TALLINN, ESTONIA / ACCESSWIRE / August 27, 2021 / Since 2012, the subscription economy has grown an astounding 435%. As younger generations continue to value access over ownership, more and more companies are revisiting existing business models, and evaluating how they too, can convert their offerings into a subscription. Alongside this change in consumer behavior, is also the increasing adoption of cryptocurrency – which has seen growing acceptance amongst all communities – individual and institutional alike.
However, the combination of the two worlds – a subscription model powered by blockchain technologies, has not been possible. Until now.
The first cryptocurrency SaaS in its clear meaning
As the creators of IQ Protocol, the PARSIQ team has devised a blockchain agnostic solution for implementing subscriptions on-chain in a flexible and cheap manner. This has been done all while preserving the all important workflows such as cancel/refund policies, different time-frame considerations, consumption rate quotas, discounts, and more.
This was accomplished through the introduction of a concept utilizing PowerTokens. PowerTokens are not used as a means of payment, but rather as a deterministic over-time ‘energy’ generator. Within IQ, energy plays a role in accounting for the unit of service consumption (like gas units in Ethereum).
PARSIQ serves as a platform for blockchain monitoring and interpretation: allowing businesses and individuals to build custom Smart Triggers and embrace real-time blockchain data streams.
Solving the common crypto ‘token not needed’ problem, the company has become the first enterprise to transform the traditional subscription model using IQ Protocol. As of today, every PARSIQ user can use the platform and build monitoring solutions simply by holding PRQ tokens as a method of payment.
IQ Protocol helps companies build a circular economy and take into account the interests of the main shareholder groups: HODLers, service users, and traders. Under IQ, the PARSIQ subscription model works as follows:
#1. Platform users, mainly businesses, pay for the service by holding special PRQ tokens. Consumers have two options: either buy the original tokens that have life-time value, or rent PRQ tokens from the renting pool. The main idea here is that the original tokens are not released from the renting pool. Instead, the pool mints an expirable version of these tokens.
#2. Lenders can loan their PRQ into the IQ Protocol and start earning yield. If a person lends his PRQ to the pool, he will be issued iPRQ (interest PRQ) as proof that he has placed PRQ into the pool. As the name suggests, the lender earns an interest on his PRQ when PARSIQ customer borrows them from the pool.
Testnet screenshot – borrowing options for PARSIQ users
PARSIQ Liquidity Pool and lending interface
Subscription as a Service (SaaS) – powered by IQ
Leveraging PARSIQ’s revolutionary IQ Protocol, businesses will now be able to seamlessly construct blockchain SaaS models – enabling companies across all industries to tokenize their product or service for consumption on-chain.
This is possible via IQ and the introduction of a concept known as Life Time Value (LTV). When a company tokenizes their offerings, each token is assigned a LTV, giving the token holder the right to consume a defined amount of goods or services. Holders of these tokens can then enjoy this value – which can range from the right to stream media to claiming a daily cappuccino from your local coffee house. Consumers who do not wish to hold tokens but would prefer to rent them can also do this, via the introduction of a renting pool – made possible by the Protocol. So long as these tokens are held or rented, the consumer can enjoy the value tied to the token. In doing so, a blockchain subscription model has been born.
IQ enables businesses to cater to their existing audiences, and unlock new revenue streams. It does this by allowing companies to produce uniquely tailored offerings to a potential customer that may not be ready to fully commit to a company’s product or service just yet.
Additionally, crypto projects struggling with existing tokenomics structures can benefit from IQ. Projects can assign utility to their existing tokens to provide customers a different way to consume their offerings, without the need to issue new currencies. Such capabilities can breathe new life into existing tokens currently lacking utility, and could bring forth new use cases to power a project’s community.
“The proposed tokenomics model makes it possible to organise a completely decentralised protocol for collateral-less renting of PowerTokens that is at the same time is risk-free for the loan side of the protocol.” – said Alan Durnev, CTO at PARSIQ.
Free, transparent, and open-source
As an open-source protocol, any project can utilize IQ to fit their needs. Because of this, companies can customize the solution to ensure a proper fit to their existing business models. Further, the costs of implementation are manageable, limited to the costs for paying GAS.
Under this efficient and easy to adopt model, PARSIQ is excited to share that it is currently working with over twenty companies in deploying IQ Protocol. If you have any questions on how IQ can be incorporated into your existing business model, the PARSIQ team is ready to assist in your queries.
PARSIQ is the next-generation monitoring and intelligence platform for various blockchains.
PARSIQ has signed collaboration agreements with top-tier partners globally. In September 2019, Algorand, another startup blockchain monitoring system, enhanced its analytical capabilities by adding PARSIQ to its platform.
By June 2020, PARSIQ and Dash, a leading provider of end-to-end cryptocurrency payment services, formed an alliance to allow real-time Dash transaction notifications via PARSIQ’s Smart Triggers. Three months later, the firm cooperated with Bitfury Crystal and integrated its transaction risk scoring capabilities into the PARSIQ system to power their AML and KYT processes. In November 2020, PARSIQ and AllianceBlock announced a new partnership with a focus on data sharing in both DeFi and TradFi.
In 2021, PARSIQ entered into another string of alliances, including SuperFarm, Injective, PAID Network, Polkadot and ChainLink. The latter, to allow integration of its oracle price, feeds into PARSIQ’s monitoring and automation platform.
PARSIQ (PRQ) has been listed on the OKEx exchange since January 2021.
To learn more about PARSIQ, please visit the following website: https://www.PARSIQ.net/en.
For more information, please contact:
View source version on accesswire.com: