Blockchain technology has ushered in a new era of innovations, including decentralized finance, exchanges, smart contracts, and NFTs. Thanks to robust community support, thousands of cryptocurrencies, hundreds of blockchain platforms, millions of smart contracts, and billions of transactions are taking place. However, this rapid growth has also attracted scammers looking to exploit the complexity of blockchain technology. These scammers manipulate trading volumes and prices, deceiving unsuspecting investors. Despite these fraudulent activities being recorded on the blockchain, it remains challenging for users to identify patterns and gain clear insights.
Addressing this challenge is bitsCrunch, a dedicated project focused on combating fraudulent activities. This decentralized NFT data network, powered by AI, aims to create comprehensive data analysis and metadata tools. These tools are designed to counter fraud and ensure accurate valuation of digital assets.
This month's review will explore various aspects, including the founding team behind bitsCrunch, the $BCUT tokenomics, its product use cases, and the upcoming roadmap.
What is bitsCrunch
bitsCrunch operates a data analysis platform within the blockchain and cryptocurrency domain, utilizing artificial intelligence and machine learning to detect fraud and anomalies in data, specifically focusing on NFTs. This decentralized network tackles the intricacies of NFT sales analysis through advanced calculations and AI/ML algorithms, leveraging data from both on-chain and off-chain sources. Developers can contribute their algorithms as a community-driven platform, bolstering its credibility. This approach provides users with precise statistics, valuations, and fraud detection capabilities, empowering them to make informed decisions.Users can navigate various features on the bitsCrunch app. The features include:
- High-quality NFT analytics
- Forensic data
- Seamless API integration
- Community-driven ecosystem
- Cross-platform compatibility
- Trustless and scalable system
Another feature is UnleashNFTs, a specialized product utilizing AI for comprehensive NFT data analysis. This includes detecting NFT forgery, identifying wash trading, and estimating prices.
Image Source: UnleashNFTs Website
According to a report from CoinTelegraph, UnleashNFTs is leading the way with an innovative approach focused on trustless and permissionless data access. This network employs a layered architecture covering data query, processing, acquisition, and storage, all with the main goal of ensuring trust and preserving decentralization. Participants are encouraged to contribute data and algorithms, enriching the ecosystem and protecting Web3 from fraudulent activities. As the network expands and accumulates data, its value in fraud detection and NFT valuation is expected to increase significantly, enhancing the decision-making abilities of the community.
bitsCrunch envisions that by harnessing precise and enriched data, its decentralized network will set a new standard in data analysis, enabling well-informed decisions. The complete decentralization of the network is a gradual process planned over several years, achieved through carefully structured multiphase progress.
Founding Team, Fundraising, and Partnerships
bitsCrunch was founded in 2021 by experienced professionals with a background in data analytics, artificial intelligence, and blockchain technology. The team comprises Vijay Pravin as Founder and CEO, co-founders Gopi Kannappan as CPO, and Ashok Varadharajan as CTO. The project has raised over $6.5 million in funding from investors such as Coinbase Ventures, Animoca Brands, Morningstar Ventures, Chainlink, and Polygon.
Image Source: bitsCrunch Website
A notable partnership is with the NFT marketplace and dApp store, DappRadar. Together the projects aim to build more transparency in Web3 and seamless user experience. This partnership offers Web3 users access to NFT price estimations on platforms like Ethereum, Polygon, and Avalanche, allowing them to make well-informed decisions regarding NFT projects.
More Network Features and Use Cases
The bitsCrunch platform utilizes sophisticated computations, AI algorithms, and data sourced from both on-chain and off-chain platforms, including IPFS metadata. Its decentralized structure empowers developers within the community to contribute algorithms, refine data, and explore novel applications. By delivering dependable statistics about NFT marketplaces, the platform thwarts fraudulent activities and ensures precise valuations through ML algorithms, thereby propelling NFTs within the DeFi sector. Simplifying the analysis of NFT sales enhances accessibility and insights for users. Furthermore, it monitors cryptocurrency prices, assesses social media sentiment, and forecasts market trends. As developers continue contributing, the platform becomes increasingly robust, versatile, and valuable across many applications.
bitsCrunch offers diverse features and data that have proven valuable to various industries and projects. These applications include:
- Centralized/Decentralized NFT DeFi: Using data from the bitsCrunch network, DeFi projects can gain access to real-time market trends, trading volumes, and relevant metrics. This data enables the creation of advanced trading strategies, predictions of market movements, and identification of potential investment opportunities.
- Fraud detection and alerting: The bitsCrunch network offers built-in fraud detection and alerts, allowing projects to receive real-time data and respond promptly. Projects can establish alerts and notifications and implement preventive measures, such as educating users, enforcing rigorous verification processes, and enhancing transparency in NFT marketplaces, to mitigate the risk of NFT fraud.
- Compliance and AML: The large amount of data on the bitsCrunch network benefits projects, users, financial institutions, and regulatory bodies by ensuring a secure and compliant NFT ecosystem. This data can be employed to produce detailed Anti-Money Laundering (AML) and compliance reports, promoting transparency and regulatory compliance.
- NFT Analytics Platform: Community contributions provide real-time data, allowing analytics projects to offer valuable insights amid industry changes. Utilizing this data ensures competitive advantages, enabling adaptability in the dynamic blockchain and NFT markets. This fosters collaboration, shared knowledge, and continuous learning within the ecosystem.
- NFT Lending Protocol: The network offers real-time, precise, and thorough data on NFT values, trends, and risks, aiding protocols in overcoming these hurdles.
Image Source: bitsCrunch Website
Tokenomics - $BCUT
The bitsCrunch utility token (BCUT) serves as the foundation of the network, providing entry to NFT data within the bitsCrunch ecosystem. Its primary function is to streamline operations within the network, exclusively operating as a utility token. To maintain the secure functioning of bitsCrunch, cryptographic techniques and economic incentives are utilized, promoting adoption and ensuring network security.
Image Source: bitsCrunch’s Litepaper
Future roadmap
bitsCrunch is embarking on an ambitious expansion plan encompassing its product range, services, and market outreach. Their forthcoming products and services prioritize regulatory compliance, risk management, and fraud prevention, underscoring a dedication to a secure and transparent blockchain ecosystem. Additionally, the team is actively working towards achieving complete decentralization within the next three years. This move will enable data enrichment and cultivate a more robust community. Notably, bitsCrunch is already branching out into the DeFi sector with upcoming offerings such as Wallet Reputation Score, Token Reputation Score, Address Interaction Visualization, Historic Token Price, and more. These additions will further enhance its presence and utility in the market.
Image Source: bitsCrunch Litepaper
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Learn more about bitsCrunch:
🌐 Official website: https://bitscrunch.com/
🐦 Official Twitter: https://twitter.com/bitscrunch/
🕹️ Discord channel: discord.gg/bitsCrunch-official
📡 Telegram Community: https://t.me/bitsCrunch/
📜 Blog: https://unleashnfts.com/blogs/
