Simetri in-depth report: Interpretation of the product features and application potential of PARSIQ, a blockchain automation tool

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The paid membership service “Simetri” launched by Crypto Briefing, a crypto-asset research organization, released a report stating that PARSIQ has effective products, corporate customers, and is integrating with some of the most popular DeFi protocols. These factors will promote the adoption of PARSIQ technology by more people .

Written by: Crypto Briefing, Crypto Asset Research Institute

PARSIQ is a “blockchain-to-everything” (blockchain-to-everything) data monitoring service encryption project, which can help users monitor and analyze endless blockchain data streams. The project quickly builds an ecosystem by integrating large-scale blockchains The system has launched a viable product and has also won several corporate customers (Binance is one of its supporters). The PARSIQ project has huge upside potential.

Project Overview

For the cryptocurrency industry, the past month should be relatively happy. The price of Bitcoin has historically exceeded $40,000. Many people in the industry are enthusiastically looking forward to the start of the next “altcoin season”.

However, this “altcoin season” may be different from the 2017 ICO boom, because today’s crypto projects will focus more on product quality instead of hype and exaggerated promises. Now, developers want to find a way to find a more suitable solution, rather than simply discover the problem and solve it.

Nevertheless, irrational market behavior and the phenomenon of buying low and selling high still exist. Just recently, many of the top 100 altcoins have experienced double-digit or even triple-digit growth, and there is no special reason.

We hope that users can make smarter investments, focus on the fundamentals and long-term potential of the project, and don’t want everyone to follow suit at will. We also believe that the projects that bring the greatest value to the ecosystem are the real infrastructure projects. They have laid the most necessary “foundations” for the cryptocurrency industry. These “foundations” will help the crypto ecosystem mature.

These “foundation” projects can not only gain the greatest appreciation in the current bull market, but they are also likely to continue to grow in the long run.

Based on these considerations, Crypto Briefing chose PARSIQ for this month’s selected encryption projects.

From many perspectives, the PARSIQ project is unique. It can connect blockchain activities to off-chain applications and devices, and it also attracts different types of users, including retail customers and several crypto companies.

PARSIQ was established in 2018. The project team members have rich work experience in the blockchain field. They found that most of the blockchain databases are not very well connected to the outside world, so they hope to build and optimize the blockchain data. An interactive infrastructure to solve this pain point. On top of this infrastructure, PARSIQ is developing use cases for retail and enterprise customers, and has already achieved revenue generation, which is rare in the crypto industry.

In addition, the project is supported by the cryptocurrency exchange Binance, and has also formulated a development roadmap for 2021.

Taking all these factors into consideration, we believe that PARSIQ will have a lot of room for growth in 2021, so it was selected as the featured project of the month.

What is PARSIQ?

PARSIQ provides customers with several products, such as Smart Triggers-this product can help traders make wise market, trading and investment decisions, and it is also one of the few projects in the market that can analyze real-time chain data One. In fact, traditional encryption decision-making services only allow users to extract historical transaction data, so data operability is poor.

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As on-chain analysis becomes more popular among traders, it is expected that more traders will start using PARSIQ.

Currently, smart triggers can track the movement of the “giant whale”, pre-mined token transfers, token swap transactions, and other blockchain events of interest to users. After the incident, PARSIQ can notify users in Telegram or put all data in Google spreadsheets for user analysis.

In addition, the project will allow users to build trading robots on its platform in the future and automatically conduct transactions based on the information received from PARSIQ. Traders do not need to know how to write code to create these robots, so PARSIQ is undoubtedly a good tool for traders who do not know much about the technology.

However, it is understood that retail investors are not the main target of the project. For the foreseeable future, the PARSIQ team will regard enterprise users as the main source of income. For business users, PARSIQ also offers several products to choose from. Through cooperation with Bitfury Crystal, the project also provides compliance solutions for crypto companies, and will gradually strengthen compliance product functions in the next few years, because more and more small and medium cryptocurrency companies need real-time tools to meet compliance requirements And avoid risks, and PARSIQ can provide better solutions for such companies.

In addition to compliance services, the project recently released PARSIQ Ncase, a wallet deployment system that allows users to deploy blockchain wallets at the lowest cost. In fact, almost every company that accepts and processes cryptocurrency needs an advanced back-end system to handle different wallets for each individual customer to store different assets. Generally speaking, such a system requires a lot of investment in infrastructure and has high operating costs. PARSIQ has developed a method of deploying a unique wallet system at a minimum cost, which solves the pain point of cryptocurrency accepting cryptocurrency transactions. According to the PARSIQ team, at least for now, their solution is the most effective and much cheaper than other competitors.

It is reported that many companies have lined up to try the PARSIQ wallet management solution. In addition to providing services to corporate customers, PARSIQ also plans to explore the booming DeFi market. Its infrastructure supports real-time data streaming of blockchain events, which can better expand the functions of decentralized financial solutions. According to the team, they are already integrating with some of the most popular DeFi protocols.

Simetri in-depth report: Interpretation of the product features and application potential of PARSIQ, a blockchain automation toolAbove: PARSIQ use case, source of information https://www.parsiq.net/solutions

Taking all factors into consideration, PARSIQ has created a product that can solve the real pain points of market participants, which will help the project to further expand the scale of the ecosystem in 2021.

Evolving partner ecosystem

In addition to integration with Ethereum, PARSIQ has also integrated many other large blockchains, including Bitcoin, Dash, Algorand, Celo, and Binance smart chains.

Last year, the project received a grant from BinanceX, a $100 million crypto project startup incubation acceleration fund under Binance. Teck Chia, the head of BinanceX, said: “PARSIQ is a very useful and powerful tool that allows anyone to build a workflow application that responds to events on the chain in a timely manner. We are very happy to work with them, and very I look forward to seeing what useful and innovative applications can be enabled on the PARSIQ platform.”

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Simetri in-depth report: Interpretation of the product features and application potential of PARSIQ, a blockchain automation toolAbove: PARSIQ integration situation. Source https://www.parsiq.net/apps

In addition, we need to be reminded that PRQ, the native token of PARSIQ, has not yet been launched on any mainstream centralized cryptocurrency exchange. However, given the deep integration with the Binance smart chain, PRQ is likely to be the next listing on Binance Exchange. One of the candidate tokens. Algorand CEO Steve Kokinos also believes that PARSIQ is an important complement to its network. He said: “The blockchain industry needs to simplify the experience and provide people with information about the performance of network applications. For those who are developing, we think the work done by PARSIQ will be a great addition.”

Last year, the project also became one of the 18 finalists to qualify for the CeloCamp Blockchain Accelerator Program. In the CeloCamp blockchain accelerator program, PARSIQ can obtain guidance from top companies and venture capital such as Paypal, Winklevoss Capital, a16z, and Polychain Capital. At this stage, PARSIQ is building the necessary tools for all layers of the network. Such low-level tools can speed up development and improve the composability of encryption products. Infrastructure is one of the main reasons for the success of Ethereum. Therefore, many small blockchains have gained more advantages after cooperating with PARSIQ. It is worth mentioning that PARSIQ has just released the PARSIQ Ncase solution, and many partners have already queued up for testing, such as:

  • Coinmetro — This is a regulated cryptocurrency exchange headquartered in Estonia;
  • Transfero Swiss — This is a digital asset portfolio management company, supported by Alameda Group;
  • BRZToken (issued by Transfero Swiss) — This is a stable currency project located in Brazil, which aims to promote international currencies into the traditional Brazilian market;
  • Paybis.com — This is a regulated cryptocurrency exchange located in the United Kingdom.

The PARSIQ Ncase solution will significantly reduce the cost of wallet management for crypto companies. CoinMetro CEO Kevin Murcko has already planned to use the solution. He gave his reasons:

“As the encrypted network becomes more and more saturated, the decentralized MPC wallet system will become particularly important. CoinMetro is an exchange operator, and I need to control the costs associated with creating wallets and trading volume. Although there are indeed in the market Other options, but given the PARSIQ ecosystem and the strong team behind the company, I think they will stand out in the market competition and bring me satisfied customers.”

Overall, the PARSIQ team will add more customers in 2021. In addition to encryption companies, they will also actively expand traditional enterprises, which may greatly increase the adoption rate of their solutions, and will further increase the value of the PARSIQ project.

Optimize token value capture

As PARSIQ is integrated into more projects, the project is expected to adjust and optimize its token economy, only to enhance token value capture. How will PRQ tokens use the ecosystem? The answer to this question can be found here for more information. In short, the more indicators you need to monitor, the more PRQ tokens you need to hold.

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Corporate customers still have the opportunity to use legal currency to pay related fees, but PARSIQ plans to use part of the profit to buy back PRQ tokens from the market to give back to the community. In the future, corporate customers may also need to hold a portion of PRQ tokens to use this application.

PARSIQ issued a total of 500 million tokens, 150 million of which will be permanently locked in the company’s wallet, which means that the total supply of tokens circulating in the market will be 350 million, and the project will be fully diluted. 185 million US dollars. Considering the current circulating supply of approximately 100 million tokens, its actual valuation may be around 55 million US dollars. PARSIQ’s products are practical, and more and more enterprises will be integrated in the future, so the current valuation may be underestimated. Not only that, as the adoption rate of the PARSIQ project continues to increase, it is expected that more tokens will be locked in the system, so the market circulation will only decrease.

technical analysis

According to technical analysis, PARSIQ began to break through the established trading range in December last year and is expected to gain more revenue. Technical analysis shows that the recent head-and-shoulders pattern reversal has been activated, and the price may soon rebound to the 0.8 dollar range.

Simetri in-depth report: Interpretation of the product features and application potential of PARSIQ, a blockchain automation toolSource: https://coinmarketcap.com/currencies/parsiq/

risk

As with many crypto projects, one of the main risks of this project is that the adoption of the solution may be slow. Although PARSIQ is a good product, it takes time to develop new technologies and win more users. PARSIQ has just entered the active stage of development and integration, so the project team may face many undiscovered problems.

In addition, projects such as Graph have also begun to provide customers with functions similar to PARSIQ, so market competition may also intensify in the future. Graph already has a large number of customers, and if they decide to start providing similar services, they are likely to quickly eat up a large portion of the market share. In the future, the PARSIQ project will also need to persuade corporate customers to use PRQ tokens and use the project’s services. At least for now, there are not many companies that want to process token transactions.

In view of these facts, PARSIQ may encounter some difficulties in its development.

to sum up

PARSIQ and has everything needed to succeed, such as:

  • Effective product
  • Corporate customers
  • More and more product integration

All these factors will promote the adoption of PARSIQ technology by more people in 2021, and the value of the project will increase accordingly. In addition, the PRQ token has not yet been launched on any large centralized cryptocurrency exchange. Considering that the PARSIQ project has been integrated with some large blockchains and Binance, it is expected that it will be launched on the exchange in the short term.

Overall, PARSIQ is an excellent project that can quickly solve the pain points of cryptocurrency users and is also a good supplement to the cryptocurrency product portfolio.