PARSIQ’s new protocol, the IQ Protocol, is the first-ever protocol designed to allow dApps to leverage the full power of utility tokens, paving the path for new business models within the crypto subscription industry.
New Protocol To Make Crypto Subscriptions The Next Big Thing
PARSIQ, a real-Time blockchain monitoring and workflow automation platform, aims to strengthen the crypto industry with its innovative solution to connect blockchain data to off-chain apps and devices. The platform already offers various tools designed to help businesses, traders, and users achieve better security, compliance, and uncover actionable insights in real-time.
To help accelerate the widespread adoption of crypto, the PARSIQ team has recently launched its IQ Protocol on the mainnet. After successfully running the testnet on Ethereum, IQ Protocol has established itself as a completely new piece of technology for the DeFi world. It is the first DeFi solution for the burgeoning SaaS market, helping tokenize subscriptions and build circular economies with risk-free and collateral-free lending, borrowing, and staking features.
IQ Protocol introduces the DeFi world to the concept of "Power Tokens." Power Tokens can generate utility over time, making them the perfect solution for utility subscription models, unlike traditional utility tokens.
The completely trustless, open-source IQ Protocol has already garnered interest from some of the biggest names in the crypto and blockchain industries. Just days before the mainnet release, PARSIQ closed a $3 million funding round from a consortium of investors.
Led by Axia8 Ventures and the Solana Foundation, the private funding round featured participation from venture capital funds, industry leaders, and private investors, such as Mindworks VC, Krypital Group, CoinUnited, Transfero Swiss, Elevate Ventures, Sanctum, and more.
"IQ Protocol is a new decentralized money market protocol for lifetime value tokens that proposes a novel way to avoid common pitfalls in the token issuance process for projects and companies where service or product consumption is measurable over time and volume," said Per Tom Tirman, CEO of PARSIQ.
The Intersection Of DeFi & SaaS Services
With brands like Netflix, Amazon, Hulu, Spotify, and others leading from the front, the mainstream subscription economy has grown by over 435% in the last decade. Experts predict that the subscription business model will grow further.
Meanwhile, cryptocurrency adoption continues to grow, accelerating the use of blockchain in real-world use cases. With digital payment companies like Square and PayPal enabling crypto purchases and payments, service providers are eyeing the potential of the unexplored cryptocurrency subscription business model.
However, there wasn’t any solid solution for enabling subscription payments until PARSIQ developed the IQ Protocol. It brings an entirely new solution optimized expressly for blockchains and cryptocurrencies. Using the IQ protocol, service providers can accept global currencies without worrying about exchange rates. Compared to traditional models, crypto subscription models offer many benefits, including stability, speed, lowered barriers to entry, and reduced costs.
By leveraging Power Tokens, service providers can assign "lifetime value" to tokens. Interested consumers buy these tokens and use them to pay for subscriptions. In addition, users can also earn returns on the tokens by staking and lending them in risk-free liquidity pools. Simply put, IQ Protocol merges the best of DeFi with the flexibility of SaaS business models to benefit service providers and consumers alike.
PARSIQ’s existing integrations with most of the leading blockchains, its existing suite of analytics and automation tools, and the potential of the IQ Protocol places it in an ideal position to cater to the cryptocurrency subscription market.
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