- PARSIQ’s Data Monitoring Instrument has been merged with Polkadot’s blockchain.
- This partnership makes Polkadot the eighth platform to implement PARSIQ’s data monitoring instruments which have previously been deployed in Bitcoin and Solana.
- PARSIQ closes the gap between on-chain and off-chain storage and allows for an unrivalled cross-chain data structure.
- Polkadot’s price hovered around $39, a 7.55% increase over the following 24 hours after that.
PARSIQ’s wide range of features have been integrated within Polkadot’s blockchain to usher in a new era of unrivalled cross-chain data infrastructure for Polkadot.
The merger between PARSIQ and Polkadot makes it the eighth platform that has embraced the data monitoring capabilities of PARSIQ and this number continues to increase. Through PARSIQ, Polkadot will reap the benefits of smart triggers, enjoy on-chain and off-chain connectivity and manage complex workflows with ease.
Changing the Game
The recent announcement of the integration of PARSIQ’s Data Monitoring Instrument and Polkadot is a step in the right direction for the entire crypto ecosystem, encouraging further inclusivity and connectivity. Before the announcement, Bitcoin, Ethereum, Solana, and Dash, amongst others, have been integrated with PARSIQ.
Through this partnership, Polkadot users will enjoy the immense benefits of data analysis and intuitive connectivity between on-chain and off-chain storage. Furthermore, Polkadot will be enabled with the functionality of smart triggers that bears similar characteristics to smart contracts.
However, the distinction is that smart triggers can be highly customized in a variety of ways which becomes indispensable for decentralized exchanges, anti-money laundering, and smart accounting.
Furthermore, by having an increased blockchain platform on its network, PARSIQ allows for further integration among blockchains and has high-level scalability. This is most useful for working on projects that have lots of load or throughput.
Through PARSIQ, complex workflows are simplified and activities can be monitored with relative ease, making it ideal for large enterprises and single users. Other features include advanced customization features, data export and analysis, and improved workflow automation. Without a doubt, the integration will be beneficial to the Polkadot ecosystem.
On the Flipside
- The uncertainty around the launch date for parachain rollout is now a major source of concern for the Polkadot community.
- The parachain rollout was anticipated to be launched sometime within the first quarter of 2021 based on the development road map
- However, there is still no exact date and the update has been pushed back.
Polkadot and PARSIQ
Polkadot has been described by industry experts as an open-source sharding multi-chain protocol that improves the interoperability of blockchains with the main goal of improving decentralization and privacy.
Founded by the Web3 Foundation, with members like Dr. Gavin Wood, Robert Habermeier, and Peter Czaban, Polkadot has features that are among the most unique in the ecosystem.
The inbuilty parachain functionality in Polkadot shares a striking similarity to the offering of PARSIQ. Polkadot traded around the $39 mark and had a market capitalization of $38 billion right after that. Moreover, it reached and stayed as the 8th largest cryptocurrency by market cap, keeping this position until now.
PARSIQ was founded by the trio of Anatoly Ressin, Andre Kalinovski, and Tom Tirman in 2018. It was designed to provide monitoring for blockchains to improve transparency, privacy and to obtain accurate data analysis.