Anatoly Ressin, chief blockchain architect at Parsiq, advised Cointelegraph China throughout its Hub interview on Jan. 19 that what’s lacking within the blockchain mass adoption is the flexibility to seamlessly devour totally different information sources.
In keeping with Ressin, every blockchain has its personal algorithm to speak that forestalls totally different blockchain options from speaking and exchanging info and information. He added:
“I might say that now we see numerous totally different blockchains on the rise, like within the web period […] And now we see the identical factor with blockchains. This blockchain, that blockchain […] And we’d like stable protocols, work them collectively…”
Ressin additionally identified that though many blockchain initiatives resembling Cosmos, HyperLedger and Polkadot try to construct the structure to attach totally different blockchains, nonetheless they’re solely making an attempt to do it on a community stage. No one is making an attempt to do it on the person stage. In keeping with Ressin, that’s what distinguishes Parsiq from others.
Parsiq, in keeping with Ressin, is a working platform that makes blockchain occasions consumable and blockchain information actionable. It permits customers — people, corporations and enterprises — to watch any occasions throughout totally different blockchains in real-time and at scale and join these occasions to any off-chain apps or units to automate totally different workflows.
One other fascinating truth he talked about was that the identify Parsiq and the authorized entity behind Parsiq that known as Syntactic are each phrases from the compiler concept of making your personal languages. He stated:
“So parsers are issues which can be capable of parse, to take info, digest it and create one thing helpful from it. The phrase itself, nicely, syntactic means capacity to research language, as a result of syntax is the construction of the language. So, in reality, Parsiq creates glue between blockchains.”
That’s precisely what is going on now with sensible contracts, in keeping with Ressin:
“Sensible contracts live on blockchains. Solely when any person pushes them to transact with them, solely then one thing occurs. And nothing occurs on the consumer’s aspect.”
Parsiq has claimed to create a language that permits folks to attach all the precious sources resembling blockchains, oracles and out there information streams about threat scoring. Studying the language permits folks to attach it to 1 single factor, apply any arbitrary computation on it. He added that:
With the intention to permit each builders and customers to make use of this language system simply, an utility referred to as Fast Monitoring Wizard has been constructed inside the system. This utility, in keeping with Ressin, will permit customers to create their very own notification system for the required crypto addresses in a couple of clicks and bind extra information: threat Rating, details about the quantity in equivalents (for instance, in fiat or Bitcoin), arrange importing to Google Spreadsheets or ship on to Telegram messenger.
By way of Parsiq’s sensible triggers, it would combine blockchain infrastructures into current companies with ease by connecting workflows between blockchains to off-chain third-party functions, stated Ressin.
Blockchain transactions have change into an integral and important a part of many companies at the moment. Whether or not it includes receiving funds for consumer funds, sending funds to distributors, or executing sensible contracts, you want to be on prime of your transactions with sensible notifications and real-time alerts. The probabilities are infinite, and the use instances are solely restricted by your have to entry this uncooked info, in keeping with Ressin.
New tokenomics mannequin
Ressin revealed that the corporate has additionally created a brand new sort of tokennomics DeFi mannequin referred to as IQ Protocol. It permits risk-free PRQ lending and collateral-less borrowing. Danger-free PRQ lending signifies that the native token PRQ will not be transferred from the lender’s handle to the borrower’s handle.
Lenders will place their PRQ tokens within the pool beneath totally different charges which can be calculated algorithmically (in keeping with the demand for PRQ), and they’re going to obtain again the IQ Protocol PRQ pool tokens.
Ressin defined that:
“It’s risk-free lending. You’re not capable of cheat, and you want to pay curiosity upfront. It signifies that customers who lent our tokens to different customers which can be serious about our service are incomes curiosity on our token. And we generalize this protocol.”
A variety of companies, resembling wallets and exchanges, are ready for these companies that at the moment are being applied on prime of Parsiq’s platform, in keeping with Ressin.
Parsiq is actively working to companion with main layer-one blockchain protocols to broaden the vary of blockchain integrations and provides initiatives that construct on these protocols the flexibility to watch and automate workflows between blockchain options.