PRESS RELEASE. PARSIQ launches its highly anticipated IQ Protocol, the first risk-free and collateral-free decentralized funding protocol designed specifically for the software-as-a-service (SaaS) market.
March 31, 2021, Tallinn, Estonia – PARSIQ has launched the revolutionary IQ protocol on testnet (Ethereum), a decentralized financial solution (DeFi) for the SaaS market. The IQ protocol is the world’s first risk-free, collateral-free DeFi protocol that enables tokenization of SaaS subscriptions in the DeFi space with circular savings. The IQ protocol covers several standard DeFi services, including interest, credit and borrowing.
This launch marks the official entry of PARSIQ into DeFi space. If the test network is successfully implemented, the launch of the IQ protocol backbone network is planned for the second quarter of this year, and the team is already interested in several DeFi projects. In addition, the PARSIQ team plans to launch a backbone network across several other networks, including Binance Smart Chain (BSC) and Solana (SOL), with which PARSIQ is already integrated.
IQ protocol and performance token
The IQ protocol brings a new perspective to DeFi’s basic environmental solutions. Not only is the network support for the protocol completely unreliable, but the protocol itself is open. In addition, PARSIQ’s innovative decision to eliminate the collateral requirement to participate in or use IQ is another first in the DeFi space and negates the risks associated with participating in DeFi.
The IQ protocol also takes an innovative approach to the use of tokens with the introduction of power tokens. Unlike ordinary utility tokens, which represent a fixed number of utilities, energy tokens generate utilities over time. Holders of power tokens commit to using them rather than owning a fixed number of them.
For example, a regular tomato token represents the right to harvest 1 kg of tomatoes, while a Power tomato token (with weekly income and expiration after 1 year) represents the right to harvest 1 kg of tomatoes per week for one year.
Power Tokens reside in Power Enterprise, a set of smart contracts that combine several features of the IQ protocol, including management, funding, and the ability to store new Power Tokens.
Moving to a subscription model offers huge performance benefits for blockchain-based networks, including relieving the main chain of large transaction loads. And in the best case scenario, most of the basic chain operations are no longer needed.
The introduction of IQ is also accompanied by a new and improved token model, which requires users to have PRQ, the proprietary PARSIQ token. IQ allows users to borrow or rent PRQs through the IQ protocol in exchange for a commission. Essentially, they pay a fee and the proceeds reward the lenders without any risk. The IQ model rewards behavior in a simple but effective way that also ensures long-term network security.
Strong partnerships and development
The launch of IQ follows a successful start to the year for the PARSIQ team. The current network was recently integrated into the Solana ecosystem, allowing SOL users to aggregate data streams and write custom scripts using the user-friendly PARSIQ scripting language.
PARSIQ has also integrated the Smart Trigger feature into the data market platform Ocean Protocol. The integration gives Ocean users the ability to automate the response to specific data inputs with PARSIQ’s unique monitoring solution.
This feature has also been extended to Binance Smart Chain (BSC), and BSC users can benefit from the same smart triggering feature. As part of the BSC integration, PARSIQ is also part of Binance’s $100 million accelerator fund to drive new BSC-based innovations.
PARSIQ is also integrated into several other projects in the DeFi space, including Balancer, PAID Network, Injective Protocol, and many others. For more information on these integrations, visit the PARSIQ blog.
PARSIQ is a next-generation analytics platform designed to connect blockchain activities with off-chain applications and devices. The company offers a range of innovative data processing solutions, including customizable event-based triggers, data monitoring solutions, and real-time automation focused on the SaaS space.
For more information on the IQ protocol, PARSIQ and future plans, please visit the PARSIQ website.
Keep in touch with PARSIQ on LinkedIn: https://www.linkedin.com/company/parsiq/.
Follow PARSIQ on Twitter: https://twitter.com/parsiq_net.
Join the PARSIQ community on the Telegram site: https://t.me/parsiq_group.
Read PARSIQ’s blog on Medium: https://medium.com/parsiq.
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