PARSIQ is the first blockchain monitoring platform that allows users to set up “smart triggers” to react to events on the blockchain using its advanced blockchain stream manipulation language, ParsiQL. It is already being piloted by stablecoin platforms, hardware wallets, custody services and cryptocurrency exchange, and it is available now to try for free at beta.parsiq.io

Andrei Kalinowski (Co-Founder) and  Alan Durnev (CTO) joined us to answer CryptoRank community’s questions.

 I have a background in cybersecurity and forensics. So around 2 years ago my focus shifted to blockchain forensics and digital investigations involving cryptocurrency theft and fraud. Basically, if someone stole your bitcoins I was able to help you find who was responsible for that.

The idea to create PARSIQ came from observing activities across blockchains and thinking that analytical tools that were available back then needed some improvements. And now here we are. 

I have started my path of a programmer somewhere around 6 years ago. Completed university with honors in Computer Science, during studies already worked on large-scale Enterprise systems as a software developer. Participated in various conferences and hackathons. After getting tired of enterprise, spent some time in an emerging mobile payments company as an analyst and software dev.  Then I really got into the blockchain industry and starting with Ethereum started working on personal crypto projects. Like staking of crypto in Proof Of Stake blockchains.

One of the use cases that really got me into PARSIQ regarding monitoring: when I was working on a crypto project I was really involved in building Ethereum smart contracts using Solidity. One thing is developing locally – kind of simple, as there are so many tools to play around the contract locally. However, you know, in production (when the smart contract is deployed into the Mainnet for example) I was really in need of something to be able to assure that my smart contracts business logic is maintained and behaves as expected (business logic integrity). For example, sending synthetic transactions and monitoring the result. By joining the PARSIQ team I got closer to implementing that feature.

What are the advantages that Parsiq has over its competitors?

Andrei Kalinowski, Co-Founder:

I would say that one of our main advantages is a domain-specific language that we created called ParsiQL. The main purpose of ParsiQL is to manipulate blockchain data streams (if you look at a blockchain from a perspective of a live stream of events, not as a history of transactions), so basically you can define your own conditions under which an alert can be triggered for example. Which instantly gives PARSIQ a lot of use cases because of the flexibility that is available – programming compliance rulesets, creating hot-cold wallet monitoring applications and much more – well you can even built a payment system on top of our platform.

What role do your partners play in the ecosystem of Parsiq?

Andrei Kalinowski, Co-Founder:

We’ve established partnerships not only with cryptocurrency service providers, but also regulators, fintech companies that are currently planning to integrate blockchain solutions. It gives us an opportunity to create a dialogue between them in the upcoming regulatory tightening for blockchain-based businesses. So if you’re a cryptocurrency exchange that is looking to operate in a tight jurisdiction – PARSIQ can be used as a real-time transaction audit tool based on the rules that the regulatory body set so that the exchange 1) can be compliant 2) be transparent in terms of how it is operating. This will reduce the main thing that everyone is tired of – market manipulation.

What is the revenue model of Parsiq?

Alan Durnev, CTO:

Business model to generate revenue varies from product to product. Our lovely Monitoring is based on API calls, roughly-speaking the amount of activities that you monitor for (the more user/customer monitors, the more it will obviously cost), the size of data that PARSIQ platform stores for you, how often a user is being notified and some others. We follow the principle “pay-for-use” and we DO NOT plan to add something like “minimum required a deposit per month”.

With Parsiq Market Intelligence, for example, the executives were heading towards adding a subscription model.

How does Parsiq ensure cash flow into the project in the long run?

Alan Durnev, CTO:

Integrations as B2B in blockchain industry (and not only, since there are fintech companies that are not related to crypto directly but still seek for opportunities), user acquisition (traders, journalists, developers, forensics specialists and others) through promoting the usability and usefulness of our products.

Which useful product PARSIQ have that makes my trades easy and profitable or Parsiq works on any other products also?

What is Market intelligence? Can we track all exchanges transactions and all blockchain big transaction at the same time on Market Intelligence or it also works differently?

Andrei Kalinowski, Co-Founder:

What is different with trading cryptocurrencies is that first of all we have transparency in all of the movements of the assets, but we don’t know who is paying who. And we actually don’t need to. The main idea here is to combine not only news and charts and look for correlations, but also get to that transactional level when analyzing the markets.

So think of it as flexible trading alerts based on blockchain data, which is immutable. Well of course not only that but I’d prefer not to share some sensitive data for now.

Do you think PARSIQ can help with limiting usage of crypto in the black market?

Alan Durnev, CTO:

Great question! 

PARSIQ is absolutely NOT trying to influence the economic and core principles standing behind the blockchain. We only want to provide monitoring for those companies and users who really need it at. Either it is a monitoring of smart contracts, market activity or compliance. It is up to the user/customer/client. 

The data in public blockchains are visible anyway. We only help and really try to reinterpret it to be more comfortable to work with.

Many exchanges do their own market research program and get a lot of attention due to their user base. (How) do you plan to get a market share from influential businesses like Binance and Huobi?

Alan Durnev, CTO:

We were visiting many conferences and speaking with different types of people: developers, traders, investors, journalists.

According to the analysis we performed, developers are playing around the Beta, in order to get familiar with its capabilities and features.

After we started supporting more non-tech user-friendly features, like predefined templated for Monitoring, seems like other types started joining as well. We think, most people, somehow passionate about the PARSIQ project.

We want the blockchain technology and networks built atop of them to stay as they are regarding the core principles. 

A toolkit to help, not to slow down the evolution of blockchain.

What problems did you face to when trying to implement your product in working businesses? Is it hard to explain to usual non-crypto people what is PARSIQ and what are the advantages of using it?

Alan Durnev, CTO:

Competition, risk and complexity of acquiring new users that are not technical, with constantly changing needs in blockchain and opinions about it.

Explaining PARSIQ to non-crypto people is as hard as explaining what is blockchain to them but once they know what blockchain or crypto is – then it gets more simple.

I like this short one: “In blockchain, there is so much data available, that there must be someone to deliver it to you a) prepared and structured way b)  in time and c) reliably – we tend to be one of those”.

The CryptoRank Team would like to thank Alan and Andre for taking the time to answer questions from our Community.

CryptoRank team warns you that the information provided should not be construed as financial advice. We strongly recommend you to conduct your own research every time before investing in any project. As an investor, you are fully responsible for your actions. No one else can be held responsible for any losses that you may incur.

Telegram: https://t.me/parsiq_group
Website: https://parsiq.io
Parsiq Beta: https://beta.parsiq.io