In the current blockchain space, we see a demand for more advanced automation. At the same time, there’s also a growing demand for interactive smart contracts. One thing that appears to be missing is the ability to react to on-chain events. That’s where PARSIQ steps in with their Reactive Network.
So, let’s dive deeper into what this Reactive Network by PARSIQ is all about.
⚡️ Big news! Introducing Reactive Network by PARSIQ, a groundbreaking decentralized layer for cross-chain #EVM interactivity! 🚀
🔗 Announcement: https://t.co/oPAO9K7aAw
🔗 One-pager: https://t.co/A7Oh2rL9qS pic.twitter.com/t52N4xJuw6
— PARSIQ | #BUIDL your Web3 Unicorn (🌊,🦄) (@parsiq_net) September 27, 2023
What Is the Reactive Network?
The Parsiq Reactive Network is a brand-new network with revolutionary technology. This includes the release of Reactive Smart Contracts. These are the next great innovations for smart contracts. They can execute specific programs if event ‘X’ happens on-chain.
Reactive Smart Contracts can revolutionize the way devs can build apps. They can add brand-new functions for Dapps. For instance,
- Portfolio investing with superfast and targeted rebalancing.
- Sophisticated trading bots that can adapt as the market changes.
- Or they can spot upcoming interesting tokens.
- And making sure your collateralized position is well funded and much more.
Many of you know about conditional logic even if you’ve never heard the term before. That’s where If A happens then automatically >>>> B happens right after. And that’s what the Reactive Network is. It’s bringing this type of conditional logic to smart contracts.
There are three key features,
- Reactive Smart Contracts (RSCs) – They can start new on-chain transactions. They base these transactions on specific blockchain events.
- Relayer Network – This allows Parsiq to detect activities on various EVM networks. Including their own network. Thus. allowing for cross-chain interactivity. So, it brings more functionality to RSCs.
- rEVM and rSolidity – An upgraded vision for the EVM future. rSolidity is an extended version of Solidity. It introduces “reactive functionality” into the network.
Source: PARSIQ blog
What Are the Problems and Solutions?
There are a couple of problems that PARSIQ noted. These include, for example,
- Blockchain data is siloed – you can bridge assets, but data isn’t shared.
- EVM’s limitation – you can publish, but can’t subscribe on-chain.
This results in restricted interactivity and curbed potential. The issue at hand is that high gas costs block smart contract interactions.
That’s where PARSIQ introduces the first cross-chain reactive EVM network. At its core will be the new REACT token. Here’s what you can do with this new token, once the mainnet launches. For example,
- It’s the network’s native token. You can swap PRQ to REACT 1:1 after the mainnet launch.
- Use it for transaction fees and as a validation token in staking.
- It powers the Reactive Execution Layer and incentivizes participants in the Relayer Network.
Moving in this direction seems to be the next logical step for PARSIQ. They started out by providing real-time notifications. Later, they concentrated more on blockchain APIs and custom data solutions. With this new direction, they’re aiming to build the next gen of Web3 apps.
Their solution allows you to, for instance,
- Do smart liquidity management,
- Upkeep of leveraged collateralized positions,
- Automatic portfolio rebalancing,
- Complex trading bots, and more.
They see the Reactive Network’s future as an IBC or Inter-Blockchain Communication hub. However, this IBC is aiming at EVM chains.
PARSIQ also started two new partnerships.
- Cyberport is a Hong Kong-based firm that looks into technological growth. The Hong Kong SAR Government owns the company that manages them. They also have the Cyberport Incubation Program with grants of up to HK$500,000. Cyberport recently accepted PARSIQ into its incubation program.
Besides funding, this also allows for entry into the Asia Pacific market. That means it’s an opening into the Hong Kong and Chinese mainland market. Here they can tap into the dev and Web3 innovators market.
- Alibaba Cloud Services. PARSIQ will join them with their Tsunami API. This will become Alibaba’s first blockchain data indexer on their Cloud marketplace. To put this in perspective, Alibaba Cloud is the 3rd biggest cloud provider in the world. PARSIQ will deliver its index and queries of blockchain data. This will give them even more exposure in the Chinese and Asia Pacific region.
PARSIQ is the Google for blockchain, providing instant access to any web3 data. Its technology is on par with The Graph, but its market cap is 60x smaller, offering a lot of space to grow. Check it out today.
The picture below shows the advantages this may bring in China and Asia Pacific.
Source: Parsiq blog
PARSIQ is releasing its Reactive Network and rEVM. These features can react to on-chain events. PARSIQ sees this as the next step in blockchain evolution.
It also celebrated new partnerships with Cyberport and Alibaba Cloud Services. This offers great opportunities in the Chinese and Asia Pacific markets.
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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.
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