PARSIQ’s IQ Protocol Welcomes Radom Network
Providing Essential Features for a Project Linking Web 2.0 and Web 3.0 Technologies
We at PARSIQ understand the reality of the gap between blockchain technology and the real world, between Web 2.0 systems and Web 3.0 solutions. Characterizing the exact nature of this gap, however, is rarely simple. This is because the distance between Web 2.0 and Web 3.0 is not a singular, static ‘thing’, some clear and distinct obstacle to overcome. Instead, a variety of challenges show up in a variety of ways. It is almost as if the division between these worlds is a moving target, bouncing between issues such as: privacy, security, the reliability of information, network and identity management, finance, and so on. That is why PARSIQ and IQ Protocol take a broad approach to closing this gap. Our aim is to simplify the process by not just rendering blockchain data immediately accessible and actionable for events in the real world, but also by providing the means for others to make use of this data, allowing them to bridge the specific gap between Web 2.0 and Web 3.0 that they are currently facing.
Today, we are excited to announce an IQ Protocol integration with Radom Network, a project whose innovative goals mesh well with our own vision. We are especially excited about this integration because it stemmed from our recent outreach efforts at Token 2049 in London. Radom aims to shorten the gap between blockchain and the real world in their own, unique way. Radom’s aim is to break into the traditional tech industry and to quicken and facilitate the transition from Web 2.0 service discovery solutions to Web 3.0 based solutions. How will they do this? Let’s learn a bit more about their project.
Radom Network is a decentralized service discovery and security solution for network management, remote IoT device configuration, and cloud server identity management. Radom is the first remote configuration platform built on existing public blockchain technology, facilitating payment routing, leasing, and public key exchange. Their network provides devices and servers operating within the cloud the capacity to find each other, and communicate with point-to-point encryption. This is particularly important because Radom doesn’t only provide a secure way to manage who can talk to your devices, but also helps configure how they talk to them.
The centerpiece of Radom Network is their BaaS (Blockchain + Software as a Service) platform that allows DevOps engineers and network specialists to both create configurations and permission sets for their networks, and to provision the metadata of the connected assets within them. Ultimately, Radom enables devices, message brokers, and cloud servers to receive payments and to lease out network access in an open and accountable way, benefiting public concerns around privacy. Radom Network facilitates the ability to create unique encrypted tunnels between devices, allowing new ways for devices to receive payments, and providing the ability to lease devices physically or through the ability to receive data from them.
IQ Protocol + Radom
Because of its subscription model, Radom is a natural fit for adopting the services of IQ Protocol, which (powered by PARSIQ monitoring) enables the tokenized SaaS ecosystem of the future. IQ Protocol will serve as the basis for the tokenomics underlying Radom Network.
How will this work?
IQ Protocol will make it possible for Radom Network to maintain consistent pricing for its customer base, while avoiding the volatility of token pricing data. Thanks to IQ Protocol, Radom will provide their users the ability to borrow Radom tokens from the liquidity pool — provided by ‘lenders’ — to be utilised for the provisioning of assets. Radom will be taking advantage of the innovative circular economy model made possible by IQ Protocol. It works like this: Radom token holders stake their tokens, which are necessary to access Radom services; the staked tokens thereby provide liquidity for users wanting to utilize Radom services; simultaneously, users pay Radom a fee to ‘borrow’ tokens from the liquidity pool, allowing them access to Radom services; and Radom redistributes the collected fees to lenders of the token. The entirety of revenue generated from the underlying Radom Network infrastructure for both leasing and payment routing redirects value to the Radom token by distributing it directly to the staking pool shared between nodes. These nodes are purposed to serve data provisioned through the Radom Platfom to IoT devices in a decentralised way using industry standing messaging protocols.
PARSIQ is a blockchain monitoring and workflow automation platform connecting on-chain and off-chain applications in real-time, providing transaction notifications for end-users. With PARSIQ you can connect blockchain activity to off-chain apps and devices, monitor and secure DeFi applications, and build custom event triggers and power real-time automations.