bitsCrunch $BCUT review is a detailed guide that walks you through the key product features of the bitsCrunch blockchain data analytics. Data has become such a valuable tool in business and investments today, that both cannot co-exist without the other. This review aims to demystify the role of bitsCrunch as an AI-powered blockchain data analytics network serving blockchain marketplaces, users, exchanges and other data networks.
bitsCrunch wants to become the universal standard for AI-powered blockchain analytics. One reason is to track the blockchain for any suspicious activity. The second reason is to provide meaningful insights about everything happening on-chain. In case of malicious activities, bitsCrunch alerts users. There are many more reasons why data experts, Vijay Pravin, Gopi Kannapan and Ashok Varadharajan built the bitsCrunch AI-powered blockchain analytics platform. Find out more in this bitsCrunch $BCUT review by DroomDroom.
Introduction to bitsCrunch $BCUT Review
bitsCrunch $BCUT review covers the purpose of the data analytics platform, and by the end, you will understand why the blockchain industry needs meaningful data insights.
What is bitsCrunch $BCUT?
bitsCrunch is an AI-powered blockchain analytics network that offers rich data solutions, forensics and insights that reliably result in better investment decisions in DeFi, NFTs, Cryptocurrencies and GameFi.
$BCUT is the native utility token of the bitsCrunch blockchain that incentivises contributors and the entire bitsCrunch blockchain data analytics ecosystem.
For example: The Non-fungible tokens (NFTs) sector, one of bitsCrunch’s premier use cases, has seen an influx of fake trading volumes on marketplaces, inflated pricing, inorganic popularity and wash trading. In the worst-case scenario, dozens of innocent NFT holders bought “money laundering tools’ instead of non-fungible tokens.
How does bitsCrunch Work?
As a forensics data-driven platform, bitsCrunch flags down such malicious activities using AI-powered blockchain data analytics. The industry compels investors to conduct due diligence (DD), making it difficult for the majority of investors who often have busy schedules. As such, completing a thorough due diligence becomes less possible, Vijay Pravin tells DroomDroom. People have less time to read a bitsCrunch $BCUT review like this one, or even the time to review other projects. Thereby increasing their chances of not flagging down scam artists. OpenSea, an NFT marketplace admitted that 80% of tokens created through its free mint program were scams, spams or fraud.
“If Starbucks has come up with an original collection of NFTs, and somebody’s trying to copy that exact collection and publish it as their own. bitsCrunch notifies Starbucks someone just tried to steal their collection and could make hundreds of thousands out of it” Says Vijay “…and this does not just apply to big brands like Starbucks but also individual artists and celebrities”
bitsCrunch has built an AI-powered blockchain analytics platform where individual investors can query the blockchain for any suspicious activity. At a small subscription fee, the platform can also alert them to identify suspicious tokens, such as a copyrighted NFT. Vijay puts it “We’re democratising data insights to fuel adoption” Already, bitsCrunch has demonstrated this proposition of data democratization by partnering with DappRadar, a leading player in the analytics field.
For example, DappRadar, an analytics platform that pioneered the niche of ML-driven NFT data insights and price estimations, covered the top 100 collections across a few blockchains. The partnership with bitsCrunch fed 25,000 worth of new collection data, boosting the former’s SEO by 1000X. With more data, DappRadar believed they would provide more NFT coverage and show more SEO pages. Exactly, that’s what happened.
So far on the bitsCrunch $BCUT Review, You’ve learned how individuals and brands can utilize the bitsCrunch AI-powered blockchain data analytics platform to flag down bad play on the blockchain. In this section, we delve into a company overview of bitsCrunch.
The next section on the bitsCrunch $BCUT review is a company overview, where will see how the AI-driven blockchain data analytics functions, how the various features serve different consumers and the type of business that bitsCrunch is building.
Study about the native cryptocurrency and the tokenomics of the bitsCrunch utility token $BCUT on this bitsCrunch $BCUT review.
Company Overview
bitsCrunch is a blockchain data analytics firm that uncovers trends, insights and patterns happening on the blockchain using a combination of advanced algorithms, big data, artificial intelligence and machine learning.
Some of the services that bitsCrunch offers include a B2C feature for individuals to consult intelligent insights about various blockchain assets The AI-powered blockchain analytics platform has a B2B feature where crypto exchanges, GameFi projects, NFT marketplaces, data analytics platforms can obtain AI-driven blockchain analytics and forensics.
In addition, bitsCrunch has built over 70 partnerships across big data, advanced analytics, artificial intelligence, machine learning, blockchain and data decentralization. As a B2B and B2C company in the data and blockchain space, the goal of bitsCrunch is to democratize data-oriented decisions.
Data experts Vijay Maharajan, and Ashok Varadharajan. Saravanan Jaichandaran, Gopi Kannapan and Ajay Prashanth founded bitsCrunch in 2020 in Munich, Germany. Since then, the company has gone on to build a world-class AI-powered blockchain data analytics software, attracted millions of dollars from top venture capital and won dozens of prestigious blockchain awards.
In 2021, bitsCrunch sold out its first seed sale for $750,00 which saw several notable backers share 100M of $BCUT tokens that were up for grabs during the event. $BCUT or bitsCrunch Utility Token is the native cryptocurrency of the bitsCrunch blockchain with a total supply of 1B tokens. Some of the companies that invested in the 2021 bitsCrunch seed sale include Covalent, GenBlock, MEXC, Ledger Prime and Double Peak. For the token economics of bitsCrunch, the bitsCrunch $BCUT review illustration below will give more details.
Analytics Platform Tokenomics
$BCUT, the native cryptocurrency of the bitsCrunch blockchain will have a total supply of 1B tokens, and will distribute them as per the chart above.
According to the bitsCrunch whitepaper, $BCUT is the native token of the bitsCrunch blockchain analytics network and will provide accessibility to the ecosystem. One of the key functions is incentivising smooth network operations and adoption. In this bitsCrunch $BCUT review, we will review some of the utilities behind $BCUT:
Investment tool
All the investment firms that put their money on bitsCrunch during the seed sale phase will share a pool of 100M tokens. The likes of Animoca brands and others who invested during the 2022 private sale also shared a pool of 100M tokens.
Incentive alignment
The bitsCrunch AI-powered blockchain data analytics platform will rely on contributors, community governance, delegates, operators, indicators and lots of collaboration. $BCUT will serve as a utility token to motivate and incentives more commitment to fostering a collaborative environment.
Governance
In governance, $BCUT will allow its holders to vote on proposals and network changes that affect the overall ecosystem.
Network Security
The bitsCrunch blockchain uses delegated proof of stake, as such, the staking mechanism requires network delegators and validators to first stake tokens before they can protect the network.
Network independence
Unlike most data analytics platforms out there, bitsCrunch wants to reduce its reliance on external blockchain tokens. This is particularly important if the company wants to democratize data ownership.
Economic Design
bitsCrunch Utility Token has given the blockchain analytics platform the ability to tailor its own economic model that targets the unique requirements of its users. Hence, independently managing aspects such as issuance, inflation, distribution and deflation.
Next, we review product offerings under bitsCrunch and how different parties can harness them to their data advantage.
Platform’s Product Offerings
Previously in this bitsCrunch $BCUT review, we mentioned how bitsCrunch impacts decision data-driven decision-making by democratising accessibility to data. How businesses and blockchain platforms can take advantage of this data insights and make meaningful decisions. Such decisions like when to buy, hold or sell a digital asset. When individuals want to establish whether an NFT marketplace published fake or true volumes, we’ve seen how bitsCrunch AI-powered blockchain data analytics network can help separate between the two. In this section, we are going to evaluate some of bitsCrunch flagship product features and how different sets of users can use them.
bitsCrunch Unique Proposition
The blockchain industry is awash with thousands of cryptocurrencies, hundreds of blockchains, millions of NFT collections and hundreds of millions of smart contract transactions. Scams of all types have accompanied this growth, with thousands of swindlers out to rig the system against investors’ hard-earned funds.
While talking to DroomDroom, bitsCrunch CEO Vijay Pravin made a promise, “the majority of blockchain data analytics requires a minimum of $20,000 – $25,000 to provide both insights and on-chain forensics, for bitsCrunch, we want our users to plug in their wallet and make any amount of queries starting from $75 per month” Simple as that.
According to Vijay, these data analytics platforms that charge a whole $25K will subject users to hectic sign-up processes, their user experience is pretty complex and average users have to spend time on tutorials and guides to navigate the dashboards. As such, bitsCrunch is currently focusing on more adoption and complete decentralisation of blockchain insights.
Vijay, believes full data democratization is possible, and adoption of their AI-driven blockchain analytics network is also possible “but the journey won’t be easy from day one” One of the greatest limitations will be making the average person understand how meaningful data can shape their blockchain investment decisions. “Our mission at bitsCrunch is building tools and making those tools accessible to end users.”
What bitsCrunch wants to achieve here is to deploy an assortment of data insights, forensic analytics and development tools that elevate the global web3 ecosystem as a whole, a plan that not only fosters decentralisation but also upholds transparency, safety and security.
“If we keep building and stay consistent, people will eventually understand the data we provide.” adds the CEO of bitsCrunch, Mr. Vijay.
One of the products under bitsCrunch is UnleashNFTs. The next section of the bitsCrunch $BCUT review gives a detailed overview of UnleashNFTs:
- The platform can make data-driven decisions when buying, selling or hodling non-fungible tokens
- Gain meaningful and intelligent insights about the NFT market, collection perfomance and pricing.
- Differentiate between fake (wash traded) volumes and true volumes
- Determine the true value of a non-fungible token and its origin
- Recieve alerts when something suspicious takes place on the blockchains, or when someone copycats an artist’s collection.
In UnleashNFTs by bitsCrunch, our bitsCrunch $BCUT review details one of the products under the company’s product offerings.
UnleashNFTs by bitsCrunch
UnleashNFTs is an AI-powered NFT data analytics platform that scores the Non-fungible market using advanced data algorithms, artificial intelligence and machine learning to help investors and businesses make data-driven investment decisions.
Some of the available product features under UnleashNFTs by bitsCrunch include an NFT analytics network, washtrade detection, forgery detection and price estimation. So far throughout the bitsCrunch $BCUT review, we’ve seen the impact of data forensics in the NFTs space.
Below is a highlight of product features of UnleashNFTs on this bitsCrunch $BCUT review:
AI-driven NFT Analytics
UnleashNFTs is making reliable AI-powered NFT analytics available by scoring hundreds of thousands of NFT collections for real-time information, market trends, relevant data and trading volumes. Such insights are vital when scrapping NFT markets for strategies, forecasting market movements and identifying potential investment opportunities.
Washtrade Detection
UnleashNFTs offers a fraud detection feature for scoring the NFT market for suspicious activity such as fraud and wash trading. This feature notifies relevant parties about potential risks, criminal attempts and phishing attacks. Sometimes the metadata of an NFT might not match the original details, and as such, UnleashNFTs alerts the appropriate party after identifying such a mismatch. bitsCrunch also urges NFT marketplaces and data aggregators to build their fraud systems on top of UnleashNFTs APIs so as to set up security alerts and react appropriately when notified of criminal activity.
Forgery Detection
Copyright infringement and forgery have become prevalent issues in the NFT space. bitsCrunch hopes that creators can use its forgery detection feature (on UnleashNFTs) to receive alerts whenever someone tries to copy their work. Furthermore, the likes of OpenSea and other non-fungible token marketplaces can utilize the feature to prevent such incidents after receiving forensics alerts from UnleashNFTs by bitsCrunch.
Price Estimations
Determining the fair value of a non-fungible token has become quite a challenge with the increasing prevalence of inflated volumes, manufactured popularity and scammers. As such, bitsCrunch has implemented advanced algorithms and market data to help individuals, artists and marketplaces determine the fair value of a Non-fungible Token. NFTs are assets, much like Gold and Silver. Only that they exist in the digital realm. Existing in the digital space is no reason to over or undervalue them. UnleashNFTs has the goal of providing a standard universal value for every NFT that will ever exist on the blockchain.
We’ve just broken down the key features of UnleashNFTs by bitsCrunch in this part of the bitsCrunch $BCUT review.
The next section of the bitsCrunch $BCUT review continues to discuss some of the important features on bitsCrunch as this is not an UnleashNFTs review but a bitsCrunch review.
Key Product Features
Study some of the amazing key product features on the bitsCrunch blockchain data analytics platform in the next section of the bitsCrunch $BCUT review.
Quality AI-powered Blockchain Analytics
bitsCrunch is democratizing accessibility to real-time analytics, trading volumes, market trends and other relevant industry metrics. Such insights will be valuable for platforms and investors to make meaningful decisions out of meaningful data. Such decisions could be spotting investment opportunities, forecasting market movements or creating advanced trading strategies.
Blockchain Forensics
Criminal activities on the blockchain are rising. The anonymity of the blockchain has helped aid in some of these activities. bitsCrunch wants to flag down these activities before they even happen and help maintain a safe Web3 environment. To make this possible, bitsCrunch uses an inbuilt fraud detection alerting system to help individuals and web3 projects react accordingly to suspicious on-chain activity. Hence, reducing the risk of cryptocurrency fraud.
Compliance and Regulation Enforcement
Organizations, financial institutions, regulatory bodies and projects need a wealth of blockchain analytics to ensure a compliant blockchain ecosystem. These institutions can utilize comprehensive AI-driven blockchain analytics to create compliance reports and aid in upholding regulation in the DeFi space.
Artificial Intelligence, Big Data and Machine Learning
bitsCrunch combines the power of the latest technology across artificial intelligence, machine learning and big data in its advanced blockchain data analytics platform. The intersection of these domains has enabled bitsCrunch to enrich its data insights and provide clients with competitive analytics in the fast-paced blockchain industry. While studying the bitsCrunch ecosystem trying to figure out a narrative for this bitsCrunch $BCUT review, we frequently came across its integration of AI, ML and big data.
Furthermore, the blockchain analytics firm looks to nourish these data insights through community contribution. Here is the kicker, bitsCrunch will incentives all meaningful contributions, no matter how small of an impact they have. This is because for bitsCrunch, “every crunch, every bit of data matters” hence the company name.
Lending and Borrowing Protocols
Blockchain lending and borrowing protocols will find a reliable source of intelligent insights if they partner with the bitsCrunch AI-driven blockchain analytics network. Such data will aid in determining the accuracy collateralization ratio when borrowing funds from the blockchain. The forensics feature on the bitsCrunch data network could also help flag down suspicious attempts to execute a re-entrance attack using flash loans.
A flash loan, ladies and gentlemen, is an uncollateralized loan that borrowers can borrow upfront on the blockchain and pay back within the same chain of transactions. Over the existence of cryptocurrencies and DeFi protocols, criminals have used the flash loan capability to execute all forms of attacks against the blockchain. As the guardian of the blockchain ecosystem, bitsCrunch wants to solve this once and for all.
Network’s Participants
The impact of bitsCrunch will cut across blockchain users, including developers, gamers, and traders. Some of the positive implications to this group of users is the ability to perform a 360-degree review of the blockchain, locate any suspicious activity, identify opportunities and offer meaningful contributions to the blockchain data analytics network.
Let’s take a look at some of the contributions of bitsCrunch community members in the next section of the bitsCrunch $BCUT review:
Query Processor Nodes
A query processor node is responsible for availing enriched blockchain analytics to consumers using a Restful API. Usually, the query processor node acts as a gateway between consumers and encrypted data. This node carries a 30 % – 50% weightage (or network significance) as such, every query processor node is guaranteed to receive fees and rewards based on their contribution to the network.
bitsCrunch designed the Query Processor Node to be less complicated for average blockchain users to operate. However, despite the Query Processor Node’s relative simplicity to the Data Enricher Node, it still has to be resilient, highly scalable and robust.
Query Processor Node is the gateway for on boarding average blockchain users to become contributors to the bitsCrunch AI-powered blockchain analytics.
Data Enricher Nodes
The Data Enricher Node provides the AI-powered blockchain data analytics network with the necessary runtime for advanced Artificial intelligence and Machine Learning algorithms.
Delegators
Operating a node requires a level of technical expertise and capital. As such, not every person can become a node operator. $BCUT holders who want to contribute to bitsCrunch can secure the network by becoming delegates.
On bitsCrunch, a node operator incentivizes the delegator to stake tokens to the operator’s node. When the node operator receives fee revenue and rewards, part of it goes to the Delegator. For this reason, a delegator’s rewards will always depend on the perfomance of the node operator. It is also important to note that Delegators might not increase their earnings by increasing their delegated stake.
Factors that Determine Delegator Earnings
The following methods may come into play whenever one wants to increase their delegator earnings. Identify delegators who have:
- A strong workload
- Generous sharing ratio
- Suitable staking ratio
If a Delegator carefully selects a suitable node operator, earning maximum rewards and offering maximum security to the network will remain frictionless. The next contributor role of community members for bitsCrunch in this bitsCrunch $BCUT review is the indicators.
Indicators
bitsCrunch wants the data enrichment process for AI-powered blockchain analytics to evolve, adapt to industry trends and become completely decentralized. To make this possible, bitsCrunch wants everyone to take part. The indicator role targets users who would want to have a say on the blockchains bitsCrunch should index, what data to clean and what insights to construct.
Blockchain participants can leverage their indicator role to ensure the network remains responsive to user needs. bitsCrunch rewards everyone who takes part in the indicator role with a share of the network’s query fees.
One of the benefits of the indicator role to the network is prioritizing appropriate tasks. Meanwhile, the indicator receives its reward only after the network has processed the task it signaled.
For this reason, every indicator has to carefully select priority tasks to encourage signaling that is healthy and efficient for the network.
Network Contributor
The Contributor role is for developers and projects who would want to make meaningful contributions to the bitsCrunch AI-powered blockchain data analytics platform. Such contributions could be innovating new AI/ML models that supplement the network’s capabilities, introducing the latest fraud detection algorithms or even non-technical tasks such as providing off-chain insights such as social media sentiments and so on.
The bitsCrunch $BCUT review has demonstrated the platform’s affinity to incentivizing participants. As such, the network rewards everyone who contributes to the network as a contributor as way of compensating for their effort and encouraging collaboration in the ecosystem.
While researching for this bitsCrunch $BCUT review, we found out that bitsCrunch looks forward to rewarding every network participant who contributes meaningful data and analytics to its ecosystem.
Security and Privacy Features
bitsCrunch has an unwavering commitment to safety, transparency, security and data privacy. As such, the platform carefully determines what data it collects, how it uses that data and who has access to the data. Such clarity ensures users and blockchain platforms understand the data journey across the bitsCrunch ecosystem.
In data analytics, safeguarding privacy can be such a critical activity. As such, bitsCrunch ensures that it cleans the data to filter out all private information related to users, creators and blockchain transactions.
The next part of the bitsCrunch $BCUT review details alternatives and competitors of the blockchain data analytics platform.
Alternatives and Competitors to bitsCrunch
We found Dune Analytics, Nansen, Chainalysis and Elliptic as the most notable competitors to bitsCrunch in our bitsCrunch $BCUT review research.
Dune Analytics offers centralized blockchain analytics for firms and individuals who would want to score on-chain and offchain data for intelligent insights. However, the firm charges a hefty fee of $500 – $700 per subscription. Therefore discouraging the average blockchain user.
Chainalysis would make for a good alternative to bitsCrunch. However, its minimum annual fee for those who want to access blockchain analytics and forensics is $20,000 – $25,000. With a minimum fee of $75 per month, bitsCrunch provides AI-powered blockchain data analytics and forensics.
One thing that has been able to set bitsCrunch apart over the years is its commitment to democratizing how people access blockchain data. bitsCrunch aligns most of its principles with the ethos of decentralization. As such, it has become a convenient place for everyday blockchain users to gain and contribute meaningful insights.
bitsCrunch wants to be the standard for quality AI-powered blockchain data analytics and forensics. As such, the platform has one of the most intuitive user interfaces for almost all levels of users. Furthermore, the network rewards the majority of participants who contribute to the analytics. As long as you meet the requirements for operating a node, delegating, or a contributor role, then you are set to become part of the bitsCrunch mission towards democratizing accessibility to data.
Conclusion of bitsCrunch $BCUT Review: Future Developments and Growth
The future of bitsCrunch is poised for a remarkable evolution. One of its goals is to first achieve partial decentralization of data, and then move on to complete decentralization of data. As outlined in its comprehensive roadmap, this journey will happen through three distinct phases, each playing a pivotal role in shaping the bitsCrunch ecosystem.
bitsCrunch laid the groundwork for the democratization of data In Phase 1 – Partial Decentralization. This phase was instrumental in setting the stage for the network’s growth and efficiency, with key components such as the Network DApp, Query Processor Node, and on boarding processes for Query Consumers and Operators.
Looking ahead, bitsCrunch envisions further improvements with a focus on community involvement. Initiatives such as general community contributor on boarding, a robust reward model, and the integration of distributed data management underscore bitsCrunch’s dedication to inclusivity and innovation.
The future for bitsCrunch holds the promise of a vibrant and collaborative decentralized network, driven by continuous improvement and community participation.
