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BackDid you know that you can trade PRQ on CoinMetro? Let’s have a closer look at what’s behind it and why this token is so great.
PRQ Token – What Is It?
Let’s start from the basics. The basis for the PRQ token is the PARSIQ platform.
PARSIQ Platform
PARSIQ is the next-gen monitoring and intelligence platform for various blockchains. With PARSIQ, users gain access to a number of useful product features, like:
- Tracking in real-time digital assets
- Being notified about occurrences around the blockchain network
- Gathering and processing on-chain data
- Combining the on-chain data with off-chain one
Every single blockchain activity that occurs on the platform results in a massive amount of information. So, 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.
All about PRQ
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 to 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.
A bit of History
So, what was the story behind PARSIQ? Let’s rewind back to 2019. The PRQ token contract was deployed on the Ethereum blockchain on September 21st 2019. The total supply was set at 500,000,000 tokens. By September 29th PARSIQ had successfully raised 1,595,000 EUR through a private sale. Furthermore, they also did an IEO on our very own CoinMetro! Out of 250,000,000 total tokens offered, around 151,000,000 remained unsold. These tokens were sent to the retention wallet. Currently the actual circulating “free market” supply is around 100,809,872 tokens. Because less tokens were sold than we expected during the initial offering – balance between tokens circulating in the market and tokens held by the foundation changed.
The team behind PRQ is well committed to the project. For instance, to prove their long-term commitment, they decided to send most of the team and advisor tokens to the retention wallet. The funds will be locked there for 5 years.
PRQ In Action – Overview of Use Cases
The PARSIQ platform has many possible applications. Let’s have a closer look at a few examples.
Cryptocurrency Service Providers
One of PARSIQ’s most popular solutions is aimed at 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.
PARSIQ’s solution includes a suite of automated workflow solutions for any cryptocurrency services. For instance, exchanges, wallets, custodians, OTC desks, DEXs etc. The solution enables automations that save time and money for cryptocurrency solution providers.
Traditional Financial Institutions
PARSIQ also has many use cases among representatives of traditional finance. This solution focuses on monitoring the activity of addresses for internal compliance and security monitoring of addresses. It also allows traditional financial institutions to monitor digitized or tokenized assets.
This solution is being used by many institutions. For example traditional banks, insurance companies, lenders, credit card processors. In conclusion, financial institutions are able to customize workflows to fit their business model, while avoiding unnecessary risks, complexity and costs.
Digital Asset Traders
PARSIQ has also thought about digital asset traders. Their solutions portfolio includes an option that allows for real-time insights for crypto projects. Digital asset traders can also monitor blockchain activity to make trading decisions.
Solutions that leverage real-time on-chain data can help make the most profitable trading decisions. Real time on-chain data can even automate the whole digital asset trading experience for traders, hedge funds, trading desks, investment firms and asset managers.
Decentralized Finance Projects
And of course, we can’t forget about decentralized finance projects. PARSIQ provides DApps, DeFI projects and blockchain protocols the infrastructure and features to work with live streams of blockchains events. This extends the functionality of decentralized finance solutions or even develop layer two applications on top of their platform.
Industry Breakdown
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.
PARSIQ also has solid use cases in compliance. Many frameworks for AML, custody, safekeeping and other security definitions are being set in place for digital currencies. This is creating lots of confusion. In an environment full of regulatory uncertainty, PARSIQ helps companies stay compliant.
In addition to marketing and compliance, PARSIQ has seen steady adoption in the fields of blockchain developments, trading, finance and security. For instance, PARSIQ is being used by BC Vault and BRZ Token.
What Makes the PRQ Token So Great?
So, by now you know about the history of PARSIQ. You also know a bit about the technology. And the use cases. But what makes the PRQ token stand out?
The PRQ token has seen an impressive growth in the last month. This makes the crypto really stand out, as 2020 has been a truly turbulent year. Many crypto tokens are facing a decline and fighting for survival on the crypto market. But PRQ is showing signs of the opposite. At this rate, we are excited to find out what’s in store for PRQ!
Now that you know all about the PRQ token and the journey it has ahead, why not start trading? Head over to our crypto exchange and buy PRQ today!