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PARSIQ Introduces New Multi-Chain Monitoring System To Mitigate Losses And Thefts

3 min read

As blockchain technology expands to new horizons, there has been a significant rise in the frequency of cyberattacks and other malicious attempts, posing critical security concerns within the cryptoverse.

Amidst the increasing demand for real-time monitoring solutions, PARSIQ, a fully-featured ecosystem of decentralized monitoring and automation services, has launched its newest product, TRACKR, explicitly developed to address the rising concerns of unauthorized activity in blockchain-based products. PARSIQ’s on-chain monitoring solutions power an array of real-world use cases powered by blockchain technology, specifically next-generation decentralized backend systems.

PARSIQ’s latest addition to its existing suite of on-chain monitoring tools provides real-time insights and alerts to users related to unauthorized login attempts and transactions in their digital wallets. With more and more DeFi platforms targeted by hackers, TRACKR is a much-needed security measure to deter unwanted activity.

According to the PARSIQ team, TRACKR offers real-time notifications and detects malicious attempts before hackers get a chance to execute their plans. As such, it allows users to undertake countermeasures even before the underlying blockchain validates the “unauthorized” transaction.

At present, PARSIQ’s TRACKR solution delivers multi-chain data tracking across 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 over APIs and webhooks, cementing itself as the go-to monitoring solution for mitigating losses and thefts.

Bridging On-Chain Data With Off-Chain Applications

By design, PARSIQ provides seamless and direct integrations between blockchain networks, off-chain applications, and data providers. Accordingly, it is fully equipped to support a wide array of uses.

The platform offers a blockchain monitoring tool that caters to the needs of both service providers and individual traders. Using PARSIQ’s cloud-based on-chain monitoring solution, anyone can set up real-time notifications for wallets and tokens. Additionally, PARSIQ offers compliance and risk management tools that OTC desks, payment providers, and crypto exchanges can use.

Since its launch, the PARSIQ team has been busily adding new milestones to its list. This year, the platform has secured upwards of four dozen strategic partnerships across DeFi and TradFi ecosystems. With ties to several prominent projects and protocols within the cryptoverse, PARSIQ continues to expand its product suite to accommodate a growing range of use cases, including DeFi, TradFi, as well as AML and KYC processes.

PARSIQ recently launched its IQ Protocol, the first risk-free and collateral-less lending and borrowing solution in the DeFi sector. Powered by the platform’s native PRQ token, IQ Protocol provides everyone with an opportunity to build their own “subscription-as-a-service” business model with a circular economy.

Calculatingly, the IQ Protocol offers advanced customization features for creating new token models as per individual needs. It introduces a new approach of adding token utility through the implementation of “Power Tokens.” Unlike the native tokens of any platform, which feature limited utility, Power Tokens generate utility over time. As a result, Power Token holders gain the option of “subscribing” to something rather than buying it.

Putting the idea of Power Token to work, anyone can create subscription-based business models. For instance, a content creator can add Power Tokens for their videos and offer them via subscription to viewers. Since each Power Token will have utility over a fixed period, it can readily be used to subscribe to channels.

Similarly, Power Tokens can spark a paradigm shift in the NFT and play-to-earn (P2E) gaming industries. As of now, almost every player has to buy the in-game items outright. Once purchased, the only way a player can recoup their investment is by selling it to someone else via secondary marketplaces. Due to this, most players hesitate to purchase in-game items. However, with Power Tokens, game developers can allow players to instead rent in-game items for fixed durations. This will let more players try out in-game items and concurrently enable game developers to build new revenue streams.

Backed by leading investors like the Solana Foundation and Axia8 Ventures, PARSIQ has cemented its position as the go-to solution that connects on-chain data with the off-chain ecosystem while keeping things simple, cost-efficient, and highly scalable.

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