INTRODUCTION:
IQ Protocol is a kind of digital currency system which is not controlled by any central authority. It gives long life to the tokens by giving them a unique solution to avoid a common problem, which faces while creating tokens for projects and companies.
This is especially useful for projects, where consumption of a service or product can be measured on time and quantity.
IQ Protocol makes it easy for its users to subscribe to the services and get loans without providing any collateral. This occurs in the Decentralized Finance (DeFi) industry.
It is difficult to change a subscription model from regular services to the blockchain. In 2017 the trend of Initial Coin Offerings (ICOs) has shown that if a service is clear and it’s expected by users, it is very difficult to make a fair system for how tokens work.
What is IQ Protocols?
IQ Protocol is a kind of digital currency system which is not controlled by any central authority. It gives long life to the tokens by giving them a unique solution to avoid a common problem. This system is based on the Rent, play, and earn phenomena.
By using this system, a user can take a rent of his token and also can earn cash or money by playing different games through this system.
Created by the PARSIQ team, IQ Protocol is a system that provides digital assets easily on rent, this is a safe process, without giving any guarantee. This is available on Binance Smart Chain (BSC) or Polygon, and it will be available on Solana and Ethereum.
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A platform of trust & accessibility
IQ Protocol uses new technology and it’s also a trustable and easy-to-use system. It creates the important structure which is required by many people to start using web3 gaming.
IQ Protocol is using new technology and it’s also a trustworthy and easy-to-use system. It creates the important structure which is required by many people to start using web3 gaming.
IQ platform is a famous platform that burdens the load of NFTs gaming and provides a quick and easy approach to its users.
Problems solved by IQ Protocol
In 2017, during the ICO craze, many crypto projects raised a lot of money for their ideas. However, some of them faced a problem later on. The tokens they created didn’t have a real purpose.
In most cases, users had to change regular money into the project’s token and then use that token to get the service they wanted. But there was no reason for people to keep extra tokens.
Simply, the token did not have a real system of buying and selling. In a proper system, people buy and sell from each other the same like a business. Without it, money doesn’t circulate. When one person spends money, it must affect others in the same system.
Using IQ Protocol, any project can connect its products or services directly to its tokens. Whether it’s media content or a weekly delivery of fresh bagels, now anything can be represented as tokens on the blockchain. It is not wrong to say IQ protocol solves the problem of tokenization in cryptocurrency.
IQ Protocol for GameFi & NFTs
In IQ Protocol you can borrow special tokens like in-game items, collectibles, art, financial tokens, and others for a specific time. Use them in games, social media, or any other apps during that time.
IQ Protocol for DeFi & SaaS
Change your project into a subscription service. This encourages people to hold tokens and makes sure their interests match those using the service. Set up a Renting Pool for your token.
This helps create a stable system for your services without any loss to the people supporting it.
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Users of IQ Protocol
Renting IQ Protocol involves three parties:
1. Service Provider:
Responsible for deciding which NFTs are rentable and determining eligibility for renters. The integration section covers service providers’ roles, from model briefs to integration and usage overviews.
2. Asset Owner:
The individual or entity seeking to rent out an asset. Guidelines for making an asset rentable, withdrawing an asset, and considering rental rules are covered in the asset owner section.
3. Renter:
Refers to individuals interested in renting or who have already rented assets. Renters can find information on how to rent and locate or recall rented assets.
How IQ Protocol Works
For every subscription-based service, only two steps are needed in building sustainable tokenomics:
- Life Time value
- Renting pool
Lifetime value:
Give a special meaning, called lifetime value (LTV), to the tokens you create. LTV shows the total amount of a product or service someone can get by having that token. For example, if a token’s LTV lets the owner use accounting software for one hour every day for a year, the owner can only use that much service. If they need more than one hour a day for the next year, they need to get more LTV tokens. In this way, people don’t have to actively use tokens to pay for services. Instead, they just need to keep tokens as long as they want to use the service. Usually, the more tokens someone has, the more of the service they can use.
Renting Pool
Renting pools make LTV tokens more useful. With renting pools, people who have LTV tokens can make them secure by putting them into the renting pool.
In return, those who put tokens in the pool get shares of the pool as interest-bearing tokens. When others borrow LTV tokens from the pool, the person who originally had the LTV tokens gets interest payments for the loan’s duration.
In simple terms, if someone wants a service, they can either buy the original tokens with lifetime value or rent LTV tokens from the renting pool.
Here’s the key point: the original tokens stay in the renting pool. Instead, the pool creates a temporary version of these tokens. The borrower decides when this version expires, and this affects the initial interest payment.
This temporary version uses special tokens called Non-Fungible Tokens (NFTs). These tokens act as permission to use a certain amount of service and are seen by the service provider just like the original LTV token.
Because these tokens automatically expire, borrowers can’t get more value than intended. This means no collateral is needed for this type of borrowing—only the initial interest payment.
All interest paid to the system is shared among the lenders.
However, the interest from a specific loan isn’t paid right away. Instead, it’s slowly given to the pool using a special money-streaming algorithm.
Blockchain Work Smoothly with No Hassle
IQ Protocol creates really easy blockchain technology to be a part of gaming. They hide all complicated stuff so; regular users don’t take notice of it.
What’s the Next
IQ Protocol wants gamers to join it and help to decide what the future of gaming will be like. They have more news, including a second giveaway.
The gaming world is about to change a lot, and IQ Protocol is using blockchain technology to make it happen.
It’s a story of coming up with new ideas, working together, and trying to create a gaming future that’s decentralized and fun.
Final Analysis
IQ Protocol is an ecosystem or decentralized peer-to-peer marketplace that offers a framework for digital asset and rental blockchain in the gaming space.
Its purpose is to empower game studios, developers, and NFT communities to differentiate revenue streams and enhance the value of their assets through an on-chain NFT rental economy.
The platform is designed to be available for both newcomers and experts in the crypto space, introducing Web3 gaming items, real-world events, and a variety of experiences.