As blockchain technology expands to new horizons, there has been a significant increase in the frequency of cyber attacks and other malicious attempts, posing critical security concerns within the cryptoverse.
Amid the growing demand for real-time monitoring solutions, PARSIQ, a comprehensive ecosystem of decentralized monitoring and automation services, has launched its latest product, TRACKR, explicitly developed to address growing concerns about unauthorized activity in blockchain-based products. PARSIQ’s on-chain monitoring solutions power a range of real-world use cases powered by blockchain technology, especially next-generation decentralized back-end systems.
PARSIQ’s latest addition to its existing suite of on-chain monitoring tools provides real-time information and alerts to users regarding login attempts and unauthorized transactions in their digital wallets. With more and more DeFi platforms being targeted by hackers, TRACKR is a must-have security measure to deter unwanted activity.
According to the PARSIQ team, TRACKR offers real-time notifications and detects malicious attempts before hackers have a chance to execute their plans. As such, it allows users to take countermeasures even before the underlying blockchain commits the ‘unauthorized’ transaction.
Currently, PARSIQ’s TRACKR solution offers multi-chain data tracking on major blockchain networks including Bitcoin, Ethereum, Algorand, Binance Smart Chain, Solana, Huobi Eco Chain, Polkadot, Celo, and Dash. TRACKR can also monitor on-chain activity via APIs and webhooks, consolidating itself as the go-to monitoring solution to mitigate loss and theft.
Bridging the gap between on-chain data and off-chain applications
By design, PARSIQ provides seamless and direct integrations between blockchain networks, off-chain applications and data providers. As a result, it is fully equipped to support a wide range of uses.
The platform offers a blockchain monitoring tool that meets the needs of service providers and individual traders. Using PARSIQ’s cloud-based chain monitoring solution, anyone can set up real-time notifications for wallets and tokens. Additionally, PARSIQ offers compliance and risk management tools that OTC bureaus, payment providers, and crypto exchanges can use.
Since its launch, the PARSIQ team has been busy adding new milestones to its list. This year, the platform has entered into more than four dozen strategic partnerships in the DeFi and TradFi ecosystems. With links to several prominent projects and protocols within the cryptoverse, PARSIQ continues to expand its product line to accommodate a growing range of use cases, including DeFi, TradFi, as well as AML and KYC.
PARSIQ recently launched its IQ Protocol, the first risk-free and unsecured loan and borrowing solution in the DeFi industry. Powered by the platform’s native PRQ token, IQ Protocol offers everyone the ability to build their own âsubscription as a serviceâ business model with a circular economy.
By calculation, the IQ protocol offers advanced customization features to create new token models according to individual needs. It introduces a new approach of adding a token utility through the implementation of âPower Tokensâ. Unlike native tokens of any platform, which have limited utility, Power Tokens generate utility over time. As a result, Power Token holders have the option of âsubscribingâ to something rather than buying it.
By putting the idea of ââPower Token into practice, anyone can create subscription-based business models. For example, a content creator can add Power Tokens for their videos and offer them through a subscription to viewers. Since each Power Token will have a utility over a fixed period, it can easily be used to subscribe to channels.
Likewise, Power Tokens can trigger a paradigm shift in the NFT and play-to-earn (P2E) gaming industries. As of now, almost all players have to purchase in-game items directly. Once bought, the only way a player can get their investment back is to sell it to someone else through secondary markets. For this reason, most players are reluctant to purchase in-game items. However, with Power Tokens, game developers can allow players to rent in-game items instead for fixed periods of time. This will allow more players to try out in-game items and simultaneously allow game developers to create new sources of income.
Supported by leading investors like the Solana Foundation and Axia8 Ventures, PARSIQ has consolidated its position as the go-to solution that connects on-chain data to the off-chain ecosystem while keeping things simple, profitable and highly scalable.