applications across individual, retail, and corporate use cases. 

The DeFi ecosystem in particular is experiencing strong demand for blockchain-based SaaS business models, highlighted by eight projects already using IQ protocol to adjust existing tokenomics and service models. Notably, PARSIQ has implemented its proprietary smart triggers across blockchains, making IQ Protocol fully compatible with major networks and platforms like Ethereum, Polkadot, Solana, Aave, Elrond, Algorand, Binance Smart Chain, and several others.

Supporting A Plethora Of Blockchain And Real-World Use Cases

IQ Protocol is designed to bridge the gap between on-chain and off-chain ecosystems. As a result, it features a multipurpose appeal. Gaming presents a strong example of its potential. By leveraging IQ Protocol, NFT-based games can increase their reach and incentivize users. 

At present, most NFT games require players to invest in NFTs before they even get to experience the game. Once purchased, players only have the option of selling in-game assets on open marketplaces to recoup their initial investment.

With IQ Protocol, game developers can deliver NFT rentals for a minimal amount instead of gamers outright buying them. Additionally, the underlying protocol also allows players to rent their NFTs to other interested users in exchange for earning rewards and interest. 

Play-to-Earn (P2E) game developers can add a whole new suite of in-game incentives for players with the protocol, benefiting all stakeholders. Instead of recurring subscriptions and the need to purchase in-game assets multiple times, users can simply unlock limited-time rewards and multipliers using the game’s PowerTokens. They can also monetize in-game assets via secondary marketplaces and IQ Protocol’s risk-free lending pools.

IQ protocol’s infrastructure and corresponding tokenomics suit nearly every existing business that employs a subscription-based model. Between data storage, content streaming, and even eCommerce, PARSIQ’s solution merges the best attributes of blockchain architecture and real-world uses to usher in a new decentralized SaaS paradigm.