Vijay Pravin, the founder and CEO of bitsCrunch, was the featured guest in Cointelegraph’s latest AMA. The discussion centered around bitsCrunch, a decentralized data network powered by artificial intelligence (AI) for non-fungible tokens (NFTs) and other digital assets on public blockchains. bitsCrunch has gained recognition from industry giants like PwC and Ernst & Young, and has partnered with Mastercard, Unstoppable Domains, DappRadar, and other key players in the industry.
Pravin started the interview by explaining the mission of bitsCrunch, which is to democratize access to blockchain data. He acknowledged that blockchain data can be complex and difficult to understand for humans, which is why there are many tools and protocols in the space. The goal of bitsCrunch is to make this data accessible to both companies and individual users.
The platform is already user-friendly, allowing anyone with a valid internet connection and an API key to access bitsCrunch’s data APIs. The API key can be generated instantly or within 48 hours. Once users have access, they can start querying data, making API calls, and building their own dashboards. Pravin mentioned that they plan to make the whole experience even easier, especially for non-technical users, by adding drag-and-drop interfaces.
What sets bitsCrunch apart from other platforms is its offering of forensic analysis in addition to traditional analytics. This means that bitsCrunch can identify suspicious activity within the broader blockchain ecosystem, going beyond just NFTs.
In addition to that, bitsCrunch also provides insights into in-game analytics, which is valuable for gaming companies looking to understand player behavior and in-game asset trading.
bitsCrunch boasts an impressive library of historical data. For example, they can provide prices of up to 250,000 tokens on Ethereum since its inception or the price of Chainlink on any given day. Pravin highlighted that very few players in the market can offer such comprehensive historical data, comparing bitsCrunch to established data providers like CoinMarketCap and CoinGecko.
When discussing their token, BCUT, Pravin emphasized that bitsCrunch is more focused on building a functional network rather than creating hype. They believe in slow and steady growth. The bitsCrunch network relies on node operators to distribute the data load, similar to how services like Amazon and Google work. BCUT tokenholders can participate by delegating their tokens to these node operators, allowing them to choose operators who offer the best value to the network.
The results of bitsCrunch have been promising so far. Within just one month, over 4.22 million BCUT tokens have been staked on the bitsCrunch network mainnet. Additionally, 48 leading node operators, including industry heavyweights like 0xFury, Nodes.Guru, and Impossible Finance, are already contributing to the network. In the near future, staking will be open to the public.
bitsCrunch drew inspiration for the BCUT token from existing solutions like Graph Protocol and Covalent. Pravin mentioned that they don’t want to reinvent the wheel since these data protocols have already been tested in the market. Instead, they want to focus on their core competencies, which are data analytics, AI, and machine learning.
To further engage the community, bitsCrunch is launching the “Contributor” role, allowing users to actively participate in the development of the network and earn rewards. The first opportunity to contribute is through asset labeling, where users can identify wallet types and their origins. These labels are then verified internally, and contributors are rewarded on-chain through a transparent system powered by Chainlink’s oracles.
The next step in community engagement is the “Indicator” role, where the community will have a say in decisions regarding which blockchains to index, which algorithms to use, and which data analytics to share publicly.
The ultimate goal of bitsCrunch is to become a comprehensive data hub, not only for NFT information but for all blockchain data. Pravin teased that they have plans to integrate major blockchains and potentially list on exchanges in the future. He concluded by expressing excitement for the next big integration and the transition to a more decentralized operator model.
Learn more about bitsCrunch.
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