Polkadot Incorporates PARSIQ to Create Complex Automation and Workflows

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In Brief
  • PARSIQ support has been added to the Polkadot Relay Chain.

  • PARSIQ uses smart triggers to send alerts on transactions to traders, bridging the gap between chains and off-chain apps.

  • Bitcoin, Ethereum, Solana, and Binance all use PARSIQ.

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The addition will allow users to receive transaction alerts through the platform. 

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The Polkadot (DOT) Relay Chain has announced the integration of PARSIQ’s smart triggers. PARSIQ has also been integrated into Algorand (ALGO), Binance Smart Chain (BSC), Celo, Dash, and Solana (SOL).  

The announcement on PARSIQ’s official Twitter account for the launch said that users will now be able to build smart triggers on the Polkadot Relay Chain and access the project’s real-time monitoring on yet another Layer 1 network.

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The smart-triggers used by PARSIQ are contacts that collect data from across different blockchains. They then relay that data off-chain. So, in essence, the smart-triggers relay web 3 activity to web 2 applications. Examples include sending transaction alerts to clients, monitoring data flow, dredging events, and sending price alerts. 

An example of how this could be applied would be to take a Polkadot trader using PARSIQ to be alerted when an arbitrage chance arises. Or they could set the parameters to be notified whenever their Polkadot wallet gets an incoming DOT payment. The platform is also able to deploy bots for various tasks. 

To bring blockchains together

The advantage of PARSIQ’s tech, when paired with IFTTT (if-this-then-that), allows developers building on Polkadot to create complex automation and workflows. Examples of such automation include real-time notifications with customized data enrichment.

The ability to connect any event happening on the Polkadot Relay Chain, no matter if the event is user-facing front-end or off-chain. Other examples would be the creation of advanced analytics from the gathered data or notifications of an advantageous trading scenario determined by on-chain activity. 

PARSIQ’s resources can also be utilized by blockchain developers in a number of ways. They ostensibly can minimize the complexity of building monitoring solutions, save dev resources, cut costs for infrastructure, and tackle a number of issues that engineers currently struggle with daily. 

Polkadot will add PARSIQ to its toolbox and continue its quest to grow the world of blockchain. They are of the idea that not any one chain should be “the chain” and instead each chain could have different uses that align with their differing strengths. PARSIQ shares in that idea and now the two will share resources to build more bridges to bring blockchains together.

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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