The challenge of analyzing NFT sales data requires innovative solutions. A platform that gathers and enriches NFT data using advanced computations, AI algorithms, and on-chain/off-chain sources is essential. This decentralized platform allows community developers to contribute, ensuring continuous data refinement and unlocking new use cases. Providing reliable statistics on NFT marketplace growth, protecting honest participants from wash traders, and delivering precise valuations for NFT assets, promoting their utility within the DeFi space. bitsCrunch (BCUT) aims to lead this innovation by enhancing transparency and accuracy in the NFT ecosystem.

What is bitsCrunch (BCUT)?

bitsCrunch was founded in Germany in 2019 by technology professionals Vijay Pravin Maharajan (CEO), Ashok Varadharajan (CTO), Saravanan Jaichandaran (Chief Data Scientist), and Ajay Prashanth (CMO). The company gained significant attention for its innovative approach to NFT forensic analysis, leveraging AI models for analytics, valuation, and fraud detection. This attracted substantial investor interest, enabling bitsCrunch to raise $6.75 million over three funding rounds.

bitsCrunch launched its testnet in mid-2023, followed by the mainnet launch on February 20, 2024. The company’s development roadmap is structured in phases, focusing on progressive decentralization and enhancing network capabilities. Phase 1 in 2023 emphasized partial decentralization, introducing the network DApp, query processor nodes, and operator onboarding. This phase also included the launch of a basic settlement layer, logging, billing, and the first round of token release and airdrop.

Phase 1.5, scheduled for 2024, aims to build on the initial infrastructure with enhanced caching, improved data layers, and reward optimization. This phase also plans to introduce network monitoring, reporting, and onboarding additional blockchains. Phase 2 and 3, set for 2025 onwards, target full decentralization with the deployment of data enricher nodes, comprehensive community contributor onboarding, and advanced network governance. These phases also include the implementation of AI/ML model runtime, distributed data management, and incentivized testnets to ensure continuous network improvements.

Through these structured phases, bitsCrunch aims to create a robust, decentralized platform for NFT analytics and security, providing reliable, AI-driven solutions for the NFT market.

How Does bitsCrunch Work? Nodes and Layers of Decentralization

The bitsCrunch platform leverages a Delegated Proof of Stake (DPoS) blockchain consisting of several specialized nodes with distinct functionalities to ensure the platform’s efficiency and security. The core nodes in the network are the Query Processor Nodes and Data Enricher Nodes. Query Processor Nodes serve as the primary interface for users, handling queries related to NFTs and collections. These nodes process user requests and deliver the finalized results, acting as the platform’s front end. On the other hand, Data Enricher Nodes are responsible for sourcing data from external blockchains, processing it, and enriching it with the necessary analytics based on user requests. These nodes act as the back end, performing the heavy lifting of data acquisition and processing.

Additionally, bitsCrunch employs Indicator Nodes, which monitor external environments such as NFT marketplaces and blockchains. These nodes signal network participants on which sources and metrics to scan, ensuring the network remains responsive and relevant. The ecosystem also includes Delegators, who secure the network by staking tokens to nodes, thus participating in network governance and earning rewards based on node performance. Community Contributors play a crucial role by contributing code or content, enhancing the network’s capabilities, and fostering continuous improvement.

The network’s architecture is designed to support enhanced scalability and robust data handling through decentralization. For instance, multiple Query Processor Nodes, known as lite nodes, enable efficient data processing and distribution. This decentralized approach ensures the network can handle high demand and maintain consistent performance, which is crucial as the network grows.

A significant aspect of the bitsCrunch network is its predictable query costs. Data consumers use stablecoins to pay for queries, allowing for accurate cost estimation and streamlined budget management. This financial predictability and the network’s technical robustness make it an attractive platform for developers and users.

The layers of decentralization within bitsCrunch’s architecture provide additional resilience and security. While leveraging blockchain technology, the decentralized data network maintains proof of use and contribution, which is crucial for transparency and trust. As the network progresses through its development phases, it aims to achieve full decentralization, further enhancing its reliability and user trust.

The bitsCrunch platform’s multi-node architecture and decentralized approach ensure a robust and efficient NFT analytics and fraud detection system. Integrating various node types and the active participation of community contributors and delegators fosters a dynamic and scalable ecosystem. This foundational structure sets the stage for bitsCrunch’s continued evolution towards full decentralization, enhancing its capacity to deliver high-quality data services in the blockchain space.

Source: bitscrunch.com

Layers of Decentralization

The bitsCrunch platform employs a sophisticated layered architecture to enhance decentralization, data flow, and data management, ensuring optimal functionality across the entire network. This multi-layered approach represents the data lifecycle, from acquisition to final exposure for consumption, emphasizing the seamless integration and processing of data. Each layer maintains the platform’s efficiency, security, and scalability.

At the core of this architecture is the Data Query Layer, which is a vital component for users to access the information they need. This layer allows consumers to securely and efficiently query the network for enriched data from other network participants. The Data Query Layer is built to facilitate transactions and interactions without requiring a central authority or intermediary, embodying the principles of a permissionless system. This ensures that users can join and utilize the network freely, without the need for approval or facing unnecessary barriers. The ease of use, seamless onboarding, and straightforward transaction processing make this layer highly user-friendly and accessible.

Scalability and throughput are key features of the Data Query Layer, ensuring the network can handle a large volume of queries without performance degradation. High throughput allows data to be processed quickly and efficiently, providing timely information to users. Advanced security measures are also implemented to protect the network and its users from potential threats, ensuring a safe and reliable environment.

Beneath the Data Query Layer lies the Data Processing Layer, which handles the core operations of data enrichment and transformation. This layer takes raw data acquired from various sources and processes it through advanced algorithms and data structures, enhancing its value and utility. The processed data is then synchronized across the network, ensuring consistency and reliability.

The Data Acquisition Layer forms the foundation of the architecture, responsible for sourcing data from multiple blockchains and external platforms. This layer ensures that the network has access to a diverse and comprehensive dataset, which is crucial for providing accurate and insightful analytics. By continuously gathering data from various sources, the Data Acquisition Layer supports the dynamic needs of the network and its users.

The Data Storage Layer complements these layers by providing a robust and scalable storage solution for the processed and enriched data. This layer ensures that data is securely stored and easily retrievable, supporting the efficient operation of the network. The integration of these layers enables bitsCrunch to offer a high-performance, decentralized data network that caters to the needs of its users.

This structure enhances the platform’s decentralization and scalability and guarantees secure and reliable data processing and access, setting the stage for continuous innovation and growth.

Source: bitscrunch whitepaper

Network Participants

The bitsCrunch ecosystem is driven by various key players, each with a specific role. Operators manage nodes to process and enrich data. Consumers query the network for valuable NFT insights. Delegators stake tokens to secure the network and earn rewards. Contributors enhance the ecosystem by providing code or content. Indicators signal which blockchains and metrics to scan, aiding data accuracy and network efficiency. Together, these participants ensure the network’s robust, secure, and decentralized operation, fostering a collaborative environment for continuous growth and innovation.

bitsCrunch Use Cases

bitsCrunch provides a versatile platform with numerous use cases that address key challenges in the NFT and DeFi ecosystems. Leveraging advanced AI and blockchain technology, bitsCrunch offers robust solutions to enhance data accuracy, security, and transparency. Here are some primary use cases:

• NFT Analytics Platform: bitsCrunch addresses the rapidly evolving blockchain landscape and the increasing complexity of transactions. It provides real-time analytics and insights, helping users stay updated with market trends and make informed decisions about their NFT assets.
• NFT Lending Protocol: The platform facilitates accurate evaluation of NFTs for loan collateralization. By integrating with NFT lending protocols, bitsCrunch ensures that the assets used as collateral are correctly valued, reducing risks for lenders and increasing trust in the lending process.
• Centralized/Decentralized NFT DeFi: bitsCrunch supports the burgeoning DeFi ecosystem by offering essential data services that enhance the functionality and security of decentralized financial applications. This includes providing reliable data for decentralized exchanges, liquidity pools, and other DeFi services that depend on accurate and timely information.
• Fraud Detection and Alerting: The platform is equipped with tools to detect and alert users about fraudulent activities related to NFTs. This feature is critical in maintaining the integrity of the digital art world by identifying and mitigating fraudulent transactions, thereby protecting artists and collectors.

By addressing these core areas, bitsCrunch ensures that participants in the NFT and DeFi ecosystems have access to reliable, accurate, and secure data. This comprehensive approach fosters trust and efficiency, driving the growth and adoption of blockchain technology.

bitsCrunch Main Features

bitsCrunch offers a compelling suite of features, making it an attractive platform for anyone interested in the NFT space. Here’s an overview of the key aspects that set bitsCrunch apart:

High-Quality NFT Analytics

Leveraging advanced AI technology, bitsCrunch provides precise and comprehensive analytics on NFTs. This capability helps users make well-informed investment decisions by offering insights into NFT performance, trends, and potential value. The platform’s robust analytical tools are essential for novice and seasoned NFT collectors and investors, ensuring they have the data to navigate the complex NFT market effectively.

Forensic Data

bitsCrunch excels in delivering detailed forensic data on NFTs, enabling users to identify potential risks and fraudulent activities. This feature is crucial for maintaining the security and integrity of the NFT ecosystem. By offering thorough forensic analysis, bitsCrunch helps users detect and avoid scams, thus protecting their investments. This level of security is particularly valuable in the rapidly growing and often volatile NFT market, providing users with peace of mind and confidence in their transactions.

Seamless API Integration

Developers can easily incorporate bitsCrunch data into their applications using the platform’s APIs. This seamless integration fosters innovation by allowing developers to build on bitsCrunch’s rich dataset, expanding the NFT ecosystem. The user-friendly APIs ensure that developers can quickly and efficiently add NFT analytics and forensic data to their applications, enhancing functionality and user experience. This integration capability is a significant advantage for creating dynamic, data-driven NFT platforms and tools.

Community-Driven Ecosystem

The bitsCrunch network encourages contributions from individuals through code or content, promoting continuous growth and refinement of its data and services. This community-driven approach ensures that the platform evolves in response to user needs and innovations. By involving the community in the platform’s development, bitsCrunch fosters a collaborative environment that drives ongoing improvements and the introduction of new features, enhancing the overall utility and reliability of the platform for all users.

Source: bitscrunch.com

bitsCrunch App

The bitsCrunch App provides a robust platform for users to explore the network API catalog, integrate their apps with the network API, and actively participate in securing and growing the network. Users can track operators, delegators, and contributors, viewing detailed statistics such as queries processed, rewards earned, and delegator fees. The app facilitates a transparent and engaging experience, allowing users to monitor performance metrics and contribute to the network’s development. With its comprehensive tools and user-friendly interface, the bitsCrunch App is essential for anyone looking to dive deep into the NFT analytics ecosystem.

Source: app.bitscrunch.com

Unleash NFTs

Unleash NFTs is the premier NFT analytics and forensics platform, offering detailed data visualization to help users make informed decisions about buying, selling, or holding NFTs. It provides insights into market cap, collection performance, and distinguishes between genuine and wash trade volumes. The platform also assesses the fair price and originality of NFTs. With APIs available, projects can integrate these features seamlessly. Backed by industry leaders like Animoca Brands and Coinbase Ventures, Unleash NFTs enables users to navigate the NFT market with confidence, focusing on application development while ensuring data integrity, security, and comprehensive market analysis.

Source: unleashnfts.com

What is the BCUT Coin?

BCUT is bitsCrunch’s utility token, used for platform services, staking, and governance. Its total supply counts 1 billion units, of which 194,744,018 are already in circulation (July 2024).

BCUT’s primary function is to facilitate smooth operations within the network, intended solely for use as a utility token. The secure functioning of the bitsCrunch ecosystem relies on a combination of cryptographic techniques and economic incentives to drive adoption and ensure network security. Key functions include incentive alignment, where Operators, Delegators, Indicators, and Contributors must stake their tokens to foster collaboration and commitment.

Additionally, BCUT enhances network security by making malicious activities costly, ensuring independence from external entities, and empowering the network with flexible economic design. BCUT also enables decentralized governance, allowing token holders to propose and vote on network changes. Moreover, data consumers can stake BCUT to receive discounts on query pricing, further integrating the token into the network’s economic and operational framework.

The token distribution is designed to support various aspects of the network. The allocation is as follows: Ecosystem (18%), Network Bootstrap Reward (10%), Seed Sale (10%), Private Sale (10%), Team (15%), Advisors (2%), Public Sale (7%), Strategic Sale (3%), Growth (7%), Additional Development Fund (6%), Listing and Market Making (5%), Security Buffer (5%), Additional Airdrop (1.5%), and Airdrop Phase 1 (0.5%). This strategic distribution ensures that the network’s development, security, and community engagement are well-funded and aligned with long-term growth objectives.

Source: bitsCrunch whitepaper

Is BCUT a Good Investment?

BCUT offers significant potential as it supports bitsCrunch’s advanced NFT analytics and fraud detection services, which are crucial in combating the growing number of scams in the crypto space. Such tools can enhance security and trust for users and investors alike. However, as with any emerging technology, there is a risk that widespread adoption may take time, and the platform must continuously innovate to stay ahead of increasingly sophisticated fraudulent activities. Market volatility and regulatory changes could also impact the token’s value and the platform’s overall success.

How to Own BCUT?

To own BCUT, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account and get it verified and funded. Then, you are ready to go through the steps to buy BCUT.

News on bitsCrunch

According to what was announced on the official bitsCrunch blog on June 21, 2024, bitsCrunch has launched the Ultimate NFT Price Estimation Bot and API. This AI-powered tool provides accurate price predictions for NFTs by analyzing historical transactions, current demand, rarity, and filtering out wash trades. Supporting blockchains like Ethereum, Polygon, Avalanche, and Binance, the bot offers comprehensive coverage for over 150 million assets. Users can access detailed metrics through the Discord bot or integrate the API into their platforms, enabling smarter buying and selling decisions.

Take Action on BCUT

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