Businesses, traders, and individual users can benefit from the ability to monitor activity on their crypto addresses in real-time.
PARSIQ empowers these users with better security, compliance, and actionable insights into their transactions.
Being a cryptocurrency user, you have probably thought about how to quickly and conveniently track transactions in your wallet or, for example, monitor whales’ activity by staying alerted on their movements.
There are crypto transaction notification systems that offer you a variety of ways to receive messages. Notification systems are relatively common and may be offered along with the wallet itself. The notification service can be provided on a paid basis, for example, for each message sent, or stay free.
Basically, their arsenal contains such functions as tracking one wallet and getting SMS / Email notifications. Such services are focused on the Bitcoin network and in some cases - Ethereum.
Sometimes it can take you over an hour to fully confirm a BTC transaction. Instead of updating the blockchain explorer to check the confirmation status, you can set up any free blockchain notification service to receive a message right after the transaction is confirmed.
What is PARSIQ?
PARSIQ technology is a proprietary programming language called ParsiQL that allows users to monitor and interpret an endless stream of real-time data on several integrated blockchains.
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, AML, and expand their workflows in other ways.
Data output enriched with information
The primary drag and drop interface of the service - Quick Monitoring Wizard - allows users to create their own notifications 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.
This can be particularly useful when keeping track of your portfolio in a certain fiat value or as an exchange value compared with another currency type. This also enables businesses to conduct proper audits on transactions, which can be essential for compliance.
PARSIQ is constantly expanding with valuable integrations, giving users the possibility to customize the blockchain monitoring to simplify the digestion of information coming from the streams of data.
“The growth of digital assets and other blockchain-derived technologies is currently stunted by a lack of tools to monitor blockchain transactions,”
says Alan Durnev, PARSIQ CTO.
“Currently available tools, like block explorers, lack the automation and deep analysis features necessary to perform quality monitoring of blockchain at scale and in real-time. Right now, the effort and complexity associated with block explorers mean that blockchains remain opaque.”
More blockchains are now connected to off-chain apps
PARSIQ is an IFTTT (If-This-Then-That) automation platform that makes blockchain events consumable and blockchain data actionable. It allows users - individuals, companies, enterprises - to monitor any events across different blockchains in real-time and at scale and connect those events to any off-chain apps or devices to automate different workflows.
PARSIQ is not only taking data from blockchains; it lives within them, speaks their languages natively, interconnects them, and allows anybody to get exact and timely information about any event that the user is eligible to listen or react to.
To date, PARSIQ monitoring supports a wider number of blockchains alongside Bitcoin and Ethereum. For example, Algorand, Dash, Celo, or Binance Smart Chain are available for users for custom monitoring and recording. PARSIQ’s roadmap shows that the company is on track to integrate with blockchains to become a real cross-chain bridge.
“In five years… I would say we see ourselves as the real glue between every existing blockchain. So no blockchain left.” -
Anatoly Ressin, Chief Blockchain Architect at PARSIQ, in the interview for Cointelegraph China.
Cross-chain interoperability is possible
In the blockchain space, interoperability is when two more blockchain systems can talk to each other and exchange value.
The missing part of blockchain adoption is the ability to smoothly and uniformly consume different data sources. Each blockchain goes with its own rules, with its own guarantees with its own laws on how to communicate with it, and how to build on top of them.
This introduces discrepancies between developers. So if you are a developer on one blockchain, you cannot necessarily develop on another blockchain. PARSIQ believes that interoperability is the missing part and has a solution to fill this gap.
PARSIQ is a solution that allows developers to be abstract from the particularly built blockchain. The ability to build cross-chain workflows has displayed a lot of potential in the realm of fintech, compliance, and platform security.
PARSIQ Smart-Triggers currently react to events occurring on the blockchain and then automating actions outside the blockchain to your chosen application. To make this automation even more powerful, PARSIQ is implementing technologies that allow it to do it vice versa. Off-chain events will trigger actions on blockchains, such as asset transfers or cross-chain crypto transfers. This is an advanced technology that will transform how we do business by connecting the real world to secure blockchain databases.
Sophisticated on-top development is welcomed
ParsiQL can perform stateful computations — such as running totals, daily turnovers, and thresholds — on streams of blockchain events. Most components of ParsiQL will be open-sourced.
You can create your own blockchain monitoring and automation solutions by using PARSIQ’s domain-specific programming language ParsiQL. It's powerful yet flexible and easy to use.
Last year, the PARSIQ team launched a 100% free product built with ParsiQL language - FLASHR. FLASHR is a public monitoring system that allows users to be notified of any token movements they are interested in or invested in. This is one of the first platforms that provide real-time alerts to users about a particular token or project.
FLASHR is an excellent example of building a monitoring service on top of PARSIQ to serve specific needs.
In simple words
PARSIQ gives you much more than just notifications. Users can transform the data to be delivered to their favorite off-chain application or web service. A simple transaction alerting is just the tip of the iceberg.
However, it takes you $0 and a few seconds to set up personal transaction monitoring with PARSIQ Quick Monitoring Wizard. Start with a free plan today to begin discovering all the PARSIQ capabilities.
Sign up now: https://portal.parsiq.net/signup.