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What is Parsiq (PRQ)?

Parsiq is a next-generation platform designed for monitoring and intelligence within the blockchain space. It provides an innovative solution for connecting the blockchain-aware Web3 world to the older Web 2.0 systems, which are still crucial for running various organizations and governments worldwide. Parsiq's platform facilitates the creation of automated workflows that are triggered by on-chain events such as transactions or changes in wallet balances. These workflows can integrate blockchain events into legacy systems, making them blockchain-aware and ensuring their smooth operation with minimal manual processing​​​​.

PARSIQ’s Reactive Network features the cross-chain Ethereum Virtual Machine (EVM), converting static smart contracts into dynamic entities capable of reacting to on-chain events. This innovation addresses a critical gap in blockchain functionality, enhancing automation and interactivity. Key components include the Reactive Smart Contracts (RSCs) and the Relayer Network, facilitating cross-chain event monitoring and reaction. The REACT token powers essential functions within the network. PARSIQ's evolution builds upon years of Web3 infrastructure development, offering developers new capabilities to create next-generation decentralized applications. The Reactive Network aims to become an Inter-Blockchain Communication hub, revolutionizing smart contract and blockchain interactions.

How does Parsiq (PRQ) work? 

Parsiq works by enabling users to create code-free, fully automated workflows triggered by blockchain events. As stated by the team - it's capable of handling millions of transactions across multiple blockchains without compromising on load or throughput, thanks to its scalable design. This flexibility allows users to define how they want blockchain data to be aggregated and transformed, making it a user-friendly platform for both technical and non-technical users.

The IQ Protocol, a decentralized money market protocol for digital asset renting, is featured on the platform. This protocol solves the problems faced by Web3 projects that require holding their token to use their product. Users can rent tokens risk-free for a certain period, thereby decreasing financial risk and increasing flexibility for users who wish to use Parsiq without exposing themselves to token volatility. The IQ Protocol also creates a sustainable economy around their token and product, providing token holders with passive income opportunities.

Furthermore, Parsiq offers a Custom API for complex data querying and filtering, tailored to specific blockchain data requirements. This feature allows for a broad range of Web3 data products to be built on top of the Parsiq platform​​.

What makes Parsiq (PRQ) unique?

Parsiq (PRQ) stands out in the blockchain world due to its unique approach to connecting blockchain events with off-chain systems and devices. This is achieved through its Smart Triggers feature, which extends the functionality of blockchain smart contracts into the real world. This capacity makes Parsiq a key player in integrating blockchain technology with various real-world applications, spanning industries like finance, supply chain, and more.

Additionally, Parsiq's IQ Protocol sets it apart by enabling a novel token-based subscription model. This protocol allows users to 'rent' tokens for accessing services, thereby creating a circular economy around the PARSIQ platform and PRQ token. This approach is innovative in the DeFi space and positions Parsiq as a pioneering solution in blockchain interoperability and real-world applications.

The PRQ token: Utility & tokenomics

The PRQ token is the native token of the Parsiq ecosystem and plays a pivotal role in its functionality. Here's an overview of its utility and tokenomics:

Utility in the Parsiq Ecosystem: PRQ tokens are required for accessing all services and capabilities of the Parsiq platform. This includes the use of Parsiq's unique features like smart triggers and automated workflows which connect blockchain activity to off-chain applications.

IQ Protocol: The PRQ token is integrated with the IQ Protocol developed by Parsiq. This protocol establishes a circular economy by linking the demand for Parsiq's software to the demand for PRQ tokens. It allows companies to 'borrow' PRQ tokens for a fee without providing collateral. This feature expands the scope of Parsiq services, making it more accessible to enterprises.

Hodl Proof and Token Renting: Users can hold (Hodl) PRQ tokens to access Parsiq Platform subscriptions without paying any fees. Alternatively, they can rent expirable PRQ tokens from the IQ Protocol pool for a specific period, reducing financial risk and increasing flexibility for those who wish to use Parsiq services.

Lending & Staking: Token holders can lend their PRQ tokens to the IQ Protocol rental pool, providing liquidity and earning variable interest, without any risk. This lends itself to passive income opportunities for token holders.

Token Supply and Distribution: The total supply of PRQ tokens is capped at 500 million, with a current total supply of approximately 310 million following token burns (February, 2024). This supply is divided among various categories, including circulating supply, team and advisor pool, development fund, and a reserve fund.

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