Blockchain technology has led to numerous advancements, such as decentralized finance, exchanges, smart contracts, and NFTs. Today, thanks to robust community support, there are thousands of cryptocurrencies, hundreds of blockchain platforms, millions of smart contracts, and billions of transactions. Nevertheless, this swift expansion has drawn in scammers who leverage the intricacies of blockchain to manipulate trading volumes and prices, ultimately deceiving unsuspecting investors. Despite these fraudulent activities being documented on the blockchain, discerning patterns and obtaining clear insights still need to be improved for users. A project aiming to combat these fraudulent activities is MSV.GG partner and Morningstar Ventures portfolio company, bitsCrunch. Last month, MSV.GG members partnered with bitsCrunch to test the platform through bug hunting and product testing initiatives. The members made multiple findings, aiming to support bitsCrunch in further building and perfecting their platform.
To further spotlight bitsCrunch and the efforts of the MSV.GG members, this month’s project review will cover everything from the founding team behind bitsCrunch to the $BCUT tokenomics, its product use cases, and the upcoming roadmap. The review will end with an analysis and insights gathered from our MSV.GG members.
What is bitsCrunch
bitsCrunch is an advanced data analysis platform in the blockchain and cryptocurrency sector, utilizing artificial intelligence and machine learning to identify fraud and data irregularities, focusing specifically on NFTs. The decentralized network of bitsCrunch addresses challenges in analyzing NFT sales through advanced computations and AI/ML algorithms, incorporating both on-chain and off-chain data sources. This community-driven platform allows developers to contribute algorithms, enhancing overall reliability. Users benefit from informed decision-making, receiving precise statistics, valuations, and fraud detection capabilities.
Users can find the following features on the bitsCrunch app:
- High-quality NFT analytics: The network uses AI technology to offer precise NFT analytics for informed investment decisions.
- Forensic data: Helps users identify risks fraud, and ensure security.
- Seamless API integration: Developers can seamlessly integrate bitsCrunch data into their applications via the network's APIs.
- Community-driven ecosystem: The network invites contributions for continuous improvement.
- Cross-platform compatibility: Consolidates blockchain and NFT marketplace data, providing users with a unified information source.
- Trustless and scalable system: Ensures users access accurate, impartial services and data confidently, without intermediaries.
Another feature is UnleashNFTs, a specialized AI product for comprehensive NFT data analysis, including detecting NFT forgery, identifying wash trading, and estimating prices.
As mentioned in CoinTelegraph, the project is taking a progressive approach, as UnleashNFTs promotes trustless and permissionless data access. The network employs a layered architecture for data functions, prioritizing trust and decentralization. Participants contribute data and algorithms to protect against fraud in Web3. As the network expands, its value in fraud detection and NFT valuation grows, enhancing community decision-making.
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.
bitsCrunch has also gained significant media coverage and recently partnered with the NFT marketplace and dApp store, DappRadar. The projects aim to build more transparency in Web3 and a 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.
The partnership between DappRadar and bitsCrunch aligns with their common objective of delivering top-notch tools to the Web3 community. Together, they aspire to create the World’s Dapp Store, promoting active engagement and mutual benefits for all stakeholders.
MSV.GG Partnership
Over the last month, MSV.GG members actively tested the bitsCrunch platform and provided actionable feedback to the team. The initiative is progressing into its second phase, focusing on assisting bitsCrunch in rebuilding its ambassador program in anticipation of their Token Generation Event (TGE). MSV.GG is supporting the overall restructuring with the added opportunity for MSV.GG members to join as ambassadors.
Network Features and Tokenomics of $BCUT
Utilizing advanced computations, AI algorithms, and data from both on-chain and off-chain sources, including IPFS metadata, the bitsCrunch platform enhances NFT sales analysis, providing improved accessibility and insights for users. Beyond NFTs, it monitors cryptocurrency prices, assesses social media sentiment, and forecasts market trends.
bitsCrunch offers a variety of features and data that have proved valuable to various industries and projects:
- Centralized/Decentralized NFT DeFi
- Fraud detection and alerting
- Compliance and AML
- NFT Analytics Platform
- NFT Lending Protocol
bitsCrunch empowers Centralized/Decentralized NFT DeFi by providing real-time market trends and metrics for advanced trading strategies. The network incorporates built-in fraud detection, enabling prompt responses and preventive measures against NFT fraud. With a wealth of data, it ensures a secure and compliant NFT ecosystem, supporting AML and compliance reporting. As an NFT Analytics Platform, community contributions yield real-time insights for adaptability in dynamic markets. For NFT Lending Protocols, the network offers precise data on values, trends, and risks to overcome challenges.
Tokenomics - $BCUT
The bitsCrunch utility token (BCUT) is the network's backbone, granting access to NFT data within the bitsCrunch ecosystem. Its core purpose lies in streamlining operations within the network, functioning solely as a utility token. Cryptographic techniques and economic incentives are employed to ensure the secure operation of bitsCrunch, encouraging adoption and upholding network security.
The objective is to establish a sustainable ecosystem that encourages the token's use for its intended purpose. This involves carefully managing the token's distribution, supply, and demand dynamics, and governance mechanisms.
Our Analysis:
Strengths:
Strong Token Economy:
- Boosts adoption and network usage.
- Fosters a positive feedback loop, enhancing token value.
Staking Rewards and Allocation:
- Initial network rewards from staking allocation.
- Rewards node operators, LP mining, and other activities.
- During bootstrapping, staking allocation covers network rewards.
Versatile Applications:
- In the financial industry: Detects credit card fraud, cryptocurrency scams, and financial crimes.
- In the IT sector: Guards against phishing attacks, software intrusions, and cyber threats.
Web Compatibility and Business Applications:
- Web3 is compatible and applicable to Web2 projects.
- Engaged with corporates, showcasing applicability.
- UnleashNFT model enables potential use in B2C and B2B models for diverse insights into digital assets.
Challenges:
Market Competition and Unique Value Proposition: The project operates in a space with high market saturation, with Dune Analytics and Chain Analysis dominating. Nevertheless, bitsCrunch seeks to differentiate itself in the web3 space by offering capabilities not present in the market.
What’s Next for bitsCrunch
bitsCrunch plans to expand its product offerings, services, and market reach. Future products and services will focus on regulatory compliance, risk management, and fraud prevention. The team also plans to progressively reach complete decentralization in the next three years, allowing the data to be enriched and the community to grow stranger. bitsCrunch is also expanding its offerings into the Defi segment with upcoming products and services around Wallet Reputation Score, Token Reputation Score, Address Interaction Visualization, Historic Token Price, and more.
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/
