January 17th 2021
The PARSIQ team have announced that they will be expanding the reach of their project.While its significance can’t be overstated, it went under the radar of many.
PARSIQ will launch a new wallet system
This may not sound like groundbreaking news at first, after all wallet systems aren’t well understood and can be confusing. However, this new kind of wallet will not only innovate the space, it will also multiply the reach of the PARSIQ project. This article is to supplement the release of the news, click here to view.
An address is essential to blockchain as are the coins that populate it. A Wallet is a software/hardware solution to manage your addresses. Wallets and addresses have not particularly changed since their launch, all having Public Addresses and Private Keys. Wallets can communicate with blockchain and smart contracts to allow assets to flow from
A → B.
The wallet market
Currently, we see two main competitors who dominate this market. The ownership of this market has seen their revenue grow to over $29million per year.
They handle approximately 30% of all asset transfers daily. As Cryptocurrency Blockchain technology captures mass adoption we can expect the amount of users to grow exponentially. A growth in users can expect growth in transactions.
Creating addresses and using them is expensive; how so?
Each customer wanting to use an Centralised Exchange (CEX) will need an address created for them. A request is sent to the wallet providers at the exchanges expense and then will be mined on the blockchain and is a costly process. These are the kind of wallets that are supplied by : Bitgo & Fireblocks
How much does it cost?
The cost is relative to the gas fee at the time of creation
Current wallet suppliers set minimum requirements in Value, Transaction volume etc, reducing scalability
Further fees are added on for transactions and monthly subscriptions
Are they Scalable?
Wallets used in this fashion are limited to the layer 1 solutions they exist in. Therefore they have to interact with the blockchain to process an action, meaning fees and extended time to process.
Lets look at an example
If an exchange lists a new asset, 1000 users register to buy the asset (eg when CoinMetro listed Parsiq). If gas fees are $20+, it follows that Coinmetro will pay in excess of $20,000 to create 1000 new addresses. But there is more. The creation process comes with a delay, as each wallet needs mining by the blockchain.
Wallets are somewhat an overlooked area and relevant expertise have proved vital for this new service. Parsiq team members bring invaluable experience from building such systems for large corporations. This first hand experience of identifying important pain points and addressing them, is exactly why an improved wallet service now exists;
enter Ncase, by Parsiq.
PARSIQ Ncase is a wallet deployment system that allows any company to receive cryptocurrency from users of their platform
Ncase can be considered as a platform made up of 3 entity's, each playing a critical part:
Minimal costs due to an efficient on-chain set up of “Omnibus” style wallets
HODLium Tokenomics reduce the need for monthly subscription owing to a one time fee.
Infinite scalability allows pricing to reflect usage.
- Parsiqs monitoring solutions are built into all wallets and will notify : Creation of wallet, Deposits and Transfer of funds
- Parsiq invoicing allows for instant notifications for receipt of funds
- Optional Multi-party Computation, splitting signatures into 3 parties to increase protection
The benefits of Ncase do not stop at this point, the utility grows further, Introducing Parsiq Payments
Wallet users select what payment asset they can receive, Ethereum (any ERC-20 Token),BSC etc etc. The ball does not stop rolling there. The Parsiq Payment system can convert any received payment into a pre defined Asset. This allows the wallet user to collect 1 asset, for example a stablecoin of choice, if required. This will be Automated without human input, all thanks to PARSIQ Smart trigger system. PARSIQ Payments exists within the PARSIQ Invoicing system
The scalability of this service is infinite. It can be applied to non crypto corporate companies accepting payments in Crypto Assets. This payment system will help create and sustain a structured bridge between Corporate and Crypto business. This is the reason why Ncase will electrify the commerce sector in crypto and traditional enterprise.
lets explore this further
Ryan, who runs a digital media company has been selling digital art to his Telegram friends. His friends all hold different assets, but Ryan states he would like $5 fiat value in return for the product he sells.
Matt sends 4PRQ, Sam sends 0.006 ETH and Andy sends 0.00018 BTC as Ryan has set his wallet to accept payment in these assets. The Parsiq Payments system then converts these into Ryan’s predefined stable coin of choice, USDC. Once completed, Ryan receives his invoice for $15 via Telegram Bot & Email. This process is all automated and Ryan can continue his day without distraction.
Parsiq aim to tie all their services together, making each piece of the Parsiq puzzle equally important. The revolution of Ncase can be seen by the potential of its programming which we will explore now
Non Custodial Exchange Wallets — The option to expand to include non custodial asset trading for exchanges. Imagine being able to simply connect your Ncase wallet to a CEX and trade directly. No deposits, No withdrawals, less fees, less hassle. Better Service.
What does all this mean?
In essence, Parsiq have developed a product that goes far beyond wallets as we know them. They have applied their technology and created a cheap, fast and flexible payment system, that cuts across blockchains, while connecting the crypto world to the real world
Crypto enterprise WILL use Ncase, as it allows them to streamline payments into one currency. Crypto enterprise WILL use Ncase, as it costs less than traditional wallets. Crypto enterprise WILL use Ncase, as its safer and allows notifications of invoicing. Crypto enterprise will use Ncase, as it will continue to upgrade as tech develops. Crypto Enterprise WILL use Ncase. The magic that will make this happen, is time.
Parsiq have onboarded clients who are currently using the service in its minimum viable product (MVP) state. These are :
- Transfero Swift
- BRZ Token
- Unknown “Payment processing company and its subsidiaries”, eg VISA, SAP, Paypal etc.
These companies are only the beginning. As Parsiq team have already stated, there is a line of clients waiting to use Parsiq Ncase. If that doesn't excite you, then cast your eye over Parsiqs Partners to see who it could be!
Now, what more could a PRQ token holder want, on top of better wallets? Well, let us tie in the Tokenomics to this model.
Creating a pioneering wallet system alone is a self sufficient business, to then make the PRQ token essential in the ecosystem, it creates a serious demand.
Both business and personal Ncase wallet users will have to pay for the service, and have multiple options dependant on what level of tech they require. Furthermore, users will be required to HOLD PRQ, and this is where the cost is negated compared to current wallets subscription service. Dependant on how many wallets you want, how many triggers are set and how many transactions you estimate the user will do, you will require a calculated amount of PRQ to be held. This is all defined in the IQ Protocol that Parsiq will be implementing in Q1 2021.
Just to remind you, Crypto enterprise will use Ncase services. Crypto enterprise will HOLD PRQ. Whether it be through the IQ protocol, or market bought. They will hold PRQ.
Parsiq has been fronting the edge of the new era in the crypto space. The era of data and efficiency. Parsiq now begin their next chapter, improving fundamentals of the crypto space, Advanced Ncase Wallets.
In Parsiq we trust.
Stay safe PRQties, you too, PRQrew