Building and Integrating Blockchain Monitorization in Data-Intensive Workflows with PARSIQ

Published April 21, 2021 | Updated April 21, 2021

Parsiq

Building and Integrating Blockchain Monitorization in Data-Intensive Workflows with PARSIQ

The Growing Need for Blockchain Data Analysis

As public ledgers that act as decentralized databases, blockchains immutably store vast quantities of data. Oftentimes, this data necessitates processing, interpretation, and management for the deployment of ever-smarter decentralized applications and DeFi protocols. Blockchain data must also be processed and analyzed to determine trends, aggregate data across DeFi protocols, pull information on token balances, monitor protocol security, and power real-time automation. 

Since blockchains are fully transparent, anyone can dwell into the rabbit hole of data analytics, but the truth is that manual processing is friction-intensive and wastes significant time. Moreover, there’s little to no possibility of efficiently connecting blockchain data to off-chain resources on an ongoing basis. 

What if there was a way to tackle data-intensive workflows without laying waste to valuable dev time? What if a hypothetical solution would also allow users to link blockchain data to custom event triggers, whilst powering real-time automation? Luckily, this isn’t hypothetical anymore, but rather an actual solution that can be used now. PARSIQ has built a one-of-a-kind tool allowing the creation of complex workflows deriving from blockchain data analytics. 

Inside PARSIQ’s Blockchain Data Workflow

PARSIQ’s product brings along multiple components that when combined, provide an all-inclusive solution to all blockchain data needs. Here’s an overview:

  • Link Building with Parsiq – Blockchain Technology Meets Off-Chain Resources

Off-chain data integrations have always represented a challenge for blockchain protocols, causing unnecessary bottlenecks in face of adoption demands. However, PARSIQ allows the connection of blockchain activity to any and all off-chain devices and apps, facilitating incredible use cases that will be detailed later on. When doing so, monitored on-chain transactions can be enriched with off-chain data including risk scores or fiat rates in the case of transactional data. 

  • The Case for DeFi App Security & Monitorization 

With PARSIQ monitoring, developers can seamlessly build complex, yet custom-tailored monitoring solutions that are well-suited for DeFi protocols. Security management becomes considerably easier when leveraging PARSIQ protect, a crypto alarm that instantly notified users in light of event triggers. This is possible via the Quick Monitoring Wizard, an able sub-tool that creates automation connections. 

Customized monitoring and automation solutions can be created via ParsiQL, the project’s domain-specific programming language designed for ease of use. 

  • Saving Developer Time with Custom Event Triggers and Real-Time Automations

Developers can easily use PARSIQ to create simple triggers that yield actions. For instance, when a BTC address receives or issues a ‘whale’ transfer, a Telegram alert can be triggered. When integrated wisely within a project’s products, PARSIQ can create complex workflows with support for conditional logic, data formats, and aggregation. Support is provided for multiple types of notifications, including those based on Zapier, WebHooks, RabbitMQ, and Telegram, allowing smart integrations within data flows. 

  • Data Analytics and Exporting

Whenever on-chain data must be analyzed, PARSIQ can yield custom-tailored tables, graphs, plots, and reports. Tables are well-suited to those looking for organized information, whereas charts are better suited for data analysts looking to explore trends visually. Plots are famous for helping users visualize variable relationships and correlations between data sets, whereas the end-reports are instantly generated and feature complex condition filters. 

  • Power Tokens 

The IQ Protocol launch accompanies a revamp of PARSIQ’s tokenomics to include innovative new utility tokens called Power Tokens. Unlike their conventional counterparts, Power Tokens generate utility (access to IQs services) over time. Holding them is akin to subscribing to IQ Protocol’s services rather than representing a finite amount of utility.  The tokens themselves are controlled by a series of smart contracts organized into a “Power Enterprise”. The Power Enterprise controls the governance, issuance, and use of the Power Tokens associated with it.  

Reviewing PARSIQ’s Use Cases 

PARSIQ is building incredible data integrations designed to enhance workflows across numerous use case scenarios. With simple customization, drag and drop capabilities, creative parameters, and data stream manipulation through ParsiQL, users can integrate the platform’s value proposition within hundreds of use case scenarios. Here are two relevant examples: 

  • Financial Compliance

Cryptocurrency exchanges must abide by regulatory frameworks designed to deter money laundering and illegal financing. Whilst large-scale exchanges leverage in-house solutions based on machine learning and advanced algorithms, medium and small-scale companies must meet simpler compliance requirements, with PARSIQ providing a reliable, simple, and affordable solution. 

Wallets assigned to a financial protocol can be monitored in real-time using PARSIQ. In the crypto compliance sub-niche, customized workflows can be created to trigger manual checks in light of suspicious transactions. For example, a protocol can integrate a PARSIQ trigger that activates whenever addresses receive coins. Data analytics enriches the blockchain-exclusive data by adding a risk score sourced from off-chain resources. A logic integration under the assumption of ‘if x, then y’ can then be integrated to alert compliance teams of suspicious transactions. As such, if a transaction poses a risk score above 85%, an automated notification can be issued via Slack to the relevant enterprise department. 

  • Cryptocurrency Trading

Under the sphere of crypto trading, users can engage in deep blockchain monitoring to keep an eye on broader trading trends. Without overcomplicating or expensive tracking, PARSIQ users are motivated when and if whales move coins, token prices drop, pre-mined tokens are transferred, and more.  

  • Workflow Optimization 

IQ Protocol also targets the workflow applications space. The protocol’s Smart Trigger feature is specifically designed to allow developers to build applications that respond to specific prompts. For example, an entire team could be notified of the completion of an important task instantaneously, reducing any lag caused by slow communication. Moreover, further action could be taken to automatically set up any dependant tasks without the need for a project manager. Indeed, the possibilities for workflow optimization could be endless. 

For a more thorough dive into these possibilities, read this article. 

Integrating PARSIQ with the DeFi World

PARSIQ’s team has been busy with several presence-building integrations. This includes integration with Binance Smart Chain (BSC) towards the end of last year, allowing BSC users access to PARSIQ’s Smart Trigger feature, as well as a recent integration with Solana, a blockchain ecosystem for DeFi projects which aims to cut costs in the space. These integrations ensure that PARSIQ has the maximum reach possible in the DeFi space, providing an ideal gateway for its more mainstream target audience. 

Wrapping It Up

Across its catalog of services, PARSIQ prides itself with unparalleled ease of use for blockchain data analysis, support for all ERC-20 tokens, suitability for beginner and advanced developers, suitable output formats, an ever-growing list of integrations, intuitive development processes, off-chain connections, as well as custom triggers, filters, and alerts. DeFi protocols, exchanges, and other blockchain-based projects looking to improve their workflow by leveraging a simple, rapid, and seamless blockchain analytics tool will find that PARSIQ not only delivers on its promises but future-proofs its products and launches deeper solutions fit for the blockchain era.  


Disclaimer: This is a sponsored post. Do your own research related to the promoted company or any of its affiliates or services mentioned in the article. Coingape.com does not hold any responsibility for your damage or loss.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Achal Arya 510 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.
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