You will agree that monitoring, data management, and analysis are challenging tasks when it comes to crypto and blockchain data since blockchains do not provide native RESTful API or GraphQL interfaces. How to simplify this task? The first obvious solution is to set up your own full-node, but it actually takes a lot of hustle, especially if you have to observe several chains at the same moment. The second option is to go with one of the SaaS solutions.
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Today we will review PARSIQ – a platform that allows turning blockchain data into actions and getting access to a number of useful features.
What is PARSIQ?
PARSIQ is a next-generation monitoring and intelligence platform that supports different blockchains. The main benefits of PARSIQ are:
- Real-time tracking of digital assets;
- Notifications about the majority of occurrences on the blockchain network;
- Possibility to gather and process blockchain data;
- Combination of off-chain and on-chain data.
The service has already introduced two popular products including Parsiq Monitoring and Parsiq Protect. It has also provided users with public and private API to integrate the data into their existing apps.
The story behind PARSIQ
The company was founded in August 2018 and a year later, it launched a free beta version of the platform. The fully-operational version became available in May 2020. Currently, PARSIQ has over 6k registered users and over 30 enterprise companies use its technology on a daily basis.
PARSIQ core team consists of highly professional blockchain developers with a substantial background in scalable data-structures and algorithms (references – mappost.eu & files.fm), smart-contract development and audit (references Civic.com Secure Identity Platform, Bitufry Exonum), network-tech (references NOIA.network, Mysterium.network), crypto-exchanges (references CoinMetro.com, Falconix).
PARSIQ co-founder and chief blockchain architect Anatoly Ressin taught advanced computer science courses (including Compiler Design and Functional Programming) in a Transport & Telecommunication Institute in Riga, Latvia for over 13 years.
The team members also have wide experience in DevOps implementation: Multi-cloud deployments, pipeline automation, high-load systems (references - AirBaltic, Citadele Bank, NetCompany, Accenture, Blue Orange Bank). PARSIQ's analytics specialist is a creator of Graphdo.net - a comprehensive financial data analytics engine for AML and Enhanced Due Diligence.
What problems does it solve?
The main problems to be solved using the PARSIQ project are:
- It supports the connection of blockchain activity with off-chain applications and devices;
- Users can monitor and improve security of DeFi applications;
- It offers the possibility to build custom event triggers and power real-time automation.
- PARSIQ is a great solution to provide users with real-time monitoring of both events and digital assets transfers on multiple blockchains. Moreover, it allows developing workflows and generating different business outputs on the basis of the data provided there. The breakthrough of this technology is the possibility of creating automation between on-chain and off-chain applications without writing any piece of code.
The range of PARSIQ features is rather extensive. This platform offers users the following services:
- Creation of Smart Triggers for instant notifications reminding of any blockchain transaction (Zapier Integration, Native Telegram Bot, WebHooks, RabbitMQ, etc.)
- Creation of complex workflows designed both for blockchains and off-chain apps;
- Quick Monitoring Wizard feature for monitoring any activities on the blockchain;
- Customization of workflow apps;
- Data export and analysis were done in a variety of ways (tables, graphs, plots, and reports);
- Projects feature that allows building new or use predefined projects;
- User Data management conducted directly from the Smart-Trigger programming and configuration, etc.
PARSIQ was developed using its own domain-specific language known as ParsiQL. The last one serves the purpose of manipulating streams – both native and user ones.
Properties and respective data types are known as structs in this language. These types are divided into primitive and complex ones.
PARSIQ has introduced its own token abbreviated as PRQ. It co-exists with fiat payments, but most of the payments within the platform are processed in PRQ. Users can pay for running Smart-Triggers, unlocking new transport methods, proposing new features, etc. Every time when a user accesses the services offered by the platform a random number of tokens is processed to a special retention wallet which will store them for 5 years. It reduces the number of coins circulating at the moment and creates an incentive for the project longevity.
Currently, this token is available on four exchanges including CoinMetro, BitMart, IDEX, and Uniswap.
PARSIQ is actively working to partner with active layer 1 blockchain protocols to expand the range of blockchain integrations and give projects who build on those protocols the ability to monitor and automate workflows between blockchain and off-chain.
Similarly, they partner with off-chain data providers (providers of market data, price data, risk data, and others) to integrate both public and proprietary datasets to be used in PARSIQ’s IFTTT (if-this-then-that) workflows, combined with the blockchain data streams that they are processing.
What makes PARSIQ more appealing to users is the possibility to try its services for free. A standard free plan includes 100 actions a month, support for three cryptocurrencies including BTC, ETH, and Dash. It also supports multi-step quick monitoring and 4 basic integrations. When it comes to professional plans, there are Pro ($49,99 a month), Business ($399 a month), and Enterprise ($999 a month) plans.