AMA Recap — IQ Protocol

Announcement poster of IQ Protocol.

The session of AMA ( Ask Me Anything ) with IQ Protocol was conducted on 13 th Jan 2022 at 8:30 PM IST (3 PM UTC) and lasted for 1:30 hours.

ADMIN ROUND

Simon Harmgardt from IQ Protocol has joined us for this AMA session.

Jonty|Host
Please tell us about yourself and the team working on IQ Protocol?

Simon
So I joined the team about 7 months ago, I come from the traditional web 2 tech background. I was a solution architect at SAP working on their customer experience portfolio — Ecommerce, Marketing, Customer Identity software 🙂 Loved my job and time at SAP! I got super interested in the crypto world over a year ago and started being active in telegram channels, PARSIQ’s specifically proposing a lot of different use cases. I think the need for data is important and having good data infrastructure, but also being able to connect the blockchain world to web 2 systems like Telegram, Discord, Email clients, sending blockchain data to a website's front-end. That is really what got me interested in PARSIQ (who is the team that also built IQ Protocol) which we are going to talk about today. The team is really strong! 🙂
We are about 40–50 now and growing. We have a team with great experience
Our CEO worked at Deloitte, has his law degree and use to work in Fintech
Our COO, use to work at Binance and invested in PARSIQ while working there. Our engineers are all very strong with great experiences
We have people on the BD team with experience at various Silicon Valley startups. So the team is very very strong 🙂

Jonty|Host
What is PARSIQ & IQ? Please provide a detailed introduction.

Simon
PARSIQ
What is PARSIQ?
Blockchain data and event monitoring
PARSIQ provides IFTTT (if this then that) services to users, businesses, and developers to allow for alerts and to automate responses through API integration based on on-chain movements and event/state changes in smart contracts. We can stream data in real-time and deliver this data to off-chain apps (Telegram, Discord, Google Sheets for analytics, Webhooks) and front-ends such as an app or website. We have a simple editor and our own proprietary programming language called ParsiQL to speed up development. We also run our own nodes so you don’t have to worry about that!
- Here is our blog where you can read how some of our partners are leveraging our technology: https://parsiq.net/en/blog

The Solana Foundation is one of our investors.

So PARSIQ is a cross-chain data platform
We run our own nodes and can stream data to users leveraging our platform
We have our own programming language called ParsiQL that makes it really easy to monitor on-chain data in real-time
We have always focused on real-time data, whereas a lot of other data providers are focused on historical data
And we are soon to launch historical data, so we will be one platform for all your blockchain data needs.
👀 Monitoring Customer Events & External Function Calls (Internal functional calls coming soon)
We launched our ABI decoder where you will be able to upload the ABI of your smart contract and we will automatically be able to detect the names of the events & external functional calls within your smart contract, and then you will be able to use those in your ParsiQL code to monitor the status of those events in real-time and trigger notifications/workflows off of them! This is currently live for ETH, BSC, and Huobi, but will be coming to other blockchains as well. Here is a blog post that describes this functionality more and has some screenshots:
- https://www.parsiq.net/en/blog/parsiq-enables-user-defined-streams
- https://blog.parsiq.net/project-update-user-defined-streams/
^There are some new features we launched recently
So we can be an integral part for developers whether that is detecting data or an event on-chain to send a notification or detecting this to let a vital part of their code know that an event just happened so, therefore, do this.

IQ PROTOCOL.

Is a new product from the PARSIQ team that will have its own token and will run as a separate business with its own team
We have some great investors lined up that we are excited to announce soon
You can view our website here: https://docsend.com/view/w8dm6rx239zmar9s
What is it?
IQ Protocol — is an open-source protocol called the that any team can use with their native token to power their tokenomics or for collateral-less renting of NFTs
How did it start? We needed to build a model to power our tokenomics for PARSIQ so we created a framework that turned into the fungible token version of IQ Protocol
https://finance.yahoo.com/news/parsiq-subscription-model-launched-world-123000477.html?.tsrc=fin-srch
^There is a great article that explains it more
Here is how the fungible token version works at a high level
For the Fungible token version here is how it would work with your token to get access to a specific feature/subscription/level of service/lower fees, etc. For a simple use case, let’s pretend Netflix had their own token that would be used to access its service.

Users would have two options:
1 Hold — a certain amount Netflix tokens. The user would deposit their tokens into a smart contract and get an NFT in return. This NFT would give them access to the platform for as long as they hold it. To get their tokens back they would need to return the NFT and their tokens would be unlocked from the smart contract.
2 Rent — Pay in a stable coin or crypto of choice (we have an integration into DEXs for the conversion) to “rent” the required amount of tokens from lenders in order to be issued an NFT for the agreed-upon rental period that would give them access to the platform. You can think of paying a $10 a month fee for Netflix like you are used to, and what happens in the background is that the necessary amount of tokens is locked from token lenders and you are issued the NFT which gives you access to Netflix for that month. This could help with user adoption as some people do not want to be exposed to the price fluctuations of another currency.
The fees that the renter pays go to the lenders in the form of interest. There is also a revenue split built into the model as well, where you can set what % of the fees go back to the lenders and what % go back to your company/the protocol.

For the NFT version here are some potential use cases 🙂

And here is how it works at a high level!

For the NFT version here is how it would work at a high level. Let's say I am renting my NFT to you:
• I deposit my NFT into the smart contract and set the rental length and price (in the future it can be an auction)
• If you want to rent it you pay the USD value in a stable coin or crypto of your choice
• After the rental, the original is locked in the smart contract for the duration of the renting period
• The renter gets a wrapped expirable version of the original and your game accepts the wrapped version with our simple API/SDK
• After the rental period, the rented version expires and the NFT owned by the owner can withdrawal their NFT from the smart contract or can be re-rented.
So imagine owning an NFT and going to bed or you're busy studying at school and preparing for a test or on a vacation — you could rent out that NFT without passing over ownership and earn extra money on the NFT.
Or if you don’t have the money to outright purchase an NFT you can now rent it for a small cost and get that experience.

Jonty|Host
What IQ Protocol will offer to its NFT holders? What do we see the future for NFTs and how does this fit that philosophy? Won’t it just make ownership more exclusive?

Simon
IQ Protocol will unlock a lot of things for NFT holders but also the entire crypto community and beyond
1 — NFT holders can earn extra income off their NFTs as mentioned here 🙂
2 — It will allow the average person who may not be able to purchase an NFT to get the experience or utility it brings
I heard of a use case of a dinner someone was having in New York for all crypto punk owners
Well the average person can’t afford a crypto punk, but they may be able to rent a crypto punk for an evening to go to the event
And then a crypto punk owner say in Australia that could not go, they could rent it out and earn some extra interest
3 — It will allow anyone to tokenize their business and tie demand directly to the demand for their token using our fungible token version
Using this model any traditional business could tokenize their business and create a SaaS subscription
And token holders could benefit from the success of the company
Also, in addition, these are the benefits of the model
Benefits of renting beyond a traditional staking model:
• Price fluctuations of native currency — by allowing the opportunity to rent tokens it removes the investment decision from access to whatever feature. You don’t need to own Netflix stock to watch Netflix, so this allows a seamless experience like we are all accustomed to.
• User adoption — not everyone wants to purchase and hold another native currency and would rather just pay with a stablecoin or crypto they have in their wallet
• Less upfront capital — This goes back to user adoption. If I can rent month-by-month or year-by-year, the upfront capital versus holding x amount of tokens with a traditional staking model is less, and therefore, removes this barrier.
Benefits to token lenders:
• Extra interest — Users with idle tokens can now earn extra interest paid by the fees of the renters
• Streaming and auto-compounding of rewards — rewards are streamed over time and auto-compounded, which incentivizes lenders to stay in the pool
Other considerations:
• Extra rewards — Any additional rewards you want to provide to stakers can be streamed through the protocol just by renting more tokens
So no, I don’t believe it will make ownership more exclusive but renting will allow the experience to rent an in-game asset for example for a week where you may not be able to purchase it in the past 🙂

Jonty|Host
How does it work as a subscription model? What kind of yields can stakers expect? How to participate in the Whitelist? Staking $PRQ for the $IQT Airdrop Please tell more about it?

Simon
Above, you can see how the model works for the NFT version and the fungible token version 🙂
For the NFT version, an NFT owner currently can set the price and the time they want to rent the NFT — so that would be the yield
In the future, we are thinking of adding a bidding/auction type model for NFT
for the Fungible Token Version, the yield is tied to the number of tokens that are rented
https://app.iq.space/

So for example, right now we have a lot of the PARSIQ ($PRQ) tokens in our IQ Protocol Pool and quite a few are being rented to access the PARSIQ platform
Also, any project that wants to increase the reward yields would just be an extra renter
And these rewards would be streamed to the users and auto-compounded as well
Here is the staking guide: https://blog.iq.space/iq-protocol-staking-guide-840cd860de47
And here is information on our yield boost/incentive campaign: https://blog.parsiq.net/prq-2x-yield-boost-incentive-iqt-airdrop/

TWITTER ROUND

IQ Protocol is a DeFi framework for renting prepackaged expired versions of digital assets for the use cases they enable. What are these expired packaged versions of digital assets? What is the utility it has for investors? How profitable does IQ Protocol bring this activity?

Simon
The utility can be anything a project enables 🙂 For an NFTs it could be in-game assets. For example, one team I’m talking to is going to provide the ability to rent out a Degen Ape in their game and the ability you will then have in the game is to throw bananas. But an NFT rented also be your pass to enter a conference. Or a monthly pass to a co-working space.
The token version can be set up in any way — we use it at PARSIQ to access our data. Others are going to use it to create a monthly subscription to play all their games on their platform similar to Xbox Gamepass by renting the required amount of tokens. So the IQ model is really flexible and the utility is endless.

There are countless NFT gaming projects available right now and some of them are real successful. My question to “Metaease” what are the main selling points of the project and what innovations does it has to be successful not only for the short term but for the long term?

Simon
NFTs are not going away. And we are building the industry standard to rent-out NFTs for their utility across various chains. Our technology will unlock a whole new set of use cases for these projects both for their tokenomoics and in-game play. Game players may be more active as they can rent assets or rent out an asset they own and use that money to rent out another asset to try a new weapon or experience in the game. NFTs use cases are endless as well as tokens and we have a flexible model to allow the creative devs and projects to essentially create whatever experience they want for their users leveraging NFTs or their native platform token. Our team is working hard to bring the technology to a variety of different chains and we are also brainstorming new use cases all the time. I’m personally talking to a lot of projects and games and they love the model and more announcements will be coming soon! 🙂

Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Could you please tell us about the current partners, plans for partnerships, and what everybody stands to gain from these partnerships?

Simon
We are talking to a lot of games right now and projects that want to improve their tokenomics. We are also talking to some Guilds as well — Guilds essentially buy assets and then want to rent them out and do some type of revenue share. So IQ protocol is perfect to do that in a trustless way without passing off ownership. NFT rentals were not possible before, IQ Protocol changes this and unlocks a ton of use cases 🙂

COMMUNITY ROUND

Tiger
It’s easy to make a token but it’s really hard to make this token valuable? So what’s your startegy to make your token more valuable and what’s your plan to maintain token price and supply?

Simon
We built the IQ Protocol model to improve the Tokenomics of $PRQ — $IQT and IQ protocol we are currently working with investors to come up with the best tokenomics 🙂

Himena Javen
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?

Simon
You can join our telegram and Discord channels 🙂
https://t.me/iq_protocol
https://t.me/parsiq_group
https://discord.gg/iqlabs

Vikash Pawar
what are the benifits for $PRQ token holders to stake in PARSIQ’s renting pool ? and how does IQ protocol benifit it’s borrowers?

Simon
You get rewards from renters that rent our token to access our data services
https://blog.parsiq.net/prq-2x-yield-boost-incentive-iqt-airdrop/
^There are those benefits as well 👍

dweep
Will there be an indian exchange listing for iq and prq 😁

Simon
We are working with exchanges all around the world! Any favourite Indian ones? 🙂

Thi Họa
Staking programme is very important for any project, I wanna know Can i stake your token? Do you have any plan of starting staking programme?Staking programme is very important for any project, I wanna know Can i stake your token? Do you have any plan of starting staking programme?

Simon
Yes! Here is our staking guide: https://blog.iq.space/iq-protocol-staking-guide-840cd860de47

Mukis Ma
How can I join the pre-sale or IDO? What is extimated date Where can I buy your Tokens?

Simon
PARSIQ token is live on BSC and ETH, Coinmetro, KuCoin, Gate, MEXC
$IQT will be public later this year
https://twitter.com/IQLabs_official?s=20
Keep an eye on our Twitter for more announcements.

The AMA recorded many great questions from the Crypto Players India community, as well as meticulous answers from our guest Simon Harmgardt from IQ Protocol. AMA Concluded at 10 pm IST.

About us!

CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017. We are a group of 25000+ telegram members and growing.

Connect with us!
Website | Telegram | Twitter

--

--

--

CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

👀 Here’s what the Web 3.0

Who is Sunny King?

NFT Journey Part 1- Does NFT slice my image into chunks to store it in Blockchain?

Find out the specific gameplay & latest progress of Vmates

Smart Contract Security Newsletter #39

YeeCo Weekly Update

What If: The Blockchain Economy

The Community Runs with the Ball

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Crypto Players India

Crypto Players India

CryptoPlayers is one of the oldest & largest crypto communities in India since early 2017.

More from Medium

Axelar is a universal interoperability platform that connects all blockchains through a…

Aurora FS

AMA Recap — Polker

SEEDLING AMA Recap CRYPTOTECH COMMUNITY