The blockchain may have the largest data footprint in computer history. On each proprietary database, communications between businesses were segregated in Web2. They possessed a great deal of knowledge about consumer interactions, but only on their website. It enabled them to make money off of their particular specialization via search, purchases, gaming engagements, likes, or page views.
It’s as if you took those design elements from Web2 and combined them into a single product before making it available to the wider public.
Now, insight is the issue. It doesn’t necessarily follow that you can infer any meaningful information from the context of how wallets are interacting with blockchains.
Following are some relevant data points:
When transactions are most likely to happen for various collections amounts, you can observe from wallets attached to collections who has the greatest influence on the timestamp. What are people buying? How much are they prepared to spend?
Information is abundant in blockchains
What if you could trace back how much people spent on what they bought and when, or if you knew how much they were willing to spend on certain items? How would you use that information?
It works the same as a credit card, except on the blockchain, you may use the wallet address rather than the information being siloed (but with greater transparency on the customer).
Here is how to accomplish it:
Two wallets conduct a transaction, which is added to the public ledger by indexers and listeners. Depending on the protocol and smart contract, users, protocols, and aggregators query those indexes to get particular events sent by the smart contract.
The Graph is a technique to index data on a public blockchain, allowing you to create your own specialized version of Google for your particular project.
They offer support for all important protocols, which your own software may query. The best data structure for on-chain information is a graph, which allows for the creation of linkages and the use of models to discover trends, as was explained in an Oracle conference.
You will see the emergence of new business models in these patterns.
Analytics already rule
Additionally, there are analytics tools available that are specialized for certain markets. By assisting users in building custom dashboards, Dune Analytics develops a data market. Chainalysis connects transactions to cryptographic activity, such as hacks and vulnerabilities that change the way a protocol balances out. Smaller organizations may monitor particular locations with the aid of AnChain.ai, which also offers compliance and security auditing services. And since that Mastercard, a significant TradFi conglomerate, just acquired CipherTrace, it is undoubtedly the most well-known.
Crypto really performs the same function as money when you think about it. You go from cash to the “blackbox” of digital transfers when you deposit money into a bank. Blockchain is identical to traditional finance in that it is an ecosystem that you exchange currency for before entering a world of 1s and 0s. But with this ecosystem’s more effective transfer and accounting mechanisms, you have complete transparency into the history of those 1’s and 0’s movement. For a transfer confirmation, you switch to milliseconds of delay from a bank’s seven-day turnaround time.
The largest untapped data resource exists in the blockchain ecosystem, which has yet to be completely used. Think about what will happen when a search console is added.