May 11, 2021 – Tallinn, Estonia
PARSIQ, a platform that monitors data and automation across blockchains, bridging both on- and off-chain apps and sending out user alerts once transactions are executed, now offers compatibility for smart triggers with the Polkadot Relay Chain.
A smart trigger is effectively a smart contract that is deployed into the PARSIQ ecosystem. It allows triggers from external chains to be passed to off-chain systems. It collects data across a variety of chains in real time and then constructs an indexed composition of actions in any one chain, in a process of reverse engineering. It can validate and process a huge amount of real-time data simultaneously via its distributed data management layer by utilizing chain-specific feature extraction.
Building a bridge
PARSIQ shares the same ideology as Polkadot, which is to bridge data across a huge network of chains, leaving all chains completely equal to one another, where each chain has its own personal real-world uses and strengths. This is a model that builds strength from numbers and enhances usability by combining the entire group of chains into one strong network.
PARSIQ, rather than being a chain itself, is the bridge between the chains and between off-chain applications too. Developers can build their own smart triggers using PARSIQ. These smart triggers react to eventsplus they are able to store and alter data, and also learn from the data as they grow.
The platform, in addition to monitoring data and creating alerts, can be used to deploy bots, as well as for areas like monitoring AML, performing automated accounting and more. Each developer’s data stream is completely unique, with its own branding retained as well as its pricing structure, even while it is growing and learning from the entire network.
PARSIQ is now integrated across all of the major blockchains including Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, Dash and Algorand, to give users a way to simplify the automation of all their processes and applications off-chain, on-chain and even across layer-2 chains.
PARSIQ’s smart triggers have far-reaching functionality, including transaction monitoring, simple asset withdrawal from one user to others, the ability for transfers exceeding a pre-set level and much more. Developers can use the PARSIQ platform to build their own smart triggers for data workflow automation, storage and learning here.
Examples of workflows include
- Alerts of DOT transactions as they happen
- Bridging events in the Polkadot Relay Chain (as well as other chains) with a simple user interface
- Monitor data flow and create advanced analytics from the data
- Alerts to strong potential trades
- Usage for traders, platforms and market researchers to build strong, data-backed pictures of the markets
Created by one of Ethereum’s founders, Gavin Wood, Polkadot’s goal is to take blockchains to a state closer to Web3, where all on-chain activity is shared across a variety of chains. It is an intersection capable of translating architecture into one heterogeneous language for customizing side chains to connect with public blockchains.
Tom Tirman, CEO of PARSIQ