Parsiq Report by Jesse

In the midst of your YouTube viewing the past few weeks. Like myself, you might have been lucky enough to finally get a break from all the Ethereum giveaway ads and get something new for a change. This week we found a new project making it’s sponsored ad rounds and had to take a deeper look. Catching my interest and already showing signs of a quality project, this week we’ll be looking at Parsiq.

Introduction

Parsiq is the new next-gen monitoring and intelligence platform created for use in many Blockchains. With Parsiq, users gain access to many useful product features like tracking assets in real-time, being notified about occurrences around a specific blockchain network, processing on-chain data, and combining it with off-chain data. In this system, there are two primary functional groups of business use cases. “Parsiq monitoring” which allows building complex and customizable monitoring solutions in an easy to use format and “Parsiq protect”. A crypto alarm for your portfolio built on top of the Parsiq ecosystem. With blockchain transactions happening in near real-time, and transactions pushed through as soon as each block is confirmed. Not all platforms provide a means of monitoring these transactions, especially for offline wallets or those managed on platforms that do not provide instant notifications. With Parsiq’s automation systems, these alerts can provide the much needed information about transactions as they happen. This alert can even be configurable to detect blockchain activity as early as the mempool level, meaning users can get alerted of upcoming transactions even before they are confirmed on the blockchain. Parsiq users can also be alerted by mobile notification about any market data, risk data, and security events like a hack or unauthorized outgoing transactions from your address.

Native to the system is it’s own language called ParsiQL. ParsiQL is a domain-specific language which serves the main purpose of manipulating the data “Stream”, and the core concept behind ParsiQL. A new user “Stream” is created and built on top of a “Source Stream” in two categories of streams. The first is a “Native Stream” that consists of produced native events like transfers, calls and logs. The second is a “User Stream” that can be formed from a native one or from other users streams. By default, the user stream is delivered as-is through all smart-trigger delivery channels. Applied transformations can change the shape of the output event, amount, or data they contain. New user stream is formed by applying many transformations to the source stream. With stream context available inside each of the three transformations to allow event property access. Of these transformations are (filters) that drop any events from the source stream that do not meet the condition and can be chained together. The transformation (map) is a kind of transformation that is applied to each event of a source stream and produces a completely new event that can be of other types or contain new data. The most complex of these transformations is the main (process) block that opens up possibilities for applying more complex logic. In ParsiQL, process block is different from other transformations, as it can provide advanced language elements and allow producing more advanced streams like child streams.

Features that lie at the core of the Parsiq platform power everything and are accessible for usage through the Parsiq Portal. To enable external parties to build their applications on top of, or integrate existing ones. Public and partner API endpoints are provided to create a more flexible approach in managing data and using the underlying functionality. The components making up the platform include a blockchain adapter that acts as a 2nd layer that consists of various blockchain clients integrated with Parsiq’s track and trace software modules. This acts as an entry point for raw network transactions and through the process of reaggregation turns the information anto the prior discussed “Native Event” to pass information through the rest of the system. The monitoring and notification subsystem is what Parsiq considers the most important component. Being the first to process the native events, each new event acts as a smart trigger that executes and delivers notifications via Telegram WebHooks, etc… Analytics and reporting features are an intermediate subsystem that act as a collector, aggregator and post processor of various data. This results in statistical and intelligence data later used in report visualizations to help with analytics.

Parsiq offers a free user plan that allows anyone to sign up and start using the Parsiq system immediately. No ID or other information is required to open an account and the system works by monetizing actions users create. For every trade, new project, alert or any other function available on the platform, free users are allowed up to 100 actions every six days before their actions are reset back to one hundred. Subscriptions are easy to update with two paying options currently available for users. The Pro option allows for 1,000 actions per month at $49.00 USD monthly fee and the Business option allows for 10,000 actions per month for $399.00 USD monthly fee. The business account is the only one that offers the ability to share five team accounts and the main difference between itself and the Pro option. Users can pay monthly fees using any CC accepted on the Stripe payment platform. At this time of writing Parsiq supports monitoring all assets on Ethereum (including NFT’s like ERC-721), Bitcoin, DASH, and Algorand. With future integrations outlined in their Roadmap.

The Token

The PRQ token contract was deployed on the Ethereum blockchain September 21st 2019 with a total supply of 500M tokens. By September 29th Parsiq raised 1,595,000 EUR through a private sale (PRQ price of €0.0175 EUR) and an IEO on CoinMetro.com (PRQ price of €0.025 EUR). Out of 250M total tokens offered, 152M remained unsold and were sent to the retention wallet. Currently the actual circulating supply is around 101M tokens. Because less tokens were sold than expected during the initial offering. The balance between tokens circulating in the market and tokens held by the foundation changed. To show the long-term commitment to the project the team decided to send most of the team and advisor tokens to the retention wallet where they’ll be locked for 5 years. Rebalancing will happen at the end of Q3 2020 with details to be announced after the event.

The Founders

Founding the Parsiq project is Chief Architect Anatoly Ressin, Forensics Engineer Andre Kalinowski and CEO Tom Tirman. Alan Durnev serves as Parsiq’s CTO with Hendrick Henrikson as CBDO with Vsevolod Mihailov, and Alex Rehov as Senior Blockchain Developers, and Simon Yakunin as Lead Engineer. For strategic purposes Aleksey Studnev and Kevin Murcko join the team as well. Parsiq currently has many open positions currently available for Engineers, Infrastructure Managers, Back-End API Developers, Full Stack Developers, Senior UX Engineers, Media/Marketing Managers as well as Digital Sales Manager.

The start of their seed round gathered a lot of attention in the space causing Parsiq to be chosen by the Jack Dorsey backed crypto investment marketplace CoinList as one of the most promising early-stage startups in the blockchain space. Joining as partners with Parsiq is Blockvis, KYC ID, Brazillian Digital Token, Euro Crypto Association, The Moon Capital, Bloxy, Dash Next, CryptoRank, Transfero, CoinMetro, Algorand, and BCVAULT.

Market Potential

Allowing for better asset tracking is paramount to the adoption of blockchain systems. With transparency being one of those key elements in building blockchain infrastructures for the future. The potential for systems that help track assets across multiple blockchains is a very important one. It comes with the ability to watch and react to market manipulation like spoofing, front-running and wash trading. Creating better trading habits in the community by openly punishing any bad actors. If we don’t want big businesses coming in and falsifying their chains with a bunch of gobbly goop then we need better ways to track assets. Public blockchains are inherently public, and with that comes little privacy in being pseudonymous. Fortunately, Parsiq wants to help create a fairer paying field for the whole space by utilizing real-time intelligence features. Lessening the occasion of bad habits and actors over time to foster better practises in the space.

Concerns

Token use at this point is pretty limited. While it will serve more use on the platform after integration. At this time there’s no PRQ wallet built in or any other indication that the token serves any purpose. All transactions are handled via credit card for services until a later time at which the token will have a use in the portal. How soon this will be is unknown, but indications on the projects website signify Q4 will see services like smart triggers and transport methods unlocked for use with the PRG token. When that does happen every time a user consumes a token a fraction of it will be sent to the retention wallet and locked for five years to reduce the circulating supply. Until this happens Parsiq mainly functions only for small and medium businesses that have to use AML solutions for their company to operate in crypto.

Token distribution is not very transparent at this time. With the whitepaper that was previously available having been pulled from the website. I haven’t been able to find a definitive and verifiable resource for the distribution of tokens to the team, development, community, advisors or any other operational outline. With the retention wallet holding so much of the supply and playing a key role in Parsiq’s ecosystem. There’s some questions about the distribution of those tokens that haven’t been made completely clear yet.

Conclusion

Information is power when it comes to anything we do in life. The more we have, the better decisions we can make. If you joined Lark’s trading course then you know when it comes to trading we don’t want two conformations of support or resistance, we want three or four before deciding to enter a trade. We want as many indicators and information as possible before setting our trade goals. Parsiq’s linking of on-chain data with off-chain events gives us traders and institutions more information than previously available. Having the ability to track specific movements and transactions before they even reach the exchange is incredible information to have at the trading desk. Combining this information with off-chain data like fiat rates and risk scores allows for far better portfolio management and preservation of capital. It’s no wonder the need for this level of forensic monitoring is being sought after in the fintech, compliance, and platform security world. With Parsiq operating as a reverse-oracle by utilizing data and updates from the blockchain and delivering them to real world applications through alerts and API’s instead of the other way around. You can already understand how valuable a system like this is. With no major exchange listing yet there’s a lot of room for this $15M market cap to explode in the coming market cycle.

Until next time, remember that the only guarantee is BTC. So keep stacking that Satoshi.

-Jesse Koz

#MrHarrilasagna

Follow Jesse on Twitter

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