Startup Plans to Change Blockchain Analysis With Its New Platform
A monitoring and intelligence platform offers businesses easy integration with a wide range of blockchains.
A blockchain monitoring and intelligence platform is now offering its analytics tools to both businesses and customers to give them “insightful blockchain data for sound decision-making.”
The rapid growth and increasing complexity of cryptocurrency market nowadays requires new tools for blockchain monitoring at scale and in real-time. Parsiq notes that current tools like block explorers are lacking the ability to monitor entire blockchains in real time, and they lack sophisticated analytics or abilities such as cross-chain analytics.
Parsiq is a blockchain monitoring and forensics platform that offers “advanced analytical tools.” The company says that its goal is to reduce market manipulation and increase transparency. It believes that a wider dissemination of advanced blockchain monitoring tools will help make crypto a safer place.
The team says its monitoring platform plans to give clients greater control over their crypto assets. Users will be able to monitor the blockchain state in real time using the ParsiQL programming language. Through ParsiQL, it is possible to perform stateful computations — such as running totals, daily turnovers and thresholds — on streams of blockchain events.
Parsiq notes that one of the most powerful features of the platform is a concept it dubs “smart triggers.” Smart triggers are a combination of streaming analytics and real-time notifications that can be utilized to build a wide range of monitoring and notification applications — all running on top of Parsiq’s infrastructure.
In order to make the prevention of crypto hacks and market manipulation possible, Parsiq works on technology to monitor mempools. The Memory Pool is a database for pending transactions that are waiting for the confirmation from the miners. Once confirmed, they are added to the blockchain. The company says that the mempool technology will allow its clients to carry out the blockchain analysis in real time and be alerted even before an unauthorized transaction has been included in the next block.
Built for blockchain businesses
Parsiq says it is already working with a range of clients. For instance, cryptocurrency exchanges use Parsiq for monitoring their deposits and analyzing in real time whether they come from legitimate sources — even if funds have been routed via a mixer service. Furthermore, if some suspicious events take place on exchanges, a real-time alert can be sent to the client.
For blockchain startups, the company is offering technology to allow businesses to monitor initial coin offering (ICO) smart contracts for changes in token supply. If an exploit in the smart contract’s code occurs, the contract owners, as well as the service provider to whom the tokens have been transferred, are alerted. A service provider would be able to freeze the funds in case of a breach based on such alerts.
Monitoring of trading activity
With Parsiq’s toolkit, users are able to spot “whale” games and market-maker activities, predict sell-offs and identify accumulation. Additionally, the market intelligence dashboard shows currently trending ICOs, tracking information on collected funds and various statistical data for informed decision-making.
Parsiq says it will offer the crypto community a new generation of tools to monitor and analyze blockchain data across chains, all in real time. It not only plans to help businesses and consumers secure their assets, it also wants to make crypto a safer place for everyone. This, according to the company’s founders, is the next step in broadening crypto’s appeal and gaining widespread adoption.
Parsiq is holding an initial exchange offering of its PRQ token at the end of this month on exchange CoinMetro.com and is currently accepting registrations for the sale.
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