Subscriptions models are a common business practice nowadays. Whether it’s a fitness gym or Spotify, any business can turn anything into a subscription model. In fact, even monthly bacon subscriptions are available now. If you want to subscribe to this wonderful option, keep reading till the end.
From the looks of it, we can safely say that the consumers have greeted this new business model with both hands. Also, this generation prefers value experiences over ownership. This could also mean that the era of ownership may be over pretty soon.
On the other hand, the prices of Ethernet, Bitcoin, and other currencies in the crypto industry are on the higher side. This will help develop more public interest in the crypto space, and it will be a huge demand for new projects.
The “chicken and the egg” problem of initiating a startup through an ICO refers to the situation in which potentially good teams were forced to create native tokens and link them to the main product in order to obtain funding for product development. If there is no capital, it is impossible to start a project, and if you cannot show anything to the public to convince them, raising capital would be very difficult.
While many businesses were successful in raising funds through an ICO, many were eventually confronted with the harsh fact that the issued tokens had no practical application. Dreams of a successful project resulting in a rising token price were quickly dashed by the unpleasant truth that those ties were not as straightforward as first thought.
Although a lot of other successful crypto startups are still active today, it's not unexpected that their success has had minimal impact on the tokens that were used to get them started in the first place.
PARSIQ has already gone through such satiations. Therefore, I want to tell you that how our team came up with a comprehensive solution that is applicable to every crypto project. We call this solution IQ Protocol.
PARSIQ-how did it start?
The majority of PARSIQ team members are professional blockchain engineers who have previously developed several blockchain systems and backends for different crypto exchanges. Every team member, in his/her previous projects or roles, was up against the same problem. That is, they had to develop a solution that could connect blockchain activity to central devices, applications, legacy systems, user-facing front-end, and other off-chain networks.
The team members of PARSIQ took it as an opportunity to develop a platform where anyone, either an individual, coder, team, non-coder or enterprise, would be able to build and deploy blockchain to off-chain connections via using few code lines or few clicks.
PRQ tokens went live on the Coinmetro exchange in 2019 through a regulated (IEO). PRQ coins were originally part of the PARSIQ platform, which accepted both fiat and cryptocurrency payments to use its services. In other words, customers of the PARSIQ platform might pay using either Stripe or PRQ.
A lot of other companies have also been using the same type of tokenomics model. That is, they accept their tokens as a medium for payment or discount, and they also accept fiat too.
This configuration is incorrect in such setups since it disincentivizes someone from holding the token in the first place. Why go through the trouble of obtaining a token in order to pay for services when you can use fiat to pay for the same services? Such an arrangement erodes any utility the token was supposed to have, resulting in a general lack of interest in the token. The majority of customers become speculators, anticipating that the prices will go upward if a specific project becomes popular.
The Commencement of IQ Protocol
PARSIQ, since its beginning, has always tried to be a platform beyond a coding language for skillful users. PARSIQ’s friendly user interface is suitable for everyone, whether someone has technical skills or not. Users will find our monitoring solutions profitable and valuable.
PARSIQ has been continuously striving hard with innovations. As of Q2 2021, the project's creative side is focusing on:
· Increasing the size of the monitoring suite for corporate use;
· The IQ Protocol is a next-generation subscription model for all SaaS enterprises around the world.
Traditional Layer 1 blockchains, for instance, Ethereum and Bitcoin, take a fundamentally different approach than we do. The construction of a universal bridge between the various ecosystems will help to accelerate blockchain adoption.
We've been assisting a number of cryptocurrency projects, including mitigating hacks and forking afflicted tokens. Many businesses have also approached us, requesting our assistance in developing a proper token economy model that incorporates their unique products and services.
PARSIQ's Chief Blockchain Architect, Anatoly Ressin, held an AMA in December 2020 to demonstrate how our planned IQ Protocol solution will work within the PARSIQ ecosystem. The goal was to match the interests of all PRQ token holders, including hodlers and traders, with those of our utility users.
PARSIQ Is The First Ever Tokenized SAAS Business
PARSIQ was the first ‘client' that used the IQ Protocol DeFi architecture to develop a risk-free and transparent economy model for its tokens as well as the platform.
Our team has developed a blockchain-independent method for deploying subscriptions on-chain in a flexible and cost-effective manner. All of this was accomplished while maintaining critical procedures such as cancellation/refund rules, consumption rate quotas, various time-frame considerations discounts, and more. This was accomplished by introducing a new concept based on PowerTokens. PowerTokens are utilized as a deterministic over-time “energy” generator rather than as a way of payment. Energy has a part in IQ when it comes to calculating the unit of service consumption (like gas units in Ethereum).
We are the first company to use the IQ Protocol to alter the traditional subscription business, solving the typical crypto "token not needed" problem. Currently, any PARSIQ user who is holding PRQ tokens as a mode of payment can utilize the platform and develop monitoring solutions.
The IQ Protocol assists businesses in creating a circular economy that considers the interests of the three primary stakeholder groups: HODLers, traders, and service users. The new PARSIQ subscription model under IQ operates as mentioned below:
· Users of the platform, most enterprises, pay for the service using unique PRQ tokens. Consumers can either buy the original tokens that have no expiration date or rent PRQ tokens from the renting pool. The basic notion is that the original tokens are kept in the renting pool. Instead, the pool creates a limited-edition version of these tokens that will expire after a certain period of time.
· Lenders can start earning yield by lending their PRQ to the IQ Protocol. If a user loans his PRQ to the pool, he will be given an iPRQ (interest PRQ) as confirmation that he has done so. When a PARSIQ client borrows PRQ from the pool, the lender receives interest on his PRQ, as the name implies.
IQ Protocol Gives Existing Tokens Utility For Any Project
It is not a child’s play to fix a broken economy because people have spent their whole careers in order to do this. It takes a lot of time to understand everything, including lending, borrowing, global and national consumption, to formulate economic policies.
However, related to the above-mentioned context, PARSIQ and our protocol have developed the best "plug and play" tokenomics model. The structure for providing instant utility to existing and/or planned tokens is laid forth in this solution, which is industry and blockchain-neutral.
Tokenize subscriptions via the IQ Protocol, which is a risk-free, collateral-free solution. Any service or product which is sold by a project is easily convertible to a subscription, with access to the solution controlled by the project's token.
We've entirely redesigned how the subscription model works with this protocol, and we've also added a new dimension to how businesses can function.
How Can You Use IQ Protocol For Any Project
Those businesses who wish to use IQ protocol need to evaluate their portfolio. This will allow them to understand that how they can make use of the subscription model for their services/products.
After the business has established what the token will represent, the product can be linked to it. This means that all the privileges and rights attached to that token will be handed over to the token holder. Then, these tokens will be given a lifetime value. That means it will determine the time span for which the token holder has the right to access the services or products while holding that token.
With the launch of Power Tokens, IQ Protocol offers a creative and futuristic approach to token utility. Power Tokens generate utility over time, unlike traditional utility tokens, which represent a fixed quantity of utility. As a result, instead of owning a fixed quantity of Power Tokens, their owners "subscribe" to utility.
A traditional "tomato token," for instance, would be representing represent the right to gather 1 kilogram of tomatoes. On the contrary, a Power "tomato token" (with the weekly flow and a one-year expiration) would indicate the right to gather 1 kilogram of tomatoes every week on an annual basis.
Power Tokens are stored in a "Power Enterprise," which is a collection of smart contracts that include many IQ Protocol characteristics, such as funding, governance, and the capacity to create new Power Tokens.
IQ has also launched the rental pool, a concept that allows buyers to rent tokens from token holders rather than purchasing them entirely.
Our Future Endeavors
As of now, our team is working on how we can use the IQ protocol for NFT renting. With the help of IQ renting pools, projects will be able to develop their own marketplaces for decentralized, trustless, collateral-less, and risk-free renting of NFTs. This will be very appropriate for any kind of NFT token. Also, it will create a new utility for in-game NFTs or collectibles.
Individuals owning NFTs will also be able to generate a passive income stream by renting out their NFTs. Most importantly, the owners will be able to do that in a risk-free manner.
Users will be able to rent out these NFTs’ expirable versions by paying a fee in order to enjoy the benefit right away without having to acquire the asset, such as renting a unique, powerful weapon (or other in-game assets) to win against an opponent in-game.
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2021-09-23 16:49:58
