PARSIQ, a blockchain-to-everything monitoring service, was announced to get Binance funding in addition to other four projects. Even though PARSIQ is not a DeFi project itself, it brings another layer of security and transparency addressing the main problems in DeFi.
PARSIQ: under the hood
PARSIQ technology is a proprietary ParsiQL programming language that allows users to monitor and interpret an endless stream of data on the blockchain.
Among the obvious use cases is monitoring the wallets of traders and ordinary users. Among the non-obvious are complex system integrations for financial institutions and DeFi projects that use the PARSIQ infrastructure to improve security, conduct audits, comply with regulatory requirements, and expand their workflows in other ways.
The primary drag and drop interface of the service – Quick Monitoring Wizard – allows users to create their own notification system for the required crypto-addresses in a few clicks and bind additional data: Risk Score, information about the amount in equivalents (for example, in fiat or BTC), set up uploading to Google Spreadsheets or send directly to Telegram messenger.
PARSIQ’s technology was recently used to help KuCoin hack victim projects restore the balances and conduct hard-forking of their tokens in order to restore the tokens to their rightful holders.
PARSIQ for DeFi
The main difference between DeFi and traditional financial services is that in decentralized financial services, the user acts as a self-custodian and completely controls their assets.
PARSIQ can monitor DeFi collateral by applying Proof of Custody/Solvency mathematical equations to the PARSIQ platform’s real-time blockchain monitoring capabilities. With this monitoring service, everyone can now see the exact state of the pool’s wallet in real-time. Users can also be notified about the transfers—the coming in and out of the pool instantly once they occur, bringing both auditability and security to the space.
Even with millions of addresses, stakeholders can monitor balances on crypto addresses in real-time at scale. Using the PARSIQ platform, depositors can transparently check that their crypto collateral stays in the designated wallets via Smart Triggers.
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