IQ Protocol is a framework for subscription-based services and risk-free collateral-less loans in the Decentralised Finance (DeFi) industry, including NFTs and decentralized subscriptions. IQ Protocol is an entirely new piece of technology for the DeFi world built by PARSIQ+.
What does IQ Protocol do?
Enabling everything from NFT renting to blockchain subscriptions, IQ Labs and its IQ Protocol is a new initiative well positioned to help the blockchain industry further advance into the Web3 world. Recognizing the changing tides in global finance, PARSIQ launched IQ Protocol in June 2021. They created the first risk-free, collateral-less DeFi protocol to tokenize subscription-as-a-service (SaaS) in the DeFi space with a full-circle economy.
While the creation of IQ Protocol also leveraged PARSIQ into the world of DeFi, its operability exceeds far beyond this application. As an open-source protocol, any project can utilize the IQ Protocol platform to fit their needs, and maximize all of the capabilities that the application offers. PARSIQ provides three levels of service, labeled as the “Threemium model,” including:
Free model – basic usage of the platform and mainly used for trialing the application.
Premium model – where PARSIQ accepts most major cryptocurrencies, PRQ, and fiat as payment. Payments go directly to liquidity providers in the IQ Protocol pool as rewards.
Hodlium model – where users swap PRQ for non-expirable Power Tokens (pTokens), which then allows for the use of PARSIQ base monitoring services without paying any additional fees.
IQ Protocol has identified the problem they are tackling as: “There is no way of renting and wielding digital assets in a trustless decentralized way for their utilities, benefits and use cases they empower - without having to purchase them”. They look to counteract this problem by creating: “The next money lego which allows users to rent wrapped expirable versions of digital assets without collateral for their utility while allowing holders to earn by providing liquidity without risk.”
Examples of which IQ Protocol provides collateral-less utility loans are:
Access to products, services, features & content
IDO participation rights
Discount, cashback and loyalty programs
Social and creator coins
There are two sides to IQ Protocol. One is for projects onboarding onto their platform and one is for the users who communicate with these projects. In brief, projects can deploy a ‘Renting Pool’ on IQ protocol, assign ‘Lifetime Value’ for rentable tokens, as well as implement ‘IQ SDK’ for service consumption. In turn, users are able to connect their MetaMasks and sign contracts, borrow pTokens (Power Tokens) by paying a fee, and consume the corresponding bandwidth of services.
IQ has already onboarded more than 30 projects which look to deploy Renting Pools for their Fungible Utility Tokens, including Solcery, Mysterium Network, Autonio foundation and CDZ Exchange. They have also onboarded 20+ projects which plan to integrate IQ Protocol NFT Renting in their products, such as MintGate, Cyball, DefiLand and SuperFarm.
They plan to create a marketplace for trustless renting of NFTs and have a three-phase ‘Go-To-Market’ strategy.
Phase 1: Projects with existing tokens - Upgrade tokenomics with no token migration
Phase 2: Projects planning to launch a token - Apply a sustainable tokenomics model with true proven utility
Phase 3: Traditional companies and businesses - Tokenise their business by tying the token to the products
IQ PROTOCOL TOKEN DISTRIBUTION
IQ Protocol for fungible tokens in BSC ☑
IQ Protocol for fungible tokens on Polygon ☑
PRQ Incentive Claim on IQ ☑
VC Round Closed ☑
Contract audits ☑
NFT Rental Marketplace
IQ NFT Integrations
IQ Protocol on Solana
Look out for IQ @ major crypto events!
Integrations with Gaming Guilds
Reward model: Play to Earn
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