PARSIQ, an enterprise blockchain solutions provider has stepped into the DeFi space by announcing its IQ Protocol launch. Currently, on an Ethereum-based testnet, IQ Protocol is a DeFi solution for the SaaS market that tokenizes subscriptions and creates a circular economy, complete with staking, lending, and borrowing features.
The launch of IQ Protocol enables PARSIQ to introduce the concept of DeFi to a $160 billion industry segment and encourage cooperative development in the space.
The testnet phase will allow the company to create a stable offering while noting the industry requirements for further development. If everything goes according to the plan, PARSIQ will be deploying IQ Protocol on Ethereum mainnet before the end of Q2 2021.
PARSIQ Grows Beyond Blockchain Analytics to Enter DeFi Space
Originally a blockchain analytics platform, PARSIQ has outgrown its early form to include custom blockchain-backed automation and DeFi solutions as a part of its offering. With PARSIQ, users can monitor and map the activities of off-chain devices and applications to any supported blockchain and create custom real-time event triggers for automation.
With IQ, PARSIQ will also provide the world’s first risk-free, collateral-less DeFi protocol to its clients looking to integrate DeFi solutions into their offerings. The completely trustless, open-source IQ Protocol has already garnered interest from many DeFi projects looking forward to benefiting from its unique tokenomics and participation requirements.
PARSIQ Re’DeFi’nes DeFi by Getting Rid of Collateral Requirement
Like several other blockchain projects, IQ Protocol is fuelled by PARSIQ’s native PRQ token. The On-Chain Subscription model on IQ Protocol decides the eligibility of token holders to access services and features based on their token holding pattern, rewarding longer-term holders.
Moreover, IQ Protocol introduces the concept of Power Tokens, which, unlike conventional utility tokens, generate utility over time in what is akin to a utility subscription model. These tokens are organized into “Power Enterprises”, a collection of smart contracts which manage their functionality. This includes proposal funding, governance, and voting rights, as well as the ability to mint new Power Tokens.
Alternatively, users can choose to borrow or rent PRQ from IQ Protocol for a fee without any collateral to access the services. The collateral-free lending of PRQ is nowhere seen before in a DeFi setting and is unique to IQ Protocol.
Meanwhile, PARSIQ’s existing integrations with Solana, Ocean Protocol, Binance Smart Chain among many more, will allow IQ-based DeFi projects to efficiently consume various market-related data streams and trigger appropriate events necessary using PARSIQ’s Smart Trigger feature.
Moreover, these integrations will minimize the adverse effects of rising transaction fees on the Ethereum blockchain.
Stay updated on PARSIQ’s integrations by checking out their blog.
Everything DeFi Needs in a Single Package
IQ Protocol is a one-stop-shop for DeFi needs in the making. It combines the best of DeFi with the flexibility of SaaS to offer an easily accessible solution for individuals and businesses alike. The rising demand for DeFi projects and the need for DeFi-like features in a more traditional setting puts PARSIQ in an ideal position to cater to a broader market.