Parsiq announced a new platform which could be used to reverse crypto hacks. Parsiq is the first platform that is integrating mempool (memory pool) monitoring. Mempool is the queue of pending transactions waiting to be added to the blockchain. This queue shows that there is a short window of opportunity between a hack occurring and it being irreversibly added to the blockchain. Parsiq will be the first platform to allow actionable insights on the mempool.
Parsiq’s mempool monitoring technology has the potential to flag a crypto hack before it gets added to the next block in a blockchain. This could be used to reverse unauthorized transactions which could cause a problem that leads to reduced trust in the technology and increased instances of fraudulent activity. Parsiq’s platform is already being piloted by a stable coin to secure token reserves, and a cryptocurrency exchange for compliance.
Parsiq is a next-generation blockchain monitoring and intelligence platform. Its solution listens to all blockchain activity and builds a fully indexed representation of what occurs in a particular blockchain and when. It goes beyond the current solutions, with new innovations such as mempool monitoring and ParsiQL, a query language to allow complex logic conditions to be created that reacts in realtime to the events or specific transactions on blockchain.
Hendrik Henrikson, Parsiq Business Manager, said: “Right now, the effort and complexity associated with block explorers means that blockchains remain opaque. With Parsiq, we are simplifying blockchain analytics, allowing automated triggers, or complex logic conditions that act in realtime to give new insights and extending the level of monitoring that is currently possible. Our platform will extend automation and fraud detection to the mempool layer of the blockchain, where transactions are queued before being added to the next block. We believe there is potential to use our technology to front-run unauthorized transactions – essentially stopping a crypto hack in its track by flagging it as fraudulent and alerting related parties.
A stable coin backed by the Brazilian Real, BRZ Token, is already piloting Parsiq’s platform. BRZ uses Parsiq to make sure that the operations are stable and secure. Parsiq ensures the token’s convertibility demands are met by analyzing market activity and by providing real-time auditing.
Thiago Cesar, founder at BRZ Token said: “BRZ is the biggest stable coin in Brazil, and having a reliable way to track and get notified of crypto transactions is essential for any project that has a serious commitment to security and compliance. PARSIQ’s platform is instrumental in supporting these demands by providing us with realtime monitoring of transaction activity.”
CoinMetro, is already working with Parsiq on the compliance side for KYC (Know Your Customer), and is now looking to integrate it into the wider exchange platform to enhance security and offer value-add services. Coinmetro is a cryptocurrency exchange.
Kevin Murcko, CoinMetro CEO, said: “Parsiq is a big part of our compliance strategy, the platform is already monitoring exchange deposits in realtime to ensure they come from legitimate sources. We’re now looking at deeper integration, using it to provide realtime alerts on any unusual or suspicious events on the exchange to make CoinMetro even more secure. We’re also looking at Parsiq’s market intelligence features to give more information and market insights to our traders.”