Decentralized NFT Data Network Empowers Communities and Makes Markets Safer

In the digital world, businesses, organizations and influencers are leveraging the latest technology and practices to reach their communities in a more direct way. Digital tokens and non-fungible tokens (NFTs) bring even more capabilities to make this happen.

Blockchain-based tokens, especially NFTs, can be used to create new experiences on Web3 to foster community engagement and foster a sense of belonging. This could be a game-changer for brand managers, digital artists, influencers, and any organization with an online presence.

In the past, initial coin offerings (ICOs) were the first choice for building communities around blockchain projects. However, widespread fraud has made this funding approach difficult. To avoid a similar fate, the NFT industry should stay away from fraud and price manipulation.

Using professional services such as bit crunch, NFTs are a safer marketplace, allowing digital artists and businesses to grow a vibrant community. Data analytics firms harness the power of artificial intelligence (AI) to help NFT issuers and holders manage the risks associated with wash trading, fraud, and unfair pricing.

sauce: bit crunch

Founded in 2021, bitsCrunch started with a traditional business model, but now aims to decentralize key processes in the data network. A big step towards this goal is to encourage active user participation to improve the service and ultimately make the NFT space safer for all parties.

BitsCrunch’s decentralized network is still under development. Address the challenges of NFT sales data analysis by collecting and enhancing data with advanced computational and AI algorithms linked to on-chain and off-chain resources. A community-driven network accepts contributions from developers who want to add functionality to the algorithm. By providing reliable statistics, accurate pricing, and fraud detection, the network helps her NFT users make informed decisions.

Incentivized testnet will allow users to contribute to a more secure NFT space

In keeping with the narrative of community participation encouraged among blockchain market participants, bitsCrunch has launched an incentivized testnet to encourage decentralization of revenue-generating products.

BitsCrunch’s data network will go through several stages of decentralization, initially focusing on the data queue layer. Our goal is to provide seamless and unlimited access to NFT data within the bitsCrunch network to improve user experience.

sauce: bit crunch

To achieve this, bitsCrunch seeks cooperation and input from operators, projects and users who will cooperate with us during the pilot phase of the network. The team behind bitsCrunch believes that the bitsCrunch community and current users are an integral part of the network’s development, and their close cooperation is highly expected.

To compensate participants, bitsCrunch will distribute 1% of the token supply as testnet rewards, paid in native token BCUT. Planned as a multi-phase, multi-year effort, bitsCrunch will allocate a portion of his 1% token supply to each phase as a reward. The team hopes that this approach will foster engagement and higher levels of interaction between bitsCrunch, its community and customers.

first round of Incentivized testnet It will start in June-May 2023 and will run until September 2023 when the mainnet is scheduled to launch. This effort accepts tests from both selected groups and the open community. In the first case, bitsCrunch is filtering testers by requiring them to go through her KYC verification and onboarding. The company said U.S. participants may not be eligible for token-based rewards due to regulatory considerations, but the network is exploring other forms of rewards. Candidates will receive an invitation to complete a form that is subject to closed group testing. Test tasks range from node setup and operation to API consumer onboarding tests.

The task includes Unleash NFTs Platforms, bug detection, node operators, staking and more.

Onboarding does not require KYC verification. However, to prevent Sybil attacks (attacks in which one person creates multiple accounts, nodes, or computers to try and take over the network), he will have a KYC or similar process implemented in order to receive the airdrop. .

BitsCrunch’s effort is a major step forward in preserving the integrity and value of the NFT community, showing how decentralization and active participation can make blockchains more secure.