Node operators and MYST token holders will be able to take advantage of the benefits of an “industry-first” staking solution developed by IQ Protocol integration, according to a release shared with Crowdfund Insider.
PARSIQ’s IQ Protocol is specifically developed to offer a risk-free, collateral-free rewards environment for Mysterium participants.
As noted in the announcement, PARSIQ, the blockchain monitoring and workflow automation platform, confirmed that the Mysterium Network will be “one of the first projects to adopt PARSIQ’s revolutionary new IQ Protocol – a decentralized finance (DeFi) solution for the SaaS market.”
As stated in the release, the IQ Protocol is “a groundbreaking solution that brings Mysterium’s upcoming tokenomics model to life, enabling users to stake native MYST tokens but earn rewards in DAI stablecoin.”
The release also mentioned that the solution was created by PARSIQ, a next-gen blockchain analytics platform that connects blockchain or distributed ledger tech (DLT) activity to off-chain apps and devices. The IQ Protocol is the world’s first “risk-free, collateral-less DeFi protocol to tokenize SaaS subscriptions,” the announcement revealed.
As noted in the update, this innovation aims to bring “the power of DeFi to traditional services by facilitating a subscription model for blockchain projects.” It also aims to remove the need to have upfront collateral, thus helping to mitigate “the typical risks associated with DeFi participation.”
As mentioned in the release, the IQ Protocol is the “brainchild of Anatoly Ressin, PARSIQ’s Chief Architect, with creative backing from PARSIQ’s CTO Alan Durnev along with a dedicated team of developers and additional outside assistance.”
As noted in the release:
“Mysterium also contributed to the development of the Protocol, building its Golang Software Development Kit and by participating in early discussions on math models behind its core functionalities. Launching with the IQ Protocol is a monitoring solution, giving users the right to provide services through ownership or delegation of Mysterium’s native token MYST.“
By integrating the IQ Protocol into the tokenomics framework, a circular economy model can be created, “in which Mysterium’s node runners and MYST token holders can both reap the benefits of staking,” the announcement noted while adding that this will happen through the Mysterium Delegation Pool, where holders are able to “deposit their funds to begin earning rewards in DAI stablecoin.” Node runners can then “rent tokens from the pool to increase their stake and earning potential in the network.”
The announcement also noted:
“Mysterium’s global network is made up of 1600+ nodes providing dVPN services, where the number of daily transactions (micropayments) within the peer-to-peer marketplace recently surpassed three million. The IQ Protocol is designed to provide new earning opportunities in a completely risk-free environment for Mysterium Network participants.”
Mysterium’s micropayment smart contracts will be updated “to work directly with the IQ Protocol pool, guaranteeing a non-custodial fee redistribution,” the update revealed while pointing out that this limits the risk usually “associated with a typical lending platform or liquidity pool, such as risk of liquidation or risk of impermanent loss.”
Mysterium is an open-source, Swiss-based firm established in 2017. Mysterium says that it’s focused on “rewiring the internet so it’s secure, free and accessible for all.”
Mysterium’s decentralised VPN is available for Android, Mac, and Windows. Mysterium dVPN is able to plug into an international network of residential nodes, “one of the fastest growing online communities decentralising the web.” This open marketplace allows anyone “to rent their unused bandwidth and IP address with those in need, protecting others against censorship, surveillance and cybercrime,” the announcement explained.
As previously reported, PARSIQ is a blockchain monitoring and workflow automation platform that acts as “a multi-level bridge between blockchains and off-chain applications.” PARSIQ technology is a proprietary ParsiQL programming language that allows users “to monitor and interpret an endless stream of data on the blockchain; thus, it’s possible to monitor traders and ordinary users’ wallets.”