Cointelegraph recently conducted an AMA session with Vijay Pravin, the founder and CEO of bitsCrunch, a decentralized data network powered by AI for NFTs and other public chain digital assets. The discussion focused on bitsCrunch’s mission to democratize access to blockchain data and its unique features.
Pravin began by explaining that blockchain data can be complex and difficult for humans to understand, which is why there are various tools and protocols in the space. However, bitsCrunch aims to make this data accessible to both companies and individual users. The platform is already user-friendly, allowing anyone with an internet connection and an API key to access their data APIs. Pravin also mentioned plans to further improve the user experience, particularly for non-tech savvy individuals, by introducing drag-and-drop interfaces.
What sets bitsCrunch apart from other platforms is its ability to provide forensic analysis in addition to traditional analytics. This means they can identify suspicious activity within the broader blockchain ecosystem, going beyond the NFT focus. The platform also offers insights into in-game analytics, providing valuable data on player behavior and in-game asset trading, which is beneficial for gaming companies looking to understand and target their audience.
Another strong point of bitsCrunch is its extensive library of historical data. Pravin highlighted their capability to provide historical token prices, including up to 250,000 tokens on Ethereum since its inception. This is a feature that few other players in the industry can offer, making bitsCrunch stand out from established data providers like CoinMarketCap and CoinGecko.
When discussing their token, BCUT, Pravin emphasized their focus on building a functional network rather than creating 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 the best operators for the network.
The results of bitsCrunch’s efforts have been promising, with over 4.22 million BCUT tokens staked on the network mainnet within a month. Furthermore, 48 leading node operators, including notable names like 0xFury, Nodes.Guru, and Impossible Finance, are already contributing to the network. The company plans to open staking to the public in the near future.
Pravin mentioned that bitsCrunch drew inspiration from existing solutions like Graph Protocol and Covalent for the BCUT token. They adopted Delegated Proof-of-Stake (DPoS) algorithms and sets of node operations, avoiding the need to reinvent the wheel and focusing instead on their core competencies of data analytics, AI, and machine learning.
To further enhance community involvement, 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, where users can identify wallet types and 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 the decision-making process regarding which blockchains to index, which algorithms to use, and which data analytics to share publicly.
Ultimately, bitsCrunch aims to become a comprehensive data hub for all things blockchain, not just limited to NFT information. Pravin hinted at future integrations with major blockchains and potential exchange listings. The company is also excited about the transition to a more decentralized operator model.
For more information about bitsCrunch, interested individuals are encouraged to do their own research and exercise caution when making investment decisions. Cointelegraph does not endorse any content or product on this page and this article should not be considered as investment advice.