By
Chainwire
April 7th, 2022
IQ Protocol will enable service providers to automate and customize subscription models, including payments, notifications, and more, using smart contracts.
PARSIQ’s mainnet launch of its IQ Protocol presents a novel solution for the subscription-based market as the world’s first risk-free and collateral-free protocol, delivering benefits for SaaS providers and customers alike.
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 analytics tools, allowing users to access several unique features.
Led by experienced and highly qualified industry professionals, PARSIQ is on a mission to push forward the adoption and use of blockchain technology by allowing everyone to integrate its products into existing businesses. To further their mission, the PARSIQ team has launched its revolutionary IQ Protocol on mainnet.
The launch of IQ Protocol follows a successful start of the year for the PARSIQ team. Built by PARSIQ and tested and audited by Hacken, the IQ protocol is the first risk-free, collateral-less DeFi protocol offering lending, borrowing, and staking services. It also takes a novel approach to token utility by introducing the concept of Power Tokens. It is already compatible and integrated with several blockchains, including Aave, Algorand, Ethereum, Polkadot, and more.
Per Tom Tirman, CEO of PARSIQ, “IQ Protocol empowers product-as-a-service business model via the concept of expirable PowerTokens, that are utilized not as a means of payment, but rather as a deterministic over-time ‘energy’ generator. Here, energy plays a role in accounting for the unit of service consumption (like gas units in Ethereum). PowerTokens act as a generalization of subscriptions. If tokens are decentralized assets or decentralized money, PowerTokens are decentralized subscriptions that can be subscribed to as easily as purchasing a token from a contract.”
IQ Protocol enables dApps to utilize an upgraded token economy by allowing service providers and consumers to yield benefits with utility tokens. The promising new initiative has attracted capital funds from some of the biggest investors in the crypto ecosystem.
Just days before the mainnet launch, Axia8 Ventures and Solana Foundation led a private funding round for PARSIQ, raising $3 million from a consortium of investors, including CoinUnited, Elevate Ventures, Krypital Group, Mindworks VC, Sanctum, Transfero Swiss, and others. Following the round, Evan Cheng, the director of research at Facebook’s Novi Financial, and Wayne Lin, CEO of Axia8, joined PARSIQ as advisors.
Incorporating Better Tokenomics in File Storage App Economies
File storage solutions that use utility tokens to power their ecosystem realize that a strong token economy is vital for their success. However, most blockchain-based file storage apps inherently face weak token economics, which discourages users from utilizing the services.
With IQ Protocol, file storage dApps can strengthen their token economy by enabling 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 build effective and low-cost monetization models.
By strengthening the token economy using IQ Protocol, any blockchain-based file storage business can build a circular economy to add more value to its token. This will enable service providers to offer more incentives to consumers who can earn passive returns by lending tokens using PARSIQ’s risk-free and collateral-free lending and borrowing protocol.
In addition, IQ Protocol will also enable service providers to automate and customize subscription models, including payments, notifications, and more, using smart contracts. On the other hand, users can benefit from the flexibility of paying for their subscriptions using multiple currencies and earn rewards with their tokens.
