PARSIQ, the blockchain monitoring, and workflow automation platform has announced its partnership with Clover, a Polkadot-based open Decentralized Finance Platform, to extend and improve the development of both projects.
As both projects share a vision of connecting multiple blockchain networks with off-chain platforms, opening the doors to the creation of more complex platforms that fulfill the needs of different industries, both companies will be working closely to integrate PARSIQ technology for the clover platform.
PARSIQ has also stated its commitment to facilitate the development of the Clover platform, which is why the company says it will be backing Clover financially, adding it to the list of projects backed by the PARSIQ ecosystem.
Tom Tirman, PARSIQ CEO, referred to the partnership by stating:
“The Ethereum Network was brilliant when released, but the scale it has grown to now has become a real issue for usage. Fees for using the network created barriers and solutions must be found, as the crypto space as a whole continues to grow. Clover offers a unique solution, paving the way for the next generation of solutions focusing on delivering a financial tool for the masses.”
Polkadot, the blockchain network in which Clover is based, has become an increasingly popular alternative to the Ethereum network as it has failed to deliver the efficiency required by the evolving DeFi niche.
PARSIQ’s Interest in Polkadot Continues to Grow
The PARSIQ platform currently offers support for over 9 blockchain networks including Ethereum, Algorand, Ocean Protocol, and Solana, but recently has added support of the Polkadot network by allowing its users to build Smart Triggers for the Polkadot Relay Chain.
By using PARSIQ, developers interested in monitoring and interacting with Polkadot can easily reduce the complexity required by the creation of monitoring solutions, allowing them to save in development resources and infrastructure costs, vastly improving the efficiency of the development process.
According to PARSIQ’s announcement on May 11, the addition of Smart Triggers based on an if-this-then-that (IFTTT) methodology will allow the creation of complex automation and workflows that will not only benefit developers but also traders and analysts alike.
The addition of Polkadot support also brings PARSIQ one step closer to its vision for Web3, in which it has become one of the biggest blockchain players by allowing the free and seamless exchange of data between parties on an internet-based decentralized network.
Web3 Continues to Gain Dominance
The popularity of Web3 projects has continued to grow over the past months as Ocean Protocol, Filecoin, and Streamr have gained traction among crypto investors and Web3 advocates.
The need for a decentralized internet, which Web3 represents, has long been voiced by experts like its creator, Tim Berners-Lee, who believe that the current form of the internet has deviated from his original vision by giving place to silos that go against the ethos of the internet.
While projects like PARSIQ focus on facilitating the flow of data between platforms and networks, other projects have focused on the creation of what could be the infrastructure and new standards for a decentralized web.
Blockchain technology has received the attention of Web3 advocates ever since its inception, due to the security, efficiency, and openness it brings to the table, which could allow it to become the backbone of Web3.
This interest has been reflected in the Web3 Foundation’s decision to found Polkadot, one of the biggest players in the Web3 niche in the blockchain industry.
The success of Web3 would mean a complete change in how the internet works today, not only bringing power back to its users in the form of censorship-resistance but also by potentially destroying data silos that have become the bane of free internet.
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