PARSIQ’s IQ protocol to fuel the future token subscription economy
IQ Protocol will allow service providers to automate and customize subscription models, including payments, notifications, and more, using smart contracts.
The launch on PARSIQ’s mainnet of its IQ protocol presents a new solution for the subscription market as the world’s first risk-free and guaranteed-free protocol, offering benefits to SaaS providers and customers.
Powering blockchain-based applications with innovative tokenomics
PARSIQ, the blockchain monitoring and workflow automation platform, serves as a bridge between on-chain and off-chain data. The platform offers a suite of blockchain monitoring and analysis tools, allowing users to access several unique features.
Led by experienced and highly skilled industry professionals, PARSIQ’s mission is to advance the adoption and use of blockchain technology by enabling everyone to integrate their products into existing businesses. To continue their mission, the PARSIQ team launched its revolutionary IQ protocol on the main network.
The launch of IQ Protocol follows a successful start to the year for the PARSIQ team. Built by PARSIQ and tested and audited by Hacken, the IQ protocol is the first risk-free and unsecured DeFi protocol offering lending, borrowing and staking services. It also takes a new approach to the utility of tokens by introducing the concept of Power Tokens. It is already compatible and integrated with several blockchains, including Aave, Algorand, Ethereum, Polkadot, etc.
According to Tom Tirman, CEO of PARSIQ, “IQ Protocol reinforces the product-as-a-service business model through the concept of expirable PowerTokens, which are not used as a means of payment, but rather as a deterministic ‘energy’ generator in time. . Here, energy plays a role in accounting for the unit of service consumption (like units of gas in Ethereum). PowerTokens act as a generalization of subscriptions. Whether tokens are decentralized assets or decentralized money, PowerTokens are decentralized subscriptions that can be taken out as easily as purchasing a token from a contract.
The IQ protocol enables dApps to use improved token economy by allowing service providers and consumers to take advantage of utility tokens. The promising new initiative has attracted capital from some of the biggest investors in the crypto ecosystem.
Just days before the launch of the main network, Axia8 Ventures and the Solana Foundation conducted a private roundtable for PARSIQ, raising $ 3 million from a consortium of investors including CoinUnited, Elevate Ventures, Krypital Group, Mindworks VC, Sanctum, Transfero Swiss and others. After the round, Evan Cheng, research director at Facebook’s Novi Financial, and Wayne Lin, CEO of Axia8, joined PARSIQ as advisers.
Incorporate better tokenomics into file storage application savings
File storage solutions that use utility tokens to power their ecosystem are realizing that a strong token economy is vital to their success. However, most blockchain-based file storage applications inherently face a weak token economy, which discourages users from using the services.
With the IQ protocol, file storage dApps can boost their token economy by allowing users to generate returns from their holdings using risk-free lending and borrowing features. PARSIQ offers a suite of tools for the SaaS economy, providing actionable data, customizable event-based triggers, data monitoring solutions and real-time automation. Using the underlying technology, file storage service providers can create efficient and inexpensive monetization models.
By strengthening the token economy using the IQ protocol, any blockchain-based file storage company can create a circular economy to add more value to their token. This will allow service providers to offer more incentives to consumers who can earn passive returns by lending tokens using PARSIQ’s risk-free and unsecured lending and borrowing protocol.
In addition, IQ Protocol will also allow service providers to automate and customize subscription models, including payments, notifications, etc., using smart contracts. On the other hand, users can enjoy the flexibility of paying for their subscriptions using multiple currencies and earning rewards with their tokens.
A graduate in Intercultural Communication, Julia continued her studies by obtaining a Masters in Economics and Management. Captivated by innovative technologies, Julia became passionate about exploring emerging technologies, believing in their ability to transform all spheres of our lives.