Last updated:
April 16, 2024 11:54 EDT
| 7 min read
In a special conversation with Cryptonews, Vijay Pravin, the creator and Chief Executive Officer of bitsCrunch, an AI-driven, decentralized NFT data platform, delved into the reasons behind the team’s moniker “the blockchain police” and the significance of data.
Vijay explored various topics, such as democratizing data, the intersection of cryptocurrency and AI, and their combined capacity to eradicate malicious actors from the blockchain ecosystem.
Touching upon the resilience of specific NFTs termed as ‘survivors,’ he underscored the crucial importance of integrity and transparency in the Web3 realm to encourage wider acceptance. Additionally, he shared his perspectives on forthcoming trends in the gaming sector.
During the interview, Pravin shed light on:
- the impact of AI/ML on blockchain analytics;
- maintaining data integrity and transparency in NFT markets;
- navigating the regulatory environment;
- the intricacies of staking mechanisms;
- sustainable economies, network security, and anti-fraud measures.
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Upholding Transparency in the Blockchain Sphere
bitsCrunch functions as a data analytics firm specializing in providing insights across multiple chains for non-fungible tokens (NFTs) and digital assets.
As an AI-powered, decentralized data platform, it empowers developers to construct NFT applications (dapps).
“We meticulously analyze every fragment of data. That is bitsCrunch in a nutshell,” Pravin conveyed to the audience.
Over the past three years, the team has crafted a substantial blockchain platform with backing from industry heavyweights like Coinbase, Animoca Brands, Chainlink, and Polygon.
Identifying themselves as “the blockchain police,” their objective centers on enhancing transparency within the blockchain domain.
Their endeavors notably aid individuals like ZachXBT, a renowned on-chain researcher, by simplifying intricate blockchain data into easily digestible formats. Pravin articulated their mission as follows: “We empower individuals to take charge of their own narratives,” he emphasized.
“We facilitate individuals like ZachXBT in the global landscape. And we aspire to nurture numerous ZachXBTs in the future.”
Moreover, they actively investigate and combat on-chain illicit activities such as wash trading and money laundering.
The repercussions of Wash Trading in Digital Assets are severe!
– Artificial inflation of prices
– Misleading market indicators
– Market manipulation
– Erosion of trust
Solution: bitsCrunch Wash Trading Detection!
Explore our case study on how bitsCrunch addresses security concerns
🔗… pic.twitter.com/3NuzsCKuXM
— bitsCrunch (@bitsCrunch) April 16, 2024
Pravin provided a couple of illustrations. One pertains to image-level forensics.
For instance, if individual A captures an image of individual B and transforms it into an NFT on-chain, generating substantial earnings, it constitutes a violation of A’s brand ownership.
Similarly, in the corporate realm: B cannot vend company A’s logo as an NFT since it infringes upon company A’s intellectual property (IP).
Hence, bitsCrunch aids brands in safeguarding their intellectual property.
The platform has already attracted clients focused on brand IP protection alongside numerous customers on the data front, Pravin remarked.
The Synergy of Crypto and AI
Pravin highlighted that artificial intelligence (AI) is not a recent development: It has been “part of our landscape for over a decade.”
Nonetheless, its recent surge has been unprecedented.
Notably, bitsCrunch has been among the early proponents of AI within the crypto sphere. They have championed the utilization of AI “to cleanse the blockchain environment” for several years.
“And when you juxtapose crypto and AI, the beauty lies in its versatility across domains and industries,” Pravin remarked. “When these two realms converge, the possibilities are limitless.”
The CEO underscored the omnipresence and abundance of data.
Fortune 500 companies – encompassing Google, Meta, Twitter, Tesla, Microsoft, Amazon, among others – despite their divergent nature, all leverage and generate copious amounts of data.
Data holds immense value as it can be harnessed across platforms, sectors, and verticals, Pravin emphasized.
The same principle applies to AI and crypto, he added.
The journey of the bitsCrunch Network is truly remarkable. pic.twitter.com/DKDhfjqWXn
— bitsCrunch (@bitsCrunch) April 16, 2024
Placing data on-chain engenders “a plethora of value.” Simultaneously, AI aids in identifying malicious patterns, discerning “what is virtuous and what is malevolent.”
Furthermore, with the imminent approval of the spot Bitcoin ETF and the potential Ethereum ETF, “the amalgamation of AI and blockchain is poised for significant growth,” Pravin opined.
Crucially for bitsCrunch, he added, the company stands well-prepared to seize this momentum.
The team has indexed five chains: Ethereum, Polygon, Avalanche, Binance, and Solana.
Nonetheless, AI will facilitate sifting through the data while extending indexing to additional chains.
“Exciting times lie ahead,” Pravin expressed. “I eagerly anticipate the forthcoming years and witnessing the exponential growth of this domain.”
Embracing Solana Integration
Speaking of Solana, bitsCrunch recently announced the comprehensive indexing of all Solana blocks.
Pravin characterized this blockchain as “a powerhouse.” It distinctly outpaces several other chains in the field, he contended.
However, this integration was not an instantaneous feat. The team had to index over two terabytes of data.
Monumental news, #bitsCrunch community!
We are broadening our support to the @solana Ecosystem, offering comprehensive indexing & in-depth analytics for digital assets, gaming, marketplaces, and brands across the entire blockchain spectrum.
Our AI estimates digital asset value & identifies IP… pic.twitter.com/kAFzd78ZGp
— bitsCrunch (@bitsCrunch) March 20, 2024
Moreover, they engaged with the Solana Foundation last year. Their foundation and developer teams lent a hand to bitsCrunch throughout the indexing process.
“We sought technical assistance because, hitherto, we had been indexing EVM chains, and Solana presents a distinct challenge.”
Given that bitsCrunch is a burgeoning project, the team appreciated the retweet by Solana’s official account regarding the integration news.
“This exemplifies the trust and collaboration we share,” Pravin remarked.
Pioneering Efforts in NFTs
As the self-styled blockchain police, the team embarked on their journey within the NFT space.
The CEO mentioned that they made their mark during the NFT surge in 2021.
This period witnessed the commencement of fundraising activities, subsequently attracting significant corporate support.
While it was a propitious time for NFTs, with widespread acclaim for the sector, bitsCrunch opted to scrutinize the “darker aspects of NFTs.”
Notably, only a handful of projects have endured out of the multitude launched during that period. Some have burgeoned significantly, forging substantial partnerships within and beyond the Web3 sphere.
We will be providing IP protection services to Polarise, commencing with PolarFighters, the pioneering ERC-1000 standard NFT collection.
To commemorate this, we are offering 2 guaranteed WL spots to 2 fortunate winners. Further details forthcoming.
Participate here: https://t.co/G1nAS2EnZg
— bitsCrunch (@bitsCrunch) April 12, 2024
“We aspire to discern the virtuous from the malevolent,” Pravin articulated. The team is intent on investigating the wash trading dynamics within the sector and identifying entities solely focused on quick gains, while also scrutinizing the ramifications of money laundering infiltrating the NFT space.
Furthermore, the platform is not solely limited to over 200 prominent brands it has indexed thus far. Artists are also leveraging the platform.
They upload their artistic creations for indexing, enabling the platform to flag any malicious activities linked to them, including instances of theft.
Democratizing Data through Stake-and-Earn Model
An aspect worth highlighting about bitsCrunch is its decentralized nature.
Prominent data protocols – such as Chainalysis, Elliptic, Dune Analytics, and Nansen – are undeniably valuable but centralized, Pravin noted.
Accessing data from these sources can be arduous, time-intensive, and costly. Moreover, comprehension may pose a challenge post-receipt.
BitsCrunch aimed to democratize this process, Pravin emphasized. They sought to offer an accessible, swift, straightforward, and cost-effective service.
The company’s data package commences at $75 per user, Pravin disclosed.
“We aim to democratize data with just a few clicks,” he stated. “We are indifferent to your background or location. All that’s required is a wallet, which can be connected to the system, granting you access to API keys or dashboards within moments.”
However, having a diverse array of protocols, centralized and otherwise, is imperative to foster transparency and integrity within the space. This, in turn, will attract a broader audience and bolster adoption rates.
Contributors play a pivotal role within the bitsCrunch network.
This role enables participants to stake BCUT tokens for engaging in tasks ranging from simple content enrichment/annotation to more advanced contributions like code implementation or AI model development to enhance the… pic.twitter.com/7sejyR0MFO
— bitsCrunch (@bitsCrunch) April 12, 2024
Moreover, the team deemed the presence of a token as indispensable. Pravin emphasized that they never coerce individuals into purchasing BCUT; it’s all about the protocol and the value they bring to the ecosystem, he emphasized.
Currently, the coin is tradable on various exchanges, including Bybit, KuCoin, Gate, Crypto.com, CoinList, Uniswap, among others.
Additionally, individuals can operate nodes for bitsCrunch.
Presently, there are close to 50 node operators, in addition to over 700 individuals delegating tokens, with more than 7 million tokens staked on bitsCrunch.
Achieving this milestone within less than two months since the mainnet launch in late February, Pravin expressed gratitude and humility at such numbers.
Spotlight on the Gaming Arena
Pravin concluded by addressing the burgeoning popularity of Web3 gaming.
He noted that this realm has long been on the company’s radar. Discussions surrounding this domain have been ongoing since 2019.
Considerable capital has been injected into this sector over the years, with game developers securing substantial funding.
Every exceptional game is backed by extraordinary collaborations, and our partnership with @bitsCrunch is poised to be a classic! Envision gaming universes where every character and asset mirrors the dynamism and intricacy of the real world. Prepare to immerse yourself in a realm where innovation knows no bounds.…
— DrAhmetYasinTekin | $MOJO (@MDYasinTekin) April 16, 2024
Nonetheless, game development demands significant time and resources. “I firmly believe that this cycle will usher in a plethora of games,” Pravin asserted.
In this vein, bitsCrunch will explore a myriad of gaming initiatives, alongside real-world assets (RWAs) and NFTs integrated into the gaming ecosystem.
“I’m genuinely excited and eagerly anticipate this development,” Pravin expressed.
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About Vijay Pravin
Vijay Pravin serves as the Founder and CEO of bitsCrunch, a blockchain analytics and forensics company dedicated to fortifying the NFT ecosystem.
Originally hailing from India, Pravin has resided in Munich, Germany, for the past decade.