Using this newest integration with Chainlink, individuals, startups, and enterprises that deal with blockchain transactions can reduce the complexity of retrieving high-quality pricing information, minimize costs, and save time by building automated workflows based on Chainlink’s price data.
TALLINN, Estonia (PRWEB) November 09, 2020
By integrating Chainlink's price reference data into PARSIQ's blockchain monitoring and automation platform, price data is automatically fetched from Chainlink’s oracles, alongside the automated workflow PARSIQ’s monitoring platform delivers. This data can be used to automate actions and set up triggers to monitor specific token pairs' price fluctuations.
These new Events, called Use Case Streams, enable developers to use asset prices to implement more complex logic and automation, such as triggers to notify traders when asset pairs reach optimal prices, adding price data to accounting workflows, or conducting other price-based calculations.
--- The synergy of Oracles and a Reverse-Oracle ---
Oracles are services that allow smart contracts on the blockchain to receive information from external sources.
For the most part, oracles go one way: they feed off-chain data into blockchains. Data is pulled from sensors or other real-world sources. It is verified. It is delivered to the blockchain or smart contract. There is a whole world of possibility that exists with having data move the other way around.
In 2019, PARSIQ launched as a platform for monitoring blockchain transactions, proving its worth by enabling mempool-level monitoring and alerts. Meaning, transactions can be monitored in real-time and forensically tracked even before the blockchain nodes confirm them.
The use cases are immense, and the ability to track on-chain and cross-chain transactions has displayed a lot of potential in the realm of fintech, compliance, and platform security.
In essence, this ability also makes PARSIQ a reverse-oracle. Whereas an oracle provides inbound data into a blockchain, a reverse-oracle will utilize data and updates from the blockchain and deliver it to real-world applications through notifications, alerts, and APIs.
As a platform, PARSIQ’s work starts when the oracle’s job of pulling data into the blockchain is done. This addresses the challenge that data can be either inaccessible or difficult to obtain from within the blockchain. For example: a smart contract cannot know the events happening in other smart contracts, thus creating information asymmetry or inverted data flow.
Oracles and reverse-oracles thus serve as a communications stack atop blockchain platforms and other technology solutions that developers can throw upon the decentralized network. PARSIQ, for one, can retrieve on-chain data and send it off-chain or cross-chain to other blockchain platforms for subsequent processing.
--- PARSIQ meets Chainlink ---
PARSIQ will now be actively monitoring Chainlink’s price oracles, thus allowing developers to build new automated event workflows based on Chainlink’s secure and reliable price data.
One of PARSIQ’s core concepts is Smart-Triggers, which can be seen as a workflow that gets executed when a particular Blockchain Activity happens under certain conditions.
Even with zero tech skills, it’s easy to create a very simple Smart-Trigger written in PARSIQ’s own language called ParsiQL, so that it:
1. Gets activated when ETH Transfers occur and one of its parties is an Ethereum Account address stored in “TableOfMyAddresses”;
2. After execution, emits a simple resulting event.
The Smart-Trigger connects to a Native Event Stream, where each condition’s matching event acts as an input for the Smart-Trigger, which then activates the workflow.
Native Event Stream of Blockchain Activity based Events are fundamentally native to a certain blockchain or at least received a status of an integral part of it (e.g., Ethereum Token Transfers). For example, with Ethereum, we could have Transfers, Token Transfers, Smart Contract Message Calls, or Smart Contract Events.
--- Chainlink Price Feeds enable new event streams ---
Starting with the Chainlink integration, PARSIQ will introduce a new type of Event Stream called Use Case Streams. Each Use Case Stream will consist of more complex Events representing important and interesting Blockchain Activities.
The initial integration is with Chainlink Price Feeds. By introducing an Event Stream called ChainlinkPriceFeed, Smart-Triggers can connect to a Stream of the latest round price updates for all pairs. Whenever the oracle network’s reference contract for any pair, like ‘ETH/USD’, gets a completed latest round, then a new Event is placed to the ChainlinkPriceFeed with this completed round’s data.
--- Trading ---
Get notified with price feed data each time Chainlink’s ‘ETH/USD’ & ‘BTC/USD’ price oracles submit a new completed round. For example, a user can wait for the best latest price to perform DeFi trading transactions with the best outcomes.
--- Accounting ---
The user can attach the Chainlink price feed to the accounting record along with the time and quantity of a transfer amount.
--- Analytics ---
Users can call upon Chainlink rates through PARSIQ Triggers as an alternative to usual off-chain calculations.
--- Even more actionable data is taken from Blockchain ---
Tracking prices can be tedious and time-consuming for most users. By integrating Chainlink's oracles into the PARSIQ platform, users can now monitor and get notified in their personal off-chain applications when there are any pricing changes in specific token pairs they're following. This allows all types of investors to automate their workflows based on market conditions and assess any risks in their future transactions.
Tom Tirman, PARSIQ Co-founder, said of the integration, “The PARSIQ monitoring and automation platform provides all the necessary information needed to fit a users' specific needs. Users can receive notifications on communication platforms like Telegram or directly to API endpoints via Webhooks. Now, using this newest integration with Chainlink, individuals, startups, and enterprises that deal with blockchain transactions can reduce the complexity of retrieving high-quality pricing information, minimize costs, and save time by building automated workflows based on Chainlink’s widely used price data.”
--- About Chainlink ---
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. To learn more, visit chain.link and follow @chainlink on Twitter.
--- About PARSIQ ---
PARSIQ is a blockchain monitoring and workflow automation platform that serves as a multi-level bridge between blockchains and off-chain applications. There are also complex system integrations for financial institutions and DeFi projects to improve security, conduct audits, comply with regulatory requirements, and expand workflows.
Visit parsiq.net to learn more about building custom event triggers.
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