Cointelegraph recently conducted an AMA with Vijay Pravin, the founder and CEO of bitsCrunch, a decentralized data network for NFTs and other public chain digital assets. Recognized by PwC and Ernst & Young, bitsCrunch has partnered with industry leaders like Mastercard, Unstoppable Domains, and DappRadar.
During the interview, Pravin emphasized bitsCrunch’s mission to democratize access to blockchain data. He explained that blockchain data can be complex and difficult to understand for the average user, which is why bitsCrunch aims to make it accessible to both companies and individuals. The platform is already user-friendly, allowing anyone with a valid internet connection and API key to access its data APIs.
What sets bitsCrunch apart is its ability to offer not only traditional analytics but also forensic analysis. This means that the platform can identify suspicious activity within the blockchain ecosystem beyond NFTs. Additionally, bitsCrunch provides insights into in-game analytics, which can be valuable for gaming companies looking to understand player behavior and in-game asset trading.
One of the standout features of bitsCrunch is its extensive library of historical data. Pravin highlighted the platform’s ability to provide historical prices for tokens on Ethereum since its inception, as well as the price of specific tokens on any given day. This sets bitsCrunch apart from established data providers like CoinMarketCap and CoinGecko.
When discussing the platform’s native token, BCUT, Pravin emphasized that bitsCrunch is focused on building a functional network rather than hype. The bitsCrunch network relies on node operators to distribute the data load, similar to how services like Amazon and Google operate. BCUT tokenholders can participate by delegating their tokens to these node operators, allowing them to choose operators that offer the best value to the network.
The results of the bitsCrunch network have been promising, with over 4.22 million BCUT tokens staked on the platform’s mainnet in just one month. Additionally, 48 leading node operators, including industry heavyweights, are already contributing to the network. In the future, staking will be open to the public.
Pravin mentioned that bitsCrunch drew inspiration from existing data protocols like Graph Protocol and Covalent. The platform follows a Delegated Proof-of-Stake (DPoS) algorithm and sets of node operations, as these solutions have already been tested on the market. bitsCrunch wants to focus on its core competencies, which are data analytics, AI, and machine learning.
To further engage the community, bitsCrunch has introduced the “Contributor” role, allowing users to actively participate in the network’s development and earn rewards. The first opportunity to contribute is through asset labeling, which involves identifying wallet types and their origins. These labels are then verified internally, and contributors are rewarded through a transparent system powered by Chainlink’s oracles.
In the future, bitsCrunch aims to involve the community even more through the “Indicator” role, giving them a say in the decision-making process regarding which blockchains to index, which algorithms to use, and which data analytics to share publicly.
Overall, bitsCrunch’s ultimate goal is to become a comprehensive data hub for all blockchain data, not just NFT information. Pravin hinted at future integrations with major blockchains and potential exchange listings, as well as a transition to a more decentralized operator model.
For more information about bitsCrunch, visit their website. Please note that Cointelegraph does not endorse any content or product mentioned in this article, and readers should conduct their own research before making any investment decisions.