How Does the PARSIQ Blockchain Work?
PARSIQ has been making headlines recently! While you’re probably already familiar with the PRQ token, are you wondering how does the PARSIQ blockchain work? You are not alone! Let’s take a look at this topic.
Back to Basics – What is PARSIQ?
Before we dive into the specifics, let’s look at the big picture.
The baseline for PARSIQ is its platform. In short, it offers a variety of blockchain monitoring tools and blockchain analytics tools across industries. It is the next-generation monitoring and intelligence platform for various blockchains.
If you would like a more detailed overview of what is PARSIQ, head over to our blog!
Of course, we can’t overlook PRQ when discussing this topic. PARSIQ Token (PRQ) is an essential piece of the PARSIQ platform. It co-exists with FIAT payments for using its services. When payments within the platform are made in PRQ tokens, they are guaranteed a discounted rate.
Starting Q4 2020 every time a user consumes the platform’s services a random fraction of tokens will be sent to a special retention wallet where it will be locked for 5 years reducing the circulating supply to incentivize long-term supporters of the project.
Check out our article about the PRQ token to know more!
How Does the PARSIQ Blockchain Work?
The crypto market is increasing both in size and complexity. In order to keep up with it, we need new tools for blockchain monitoring. These should be able to scale and have real-time support. For example, users need tools that help them manage their crypto holdings. Such as alerts when transactions have been completed and when certain amounts reach their wallets. Current tools, like block explorers, are lacking the ability to monitor entire blockchains in real time. There is also a need for more sophisticated analytics.
So, this is what PARSIQ is bridging. With PARSIQ, users gain access to a number of useful product features. For instance, users can track digital assets in real-time and get notified about occurrences around the blockchain network. They can also gather and process on-chain data and combine it with an off-chain one. Users can increase the efficiency of their blockchain transactions.
Every single blockchain activity that occurs on the platform results in a massive amount of information. All of this circulates through the PARSIQ Platform and activates various parts of it. Every product that belongs to the ecosystem has a particular processing subsystem of the platform standing behind it.
PARSIQ in Practice
The PARSIQ blockchain is already in use across industries. For example, traditional financial institutions like banks, insurance companies, lenders and credit card processors can apply PARSIQ’s solution to improve monitoring the activity of addresses for their compliance processes. PARSIQ’s blockchain is also in use by cryptocurrency service providers. The platform makes it easy to notify users about balance changes on their addresses, manage risks for crypto transactions and automate processing of user deposits.
In terms of industries, PARSIQ has been applied across several. One of the most prominent ones is marketing. Automating marketing workflows is extremely important for businesses to save time and increase efficiency. But when dealing with blockchain transactions and cryptocurrencies, PARSIQ provides new optimization opportunities for merchants who accept crypto.
What Makes PARSIQ stand out?
PARSIQ’s monitoring platform is giving clients greater control over their crypto assets. This means that users will be able to monitor the blockchain state in real time using the ParsiQL programming language. This enables stateful computations — such as running totals, daily turnovers and thresholds — on streams of blockchain events.
One of the most powerful features of the platform is a concept called “smart triggers.” This refers to a combination of streaming analytics and real-time notifications. They can be utilized to build a wide range of monitoring and notification applications. All of these will run on top of PARSIQ’s infrastructure.
The goal of PARSIQ is to reduce market manipulation and increase transparency. The team believes that a wider dissemination of advanced blockchain monitoring tools will help make crypto a safer place.