Project Reviews
Explore bitsCrunch, the AI-driven NFT data network fighting fraud in the blockchain world. Discover its team, tokenomics, and roadmap.
Blockchain technology has opened doors to innovations such as decentralized finance, exchanges, smart contracts, and NFTs. Due to strong community backing, there are thousands of cryptocurrencies, hundreds of blockchain platforms, millions of smart contracts, and billions of transactions. However, this rapid expansion has also attracted scammers who exploit the complexity of blockchain to manipulate trading volumes and prices, deceiving unsuspecting investors. Despite these fraudulent activities being documented on the blockchain, identifying patterns and gaining clear insights remain challenging for users.
Addressing this issue is bitsCrunch, a project dedicated to combating fraudulent activities. This decentralized NFT data network, enhanced by AI, aims to develop comprehensive data analysis and metadata tools to counter fraud and ensure accurate valuation of digital assets.
This month's review will delve into various aspects, including the founding team behind bitsCrunch, the $BCUT tokenomics, its product use cases, and the upcoming roadmap.
bitsCrunch hosts a data analysis platform in the blockchain and cryptocurrency sphere, harnessing the power of artificial intelligence and machine learning to identify fraud and data irregularities, specifically focusing on NFTs. This decentralized network addresses complexities in NFT sales analysis through sophisticated computations and AI/ML algorithms, drawing from both on-chain and off-chain data sources. Developers can actively contribute algorithms as a community-driven platform, enhancing its reliability. This gives users accurate statistics, valuations, and fraud detection, enabling well-informed decision-making.
Users can navigate various features on the bitsCrunch app. The features include:
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
As reported by CoinTelegraph, UnleashNFTs is pioneering a progressive approach via trustless and permissionless data access. This network adopts a layered architecture, encompassing data query, processing, acquisition, and storage. Its primary objective is to ensure trust and maintain decentralization. Participants are encouraged to contribute data and algorithms, enriching the ecosystem and safeguarding Web3 from fraudulent activities. As the network expands and accumulates data, its value in fraud detection and NFT valuation will significantly increase, enhancing community decision-making. bitsCrunch envisions that by harnessing precise and enriched data, its decentralized network will establish a new benchmark in data analysis, enabling well-informed decisions. The network's complete decentralization is anticipated over several years through carefully planned multiphase progress.
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
bitsCrunch has also gained significant media coverage and recently partnered with another Morningstar Ventures portfolio company, Unstoppable Domains, a leading provider of Web3 domains. The strategic partnership enables the integration of bitsCrunch's AI and cross-chain forensics tools for owners of 3.7 million Web3 domains. The partnership includes integrating Unstoppable's Reverse Resolution tools and transforming wallets into user-friendly domain names. bitsCrunch, featured in the Unstoppable Marketplace, utilizes AI to enhance user experiences, offering services such as accurate NFT valuation, IP infringement detection, and fraud pattern identification.
Another 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.
The collaboration between DappRadar and bitsCrunch aligns with their shared goal of providing high-quality tools to the Web3 community. They aim to establish the World’s Dapp Store, fostering active participation and mutual benefits for everyone involved.
The bitsCrunch platform harnesses advanced computations, AI algorithms, and data from both on-chain and off-chain sources, including IPFS metadata. Its decentralized nature empowers community developers to contribute algorithms, refine data, and explore new applications. By providing reliable statistics on NFT marketplaces, it prevents fraudulent activities and ensures accurate valuations through ML algorithms, thus advancing NFTs in the DeFi sector. The platform simplifies NFT sales analysis, enhancing accessibility and insights for users. Beyond NFTs, it monitors cryptocurrency prices, analyzes social media sentiment, and predicts market trends. With continuous contributions from developers, it becomes more robust, versatile, and valuable across various applications.
bitsCrunch offers a diverse range of features and data that have proven valuable to various industries and projects. These applications include:
Image Source: bitsCrunch Website
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
bitsCrunch has ambitious plans for expansion, spanning its product offerings, services, and market outreach. Their upcoming products and services will prioritize regulatory compliance, risk management, and fraud prevention, emphasizing a commitment to a secure and transparent blockchain ecosystem. Moreover, the team is on a trajectory toward achieving complete decentralization within the next three years, enabling data enrichment and fostering a stronger community. Notably, bitsCrunch is already diversifying its offerings into the DeFi segment, with upcoming products and services including Wallet Reputation Score, Token Reputation Score, Address Interaction Visualization, Historic Token Price,, and more, further bolstering 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/
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