PRESS RELEASE. PARSIQ launches its highly anticipated IQ Protocol – the first risk-free collateral-less decentralized finance protocol built specifically for the Software-as-a-Service (SaaS) market.
31st March 2021, Tallinn, Estonia – PARSIQ has launched their revolutionary IQ Protocol on testnet (Ethereum) – a decentralized finance (DeFi) solution for the SaaS market. IQ Protocol is the world’s first risk-free, collateral-less DeFi protocol to tokenize SaaS subscriptions in the DeFi space with a circular economy. IQ Protocol features several standard DeFi services, including staking, lending, and borrowing.
The launch marks PARSIQ’s official entry into the DeFi space. If the testnet release is successful, IQ Protocol’s mainnet is scheduled to launch in Q2 this year, and the team already has interest from several DeFi projects. Furthermore, the PARSIQ team is considering launching the mainnet on several other chains, including Binance Smart Chain (BSC), and Solana (SOL), with which PARSIQ has already integrated.
IQ Protocol & Power Tokens
The IQ Protocol brings a new perspective to DeFi solutions for the mainstream environment. Not only is the maintenance of the protocol’s network fully-trustless, but the protocol itself is open-source. Additionally, PARSIQ’s innovative decision to remove the requirement of collateral to participate in or build on IQ is another first for the DeFi space, nullifying the risks associated with DeFi participation.
IQ Protocol also takes an innovative approach to token utility through the introduction of Power Tokens. Unlike conventional utility tokens which represent a fixed amount of utility, Power Tokens generate utility over time. Therefore, holders of Power Tokens “subscribe” to utility rather than possessing a fixed quantity.
For example, the conventional “tomato token” would represent rights to collect 1 kg of tomatoes, whereas a Power “tomato…