PARSIQ is a distributed ledger data collection, organization, and interpretation tool. converting raw data into actionable intelligence.

Altcoin Buzz General Manager Anindya (Ani) Baidya anchored the PARSIQ AMA session with Emilijus Pranckus, BD Executive of PARSIQ.

Segment 1: Introduction
Q – Please tell us about PARSIQ

Emilijus: PARSIQ is a web3 data provider platform that lets developers process real-time and historical data. In other words, it’s a search engine for blockchain data. We’ve always been a company focused on data. We started in 2018 and in 2019 we released our first product a real-time instrument platform that allows developers to monitor web3 data and build APIs on top of it. One use case could be monitoring addresses synced with Telegram and seeing the inflow and outflow of it. Also, we introduced real-time data streams in 2019. These developments prove that we’ve always been innovating in web3 data management. 

However, our clients told us that they also wanted quick and easy access to their historical web3 data. So, in August 2022 developed more related products to close that gap like Tsunami and Data lakes. 

Q – Now that you mentioned Tsunami and Data lakes. Could you please explain more about it and what are the differences between these 2 products and the others?

Emilijus: To answer this question, I’d like Havin, our sales engineer to answer it. 

Ivan: Great to talk to you. Before I answer these questions, I’d like to name the tools that are available to access web3 data. One would be a tool to get web3 data and sign transactions to interact with the blockchain. Also, there are data index APIs like PARSIQ Tsunami and other competitors. So, compared to our nodes, this solution would be better in case you need faster and bigger data because when data indexes store data, it normally stores it in databases that reflect the structure of the data like balances and NFT holdings, etc. However, with PARSIQ, data is stored in a way that you can get the specific data you need to run a slow query. 

Also, PARSIQ not only allows you to get the data in the block but also to process and store the data in the way you need, make calculations with values and balances, etc. Also, there are solutions like The Graph, but they have a big limitation: They don’t share all the web3 information, they have a subgraph for every project and they only provide info about that particular project. So, if there is not a subgraph about a specific project made by the community, or the company of The Graph, you won’t find it. 

More about Tsunami and Data Lakes

So, in case you need a ton of web3 data, PARSIQ’s data index would be a good solution. In case you need specific data of a specific protocol, PARSIQ’s custom web3 API would be a good pick. You can use this last product to get balances, and NFT holdings, and soon we will provide integrations with Uniswap and more to come. 

The other option would be The Graph solution. However, I believe that the current speed and reliability depend on where every subgraph is hosted, which works differently from one to another. So, if you work with The Graph, you will need to measure speed and reliability by yourself or ask us for any similar use case we’ve developed before. Another difference would be customized web3 APIs for your needs. Or, in case you don’t have too many resources or time, you can ask us to do it for you. So, I think that are the most important differences. 

Q – So, why does the blockchain industry need PARSIQ’s solution? 

Emilijus: The short answer is that most web3 projects and web2 enterprises need quick and reliable access to web3 data. But, the problem is that is still very hard to access web3 data nowadays. It’s like looking for www-data in the 90s. So, that’s why PARSIQ exists. We do the hard work of indexing everything so people spend less time searching for what they need. Data indexing is so crucial for the industry, that it makes total sense to specialize in that now. So, I believe that PARSIQ is a company that is trustworthy. 

On top of that, there are economic factors because depending on your location and other factors, the price to get similar services is between 3k – 5k monthly for running a simple arcade node for one project. But, if you want to cover more projects, you will need more nodes. So, I think it’s a lot cheaper to use Tsunami API apart that the client doesn’t have to set up anything on their own because we already do that.  

Q – So, any startup that wants to scale quickly, can outsource these services to you. That being said, I’m sure that a lot of projects are using PARSIQ. Can you tell us how many companies are using your services?

Emilijus: I don’t have the exact number now, but I think w have over 250 clients and partners in total. Some of them are Polygon and Beefy Finance,

They are constantly giving us valuable feedback to be able to scale with them so we are always building new products even in the bear market, and launching them as soon as possible.

Segment 2: Deep Dive

Q – What is your current Roadmap for the short and long term?

Emilijus: If we are talking about the short term, we are looking at adding new chains, developing infrastructure, continuing Tsunami API, adding new data lakes, and improving our current products. So, we are always looking at new use cases where we are not currently working and fill those gaps.  

In the long term, I’m very excited about the upcoming change in tokenomics because it will generate a huge impact that will differentiate us from other data providers. 

Q –  How the non-tech community can benefit from PARSIQ?

Emilijus: If you are a non-technical person and you want to get involved in PARSIQ, you would like to make price speculation of the token. It’s important to mention that in the current stage of our industry, PARSIQ has an $11.7M market cap, and our closest competitor, The Graph, has a $822 M market cap, So, the risk of price speculation in The Graph is pretty big in my opinion considering that we’ll have a new token omic model coming and we are working in getting attention of the whole industry in an organic way and we’ll stick in that position. We are sure that the industry will value what we are offering. 

Q – Why do you think there is such a big difference between The Graph and PARSIQ? What are you doing to close that gap?

Emilijus: The big difference is that The Graph is a decentralized protocol. This means that any subgraph that is deployed is open source, so everybody can see it and use it.  Also, it’s important to mention that they have more resources to start things earlier, and considering that we started to compete just 1 year ago, I truly think we can co-exist.

Q – It’s very interesting all the improvements that you mentioned so far for PARSIQ, So, we’d like to know your overall opinion about how the market is doing

Ivan: I’m a technical expert so I don’t like to make statements in areas I don’t feel prepared. The only thing I’d like to say is that we are not only waiting for money to enter the space but also for some technical innovations as well. For example, the previous bull markets had innovations like DeFi. So I think that we should look for new tech to develop use cases and scale it in the next bull market. 

Q – Where do you feel we are now and where do you think the market is taking us?

Emilijus: When I try to think about where we are now in the current cycle, I remember that in 2019 we had a very similar feeling as today. At that time, we knew that DeFi was built on top of Ethereum and we knew that sooner or later this development would translate into price action. So, a few years later, we needed to find the next big thing, but the market conditions were very different. So it’s really difficult to predict how the market will be.

I feel that RWA (World assets) is a strong trend considering the big announcements there will be on that, Also, there is always space for new altcoins like Telegram coin. However, I honestly have no conviction about what’s going to be the next trend.

Shash: I spent the last 5 days talking with people at the Token 2049 event and RWAs were all over the place I think there is no space for speculation for a very important use case like this. So, i think from the DeFi side, what we learned from the last cycle was the fact that they created utility tokens but they don’t have quality enough for the long term. For example, Uniswap is a very important dapp in DeFi, but people don’t find a utility to its token.

Also, we had a very similar problem with P2E games because their tokenomics weren’t sustainable because people could earn P2E tokens forever and they can also speculate with them too. So, the point is that I couldn’t find much innovation in the Token 2039 event. I thought that I was going to find solutions to current user’s problems in the industry, the vast majority were solutions for other company’s problems. 

Q – I know you are helping many projects, so if you have some budget to invest, would you invest in another infrastructure project like you or which other ones? 

Emilijus: As I was listening to you, I remembered projects like account abstraction that are focusing on making it easier for people to interact with web3. So for example, I have an 18-year-old sister and I feel it’s still very hard for people like her to get into the ecosystem.

It’s a big cliche when some web3 companies say that they want to onboard the next 10 million users into web3, but the tech is not there yet. So, nobody really knows the answer when we’ll have the tech to onboard all of them.

In terms of where we can invest, I learned one thing in web3 is that nobody really knows the answer. A very interesting niche that I found is regenerational finance (ReFi) and I think it will find space in the current market and in the next bull market. 

Q – Could you please explain to us what is Regenerational finance?

Emilijus: For example, one use case for regeneration finance is when a % of the yield that the protocol generates is used in planting trees, generating a positive impact on the planet. 

Shash: I heard about this kind of impact in the TOKEN 2049 event. From a macro perspective, BlackRock is not pushing these trends like a year ago, so I think some crypto VCs are going in that direction.

But I know where you are going with what you are saying. For example, I saw an NFT project called Regens, it’s a cool concept where you get a 100% yield of the money you put in from ETH staking for holding the NFT. So, 50% of the fees they collect are for some activities. Also, some time ago, we started covering Soulbond tokens, ZK rollups, and a bunch of things. So, let’s see how this goes. 

Onboarding the other part that you were speaking about (onboarding millions of people), I think that if we had more people in the space, we could do more. I think we don’t have the best-standardized practices in the space yet. From launchpads, passing to bridges, and decentralized exchanges, they all had failures.

Q – Do you think we are ready for mass adoption?

Emilijus: I feel the same as you, we are at a point where we are working on putting everything together and looking at all the problems of security the industry is facing, I think we are not in the place we should be. So, if someone asks me what should they buy, I’d answer only to buy ETH if they are not totally inside the space because it’s so difficult to separate the good projects from the bad ones.

But I think we are all here to survive this part and set up the framework and culture. However, what I don’t like about this Web 3 space is that everybody thinks that we should invest in new projects, so developers are incentivized to launch new projects. 

So, the bad part of this trend is that is very difficult for them to sustain those projects through the years. That’s why I think we should value the players that have been here since the first days. Because in times like these, every DeFi project is struggling to maintain its indicators.

Shash: I agree with you. All these people who are buying tokens from many projects someday will realize that they won’t last very long. In other words, things that don’t hold value won’t be around for too long. For me and the Altcoin Buzz team, the last 1.5 years were full of new projects to study with a lack of innovation, but we know that we’ll get into a level of stability.

Q – What are the challenges you are facing right now?

Emilijus: For us, our mission is to continue being the leading solution to solve your blockchain data problems and that’s not changing. But, with the new solutions we are bringing, we are sure we’ll have a lot more opportunities. I’d love to tell you more about our plans but they are not confirmed yet. Also, we want to continue building the technology developers need to build on the blockchain. 

Ivan: The infrastructure side has been our main source of challenges because it’s not easy to manage web3 data in a fast a reliable way nowadays because we need to hold a lot of data. So, our competitors are trying to do the same.

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.