Polkadot Integrates “Smart Trigger” Platform PARSIQ

Polkadot Integrates “Smart Trigger” Platform PARSIQ

May 11, 2021

Key Takeaways

  • The Polkadot Relay Chain has added support for PARSIQ.
  • PARSIQ is a platform that uses “smart triggers” to send transaction alerts to users. It acts as a bridge between chains and off-chain applications.
  • PARSIQ is also integrated across Bitcoin, Ethereum, Solana, and Binance Smart Chain, among others.

PARSIQ has just launched on one of Web3’s preimenent networks. 

PARSIQ Now on Polkadot 

The Polkadot Relay Chain has integrated PARSIQ’s “smart triggers,” meaning users will be able to receive transaction alerts via the platform. 

“Smart triggers” are PARSIQ-native contracts that collect data from across different blockchains and relay that data off-chain. In other words, they relay Web3 activity to Web2 applications. That could mean sending transaction alerts to users, bridging events, monitoring data flow, sending price alerts, and more.

For example, a Polkadot trader may use PARSIQ to receive an alert when an arbitrage opportunity arises due to an asset falling in price, or they may get notified when their Polkadot wallet receives a DOT payment. PARSIQ can also be used to deploy bots. 

Like Polkadot, PARSIQ bridges data across a network of chains, which each has its own uses. Polkadot has become one of the dominant Web3 platforms partly on the promise of its “parachain” architecture. Aside from the Polkadot Relay Chain, parachains like Acala Network and Moonbeam form part of the ecosystem. 

PARSIQ is also integrated into Bitcoin, Ethereum, Binance Smart Chain, Solana, Celo, DASH, and Algorand.

Its latest update brings Polkadot one step closer to its vision for Web3, where value can be exchanged freely between parties on an Internet-based network. Ethereum is Polkadot’s biggest rival in the race to build the foundations for Web3 and shares some similarities, except its plans to use shard chains and Layer 2 solutions rather than parachains.

But if both platforms continue to grow, the future of Web3 could indeed be multi-chain. 

Disclosure: At the time of writing, the author of this feature owned ETH, FLI, and several other cryptocurrencies. PRQ, PARSIQ’s native token, was SIMETRI’s January Pick of the Month (PoM). This article was written independently of this. 

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