bitCrunch is a decentralized network for permissionless data collection, processing, and distribution. The network aims to protect blockchain assets by building analytical tools that contain onchain forensics and fraud detection capabilities.
bitCrunch's target users include NFT platforms, digital asset lending protocols, DeFi products, cybersecurity teams, crypto/NFT investors, creators, financial institutions, regulators and traders.
These users will get reliable and accurate insights from the network. Thanks to AI-powered analytics platform BitCrunch.
bitCrunch excited the entire crypto ecosystem by completing its community sale within 24 minutes (December 14, 2024), earning the#1trending spot on OpenSea and Blur, following LiveMint breaking records for the Genesis Pass NFT Collection and attracting the attention of top exchanges such as Crypto.com, ByBit, Gate.io, KuCoin, Uniswap, CoinList and CoinList Pro for listing BCUT on February 20, 2024.
Six exchanges revealed official announcements on X and announced on their websites that they will launch BCUT on February 20, 2024 at 1:00 pm UTC.
Origin bitCrunch
Blockchain analytics platform bitCrunch is the brainchild of Vijay Pravin, its founder and CEO.
According to Vijay, they came up with this idea when they were preparing to win a hackathon. His team won the hackathon, but they also discovered the NFT sector as a potential entry point that could foster trustworthy statistics and data analysis.
It's best to learn more about the team's background in bitCrunch's fundamental analysis.
bitCrunch concluded its seed sale in 2021 after distributing 100 million tokens to investors and raising $750,000.
This is not without a sweat as bitCrunch has developed and deployed a powerful proprietary technology. This technology targets NFT investors, collectors, and traders.
Today, this proprietary technology is called UnleashNFT by BitCrunch. It helps solve problems related to pricing and valuation by supporting accurate NFT valuations through a combination of advanced AI algorithms, machine learning, and data processing.
The analytics platform has continued to build over the years and is now moving towards utility beyond the NFT sector.
Some use cases include advanced tools for monitoring social media sentiment, tracking cryptocurrency prices, and forecasting market trends.
Meanwhile, the team has recorded tremendous growth in a short period of time to become the standard for streamlining NFT market data analysis, enhancing on-chain asset accessibility, conducting investigations blockchain and detect fraudulent activity.
bitCrunch architecture
The bitCrunch blockchain analytics platform has a layered architecture that includes data storage, collection, querying, and processing layers.
These four layers are essential in the data lifecycle, from how the data is collected to how the data is processed for users to use.
bitCrunch-Accelerating Web3 Adoption - Bitcoin News
Learn more about the layered architecture and explore the platform's revolutionary process for querying data in the bitCrunch whitepaper.
Network collaborator
According to bitCrunch's whitepaper, the network will initially develop and leverage its own AI/ML models, data, and metrics to power its blockchain analytics platform.
As time goes by, the network will invite community members to develop and contribute to the network's models and metrics.
If you are interested in joining the BitCrunch network as a contributor, we have covered the available contributor roles in our BitCrunch BCUT review.
These roles include query processors, data enrichment nodes, authorizers, indicators, and operators.
Use cases for bitCrunch
Projects in DeFi can leverage the bitCrunch blockchain analytics platform to gather real-time insights into transaction volumes, market trends, and suspicious on-chain activity.
These insights are valuable when forecasting market movements, identifying potential opportunities, building advanced trading tools and detecting fraud.
As a fraud detection tool, bitCrunch helps provide timely alerts when malicious activity is suspected. This allows projects as well as users to take preventative measures.
Financial institutions, companies, projects and regulators leverage bitCrunch insights to ensure a safe, secure and legally compliant blockchain ecosystem.
For example, insights can help generate compliance and Anti-Money Laundering reports to ensure transparency and compliance with legal requirements.
Furthermore, government agencies can deploy these insights to monitor and enforce market compliance. Thus ensuring organizations comply with the law.
Blockchain asset platforms like NFT marketplaces can leverage insights from bitCrunch to keep up with the ever-evolving blockchain landscape. As blockchain continues to evolve, so does the nature of transactions.
Thus making transactions more difficult to track. Platforms can deploy the bitCrunch Data API on top of their algorithms to break down complex data into more reliable insights.
Digital asset lending protocols also have the opportunity to empower their processes using the bitCrunch blockchain analytics platform.
By leveraging bitCrunch, lending protocols can diversify their asset footprint, accurately identify favorable loan collateral, and tap into a rich source of comprehensive asset insights. basic products on the market.
The creative economy also has the opportunity to benefit from bitCrunch by leveraging insights to accurately price, evaluate market trends, and make informed decisions.
Creators can also use the bitCrunch fraud detection tool to identify and flag fake NFTs based on their original work.
BitCrunch's Impact on Web3
Everyone involved in blockchain, whether trading, investing or creating, must rely on accurate and in-depth data analysis to make informed decisions about their investments.
This data is useful when performing detailed investigations to identify potential investment risks and suspicious on-chain activity.
If blockchain users can effectively use these data to detect fraudulent activity, it means their money, personal data, and on-chain assets will achieve a high level of security.
In case there are applications that want to ensure the safety of Web3 users, bitCrunch provides network APIs that can integrate analytics directly into these platforms to maximize reliability.
Hence, traders, investors or digital asset creators can access detailed analytics comfortably from the native app.
The foundation of Web3 is democratization and transparency. bitCrunch has laid the foundation for the democratization of data and community with a vision where the community plays a contributing role in data.
This allows room for continuous data refinement, growth, and improvement. Those who contribute to the data also receive rewards.
bitCrunch's mission is to be the leader in digital asset investigation and research through comprehensive data.
Therefore, the network supports data from a variety of sources including markets, blockchains, and protocols. By unifying this data, users and platforms can access it seamlessly thanks to the interoperability features of the data analytics network.
The future of bitCrunch
bitCrunch's entry point is the NFT sector. Currently, the network is working to serve other blockchain markets in the future, including providing comprehensive analytics for the entire cryptocurrency industry.
Analytics is a valuable component of the ecosystem thanks to its ability to take snapshots of blockchain asset performance, identify transaction anomalies, flag suspicious activities, detect opportunities, forecast prices digital assets, aids in fraud detection, and even helps regulators/compliance agencies verify the legitimacy of digital transactions.
While these use cases are beneficial to the #NFT market, it is worth pointing out that the entire blockchain market will rely heavily on analytics in the future.
In an industry worth trillions, the future will have hundreds of thousands of assets to research, tons of scammers, and endless lists of worthless coins. The saving grace for the future blockchain industry will be data analytics.
Investors, exchanges, wallets, creators, traders, owners and developers will rely on comprehensive statistics to weed out suspicious entities, identify market gaps school and make informed decisions.
Given this scenario, #bitCrunch will certainly hold a place in the field as the demand for sophisticated analytics continues to grow.
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Source: https://tintucbitcoin.com/bitcrunch-tang-toc-viec-ap-dung-web3/
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