About PARSIQ (PRQ)

PARSIQ is a full-suite data network that provides Web3 applications with real-time information and historical data querying abilities. PRQ is PARSIQ’s native token.

PARSIQ’s complement of data-related services help to bolster the backend of Web3 protocols and decentralized applications. Noted for its high speeds, the protocol can currently query over 33 billion unique blockchain events in less than a second.  

Per documentation, the platform’s Tsunami API enables applications to access myriad blockchain-related data streams covering metrics such as total value locked (TVL), pricing data, and user balances, among other types of information. Moreover, Tsunami is capable of retrieving entire blockchain histories as well as real-time data, helping to provide Web3 projects with crucial information.

As of October 2022, Tsunami is compatible with a series of blockchain ecosystems including Ethereum, Polygon and Avalanche.

PARSIQ’s proprietary data lakes allow decentralized projects to access swaths of aggregated data and leverage powerful statistical/analytical techniques. Each data lake is equipped with its own data hub used to store protocol-specific data and information, a platform Medium post explained.

Also, on the horizon is PARSIQ’s custom software development kit (SDK) set to be unveiled sometime in Q4 2022. “Built as a library which clients can use in their application code, [the SDK] will enable projects to get data directly from Data Hubs and interact with the Tsunami API,” project documentation said.

Within the PARSIQ ecosystem, PRQ tokens are utilized to access the Tsunami API and can be staked to the platform for an annual yield. PRQ also confers voting rights within the PARSIQ DAO.

When was PRQ created and how much was it worth?

PARSIQ is the brainchild of Tom Tirman, Andre Kalinowski and Anatoly Ressien. All three remain involved in the project’s development.

Prior to late March of 2022, PARSIQ operated as a blockchain monitoring platform that allowed users to track and access on-chain data in real time. The protocol on March 31, 2022, officially unveiled its updated roadmap and shifted efforts towards “foundational technologies and SDKs,” a blog post said.

In June of 2021, PARSIQ garnered $3 million in capital via a series A funding round lead by the Solana Foundation.

PARSIQ’s native token, PRQ, was first released to the public in September of 2019 via an initial exchange offering (IEO) on Coinmetro.com. Tokens were initially priced at roughly $0.0276, coin98.net explained.

Data from CoinGecko shows that PRQ endured ample volatility following its distribution before rallying to a record high of $2.62 in April of 2021. This rapid price appreciation was subsequently followed by a crash which saw the token lose more than three-fourths of its value within six weeks.

Apart from brief periods of upward momentum in summer and fall of 2021, PRQ’s price has since been negatively impacted by growing market uncertainty.

How is the price of PRQ determined?

PRQ’s price rocketed in 2021 during a feverish time for crypto in general but going forward the trajectory will also tie into supply and demand. PRQ is inherently deflationary. Only 310.3 million PRQ tokens will ever exist; of those, some 174.7 million are currently in circulation.

In terms of tokenomics, roughly 41% of PRQ’s supply was disseminated though the project’s private token sale and IEO and another 36% allocated to PARSIQ’s reserve fund. An additional 12.5% of supply was reserved for network development, while the remaining 10.6% was split amongst various team members and advisors.

Why does PRQ have value?

PRQ value ties to the project’s all-encompassing data solutions. Apart from providing decentralized projects with detailed on-chain information, the platform’s data lakes and data hubs provide a streamlined means of storing and analyzing said information at a time when Web3 projects are catching momentum and will need innovations in the name of interconnecting in decentralized ways. Were the trend to gain traction, there is a case to be made for PRQ’s appreciation over the long-term horizon, also factoring in supply/demand dynamics and the overall trajectory of crypto markets in general. 

Is PRQ secure?

A standard ERC-20 asset, PRQ is supported by a number of leading Ethereum wallets and exchange-based storage solutions.

In terms of platform security, PARSIQ’s data lakes are fully fault tolerant meaning that lost information can be recovered/restored with relative ease.

What are the main benefits of PRQ?

•  Its speed: PARSIQ is capable of querying over 33 billion unique blockchain events in less than one second.
•  PARSIQ’s Tsunami API is integrated with a number of leading blockchain ecosystems including Ethereum, Polygon and Avalanche.
•  PARSIQ’s data lakes and data hubs enable projects to access, analyze and store pertinent on-chain information. 

What do critics say about PRQ?

That it’s facing stiff competition from a number of established competitors like Covalent and The Graph.