PARSIQ’S IQ Protocol Comes to Solana

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Blockchain
PARSIQ’S IQ Protocol Comes to Solana

A new era of global finance is upon us.  Decentralization in the financial world, made possible via blockchain and its underlying technologies, will soon enable and empower billions of people globally – by offering the tools and platforms which truly democratize finance for all, and provide every person on the planet an equal opportunity to participate in the global economy.

As we await this watershed moment, the crypto industry and various blockchain projects are working hard to lay the groundwork and needed infrastructure to support such a revolutionary model.  

PARSIQ is proud to announce that its IQ Protocol will soon be coming to Solana – taking a huge step forward in providing the key infrastructure needed as we move into this Decentralized Finance (DeFi) world.

PARSIQ’S IQ Protocol Comes to Solana - 1

PARSIQ is a data and automation platform which connects blockchain activity to real-world applications.  It is also the creator of the IQ Protocol, which was launched earlier this year, and introduced to the world the first risk-free, collateral-less DeFi protocol to tokenize subscription-as-a-service (SaaS) in the DeFi space with a circular economy.

In simpler terms, IQ is a lending and borrowing protocol with subscription capabilities that allows its participants to deposit and rent digital assets in a safe, secure, and risk-free manner.  For the first time in the decentralized world, IQ provides the means and the tools for users to lend, borrow, and earn from their on-chain assets, and to enjoy a true crypto-enabled subscription model.

What This Means – The Bigger Picture

2021 has been an exciting year for the crypto industry.  In particular, the early days of January saw Non-Fungible Tokens (NFTs) skyrocket in popularity – introducing these digital assets to the masses.  As the year has progressed, NFT interest has only risen, as more and more individuals around the world learn about the possibilities of this new and exciting digital asset.  For Solana in particular, this is becoming increasingly clear, as it has recently moved forward to become the fourth largest NFT blockchain on the market.

Granted, while much of this interest has revolved around individuals looking for quick returns on their investment, other use cases for NFTs are steadily surfacing as many are realizing that the inherent characteristics of NFTs and what they can enable and represent are profound.  NFT adoption is indisputably on the rise.

In particular, adoption is growing amongst the gaming community, with platforms like Axie Infinity leading the way via their in-game characters (Axies).  Players are use these Axies to do anything from battling to breeding, and often look for in-game assets (NFTs) to help them with a particular cause.  Other games, like Cryptoblades and Decentraland, are also making NFTs accessible in various forms (via weapons, land parcels, and avatar wearables, among others).

In a game like Cryptoblades, users start out by making investments in obtaining their first characters to play with.  Weapons are then acquired before the participant is then ready to take on other players in the ecosystem, fighting battles and gaining more experience on the platform.  Both the characters and weapons are represented as NFTs, and can be traded and transferred to other parties.  As players become more experienced and win battles more frequently, more and more rewards are unlocked in the game.  These rewards translate to NFTs which become more valuable, which the player can then later decide to sell for a profit.  Conversely, users may also find attractive NFTs from other players (e.g. a specific type of weapon, wearable, or other asset), and may also want to purchase the NFT from another participant to give their existing characters a particular advantage.  

Looking further down the line, imagine a game like Grand Theft Auto which has been enabled with NFTs.  One company is looking to do it, possibly enabling a world of possibilities previously unavailable in this exciting online world.  Spent countless hours trying to complete a mission in GTA?  Using a solution like IQ, rent an NFT Tank from the in-game market to expedite the process, and complete the quest quickly and efficiently, so that focus can be placed on the next task.

IQ At A Glance – Enabling New Tokenomic Models To Couple With Rising NFT Adoption

As mentioned previously, IQ is a lending and borrowing protocol that offers the first risk-free and collateral-less solution in the DeFi industry.  Its design also allows for businesses to seamlessly construct blockchain SaaS (Subscription-as-a-Service) models – enabling companies across all industries to tokenize their product or service for consumption on-chain.

Such a concept allows practically anything to be put on the blockchain – from content streaming businesses to gaming platforms, companies will be able to tokenize their product offerings and make available for its communities the relevant token.

At a high level, this is possible via 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.  So long as the holder is holding the token, they will also hold the right to consume products and services associated with that token.

As it relates to NFTs, IQ provides the capabilities to create NFT “renting pools” – digital spaces which will allow for participants to lend and rent NFTs.  Users who rent NFTs from the renting pool will obtain real digital access to these NFT assets – such as avatars, wearables/skins, and in the world of online gaming, in-game assets like weapons, property, or other valuables.

With such a solution, PARSIQ has completely reimagined how NFTs can be utilized by the public.  No longer will it be necessary for a user to spend hundreds or even thousands of dollars to get a hold of a digital asset.  Instead, NFT owners can deposit their digital assets into an IQ renting pool, and make them available for rent.  

Interested parties can rent the asset of interest (avatar, digital skin, etc…) to at least give it a try.  After using the asset, further consideration can be taken as to whether the renter may want to purchase the asset on their own.  

Taken together, subscription on IQ coupled with renting NFTs on IQ unlocks entirely new possibilities and economies on the blockchain – benefitting all parties who participate in this new process.

IQ on Solana – Introducing Solcery and Sator, The First Users

PARSIQ is excited to announce that IQ on Solana will be first launching with Solcery and Sator!  

About Solcery Integration

Solcery is an exciting, decentralized gaming hub which has been built on the Solana blockchain.  On Solcery, users are connected to other players, developers and creators, all in one place.  Together, all participants can create, publish, and play blockchain games.  

Solcery plans to leverage IQ in two different ways – via the subscription path, and by enabling the renting of NFTs by the participants on its platform.  Through holding the Solcery token, players will have the rights and capabilities of playing eligible games on the Solcery platform.  So long as the player is holding the token, access to this portfolio of games will be made available for the user.

Alongside this will be the availability of its users to rent NFTs through IQ Protocol.  Referencing the previous examples, players will be able to search for NFTs in the marketplace, and Solcery will then support NFT rentals which are available for rent – thereby helping the players in its ecosystem to complete various missions and quests on their gaming platform.

About Sator Integration

Sator is a decentralized application that aligns the interests of content providers and content viewers over blockchain, providing engagement, staking, and series-based NFTs.

Sator has already come up with innovative use cases with NFTs – leveraging them in an interactive manner by allowing NFT holders to decide upon storylines in a TV show based on the NFT which they have under their possession.  

Sator will integrate IQ NFT renting for the content metaverse on Solana, and further leverage the capabilities offered by NFTs through controlling access to gated content and providing capabilities for rentals to obtain such access.

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.  

Under this efficient and easy to adopt model, PARSIQ is currently working with dozens of companies in deploying IQ Protocol, across various chains.  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.

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