Immediate data access and retrieval. That is one of the keys that every business needs to be successful. Nowadays, in the web2 world, this practice is common. Many software programs allow you to monitor the most important indicators of a company. However, in the web3 industry, this is just getting started.
PARSIQ is making an important place for itself here. If you were not able to discover The Graph in its beginnings, in this article you will discover reasons to add PARSIQ to your watchlist.
What is PARSIQ?
PARSIQ is a web3 platform that allows access to information stored in EVM blockchains such as Ethereum, BNB Chain, Polygon, Optimism, Arbitrum, and Avalanche.
Through APIs that work as filters, developers can search for all kinds of on-chain data. You can not only use this to create internal indicators but also to know how your community uses your web3 protocol. This will allow any dApp to correct errors and even develop new complementary business models that will build community loyalty.
In other words, one of the functions of PARSIQ is to be the Google of web3. Just as Google indexes and classifies articles and videos that are published on the internet for you to search them by keywords in its search engine. In PARSIQ, you can do the same for stored data, in the mentioned blockchains, through APIs. An API is a software program that lets developers get accurate web3 data and analyze it to improve products/services. These APIs let any app access the real-time data it needs to manage its project.
Also, PARSIQ offers “Data Lakes”. With Data Lakes, developers can access exclusive data that will help them make crucial decisions. It’s like having a full-time data analyst ready to slice and dice your data any way you want it. It’s custom-made just for your app.
How Does PARSIQ Work?
Here’s PARSIQ’s infrastructure in two parts:
- Semi-centralized: Focused on companies, it’s a distributed data provider for software producers. This means that clients can get data from the Tsunami API and store it in personal servers with PARSIQ’s tech. The stake feature will be available here. Or you can store the data in PARSIQ’s distributed network.
- Decentralized: This is the part where Data Lakes comes in. This solution verifies data using many parties based in many places. Also, it’s important to mention that their native token, $PRQ, will have a key role in the public SDK, and Data Lake’s marketplace. In other words, users will have to stake $PRQ to run Data Lakes, and the revenue from using it will be distributed in PRQ tokens by a burning mechanism.
In conclusion, using Data Lakes will boost the utility of the PRQ token by a PRQ lockout and deflationary burn. This will create a direct relation between PRQ adoption and active PRQ token supply/demand.
Other Benefits of PARSIQ
Here are other very interesting features that PARSIQ provides:
- Complete adaptability of data input and output. This means that you can get exactly the type of web3 data you need.
- Developers can build custom-tailored APIs.
- Merge smoothly with clients’ infrastructures.
- Data export, by avoiding additional issues and extra costs associated with making the data compliant with the project’s tech stack.
As a result, PARSIQ’s primary strategy is to reach out to organizations that require market intelligence and research information.
PARSIQ Use Cases
One of its use cases is for NFTs. For example: If you have an NFT project that is airdropping a special NFT collection, with PARSIQ’s NFT API, you can almost instantly confirm that those NFTs made it to their real owners. Also, devs can almost instantly access:
- Developer’s data (Events, Calls, block headers, native asset transfers).
- Tokens transfer, balance, and inventory data. (Supports ERC-20, ERC-721, and ERC-1155).
These APIs can be used for CeFi (Centralized Finance), Metaverse, NFTs, and AI sectors.
Roadmap & Tokenomics
PARSIQ is currently following its Roadmap with important launches. For Q1-2023:
- Tsunami API in Arbitrum.
- Indexation of Arbitrum Classic.
- ABI Decoder.
- Real-Time Filters.
- Expansion of NFT Data Lake.
- JS client for Tsunami, among others.
For Q2-2023, they plan to:
- Add Optimism.
- Expand Data Lakes.
- Release a DeFi Data Lake (For example, Uniswap V2 data lake)
- Public release of SDK. (With SDK, users will be able to build customized Data Lakes).
You can see plans for Q3 and Q4 in the following picture:
Source: Medium
Like all web3 projects, PARSIQ started with a tokenomics model when they launched their native PRQ token. However, they now have an updated tokenomics policy to power its use cases. Also, PARSIQ will be adding a DAO that gives PRQ token holders voting rights on tokenomics, integrations, grants, and other topics to stimulate community participation.
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Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by PARSIQ. Copyright Altcoin Buzz Pte Ltd.
