A platform that leverages AI to improve blockchain analytics is introducing a delegation mechanism to increase user engagement and security in the industry.

The Web3 sector, offering decentralized management and enhanced user control, has demonstrated significant growth and potential. Despite the challenges of accessibility and ease of use, particularly in interpreting raw blockchain data and ensuring comprehensive data accuracy, platforms like bitsCrunch are making strides in addressing these issues through innovative solutions.

Web3 Market Growth

- Market Value: The market value of Web3 was $1.86 billion in 2019 and is projected to reach $15.9 billion by 2031.
- User Base: Approximately 73 million gamers prefer Web3-based games, and nearly 50% of financial applications now incorporate Web3 technology.

Challenges in the Web3 Ecosystem

- Accessibility and Ease of Use: Users face difficulties interpreting raw blockchain data and may encounter fragmentation when using different data tools to access comprehensive blockchain data.
- Need for Forensic Analysis: Identifying suspicious transactions and ensuring data reliability across the myriad tokens and decentralized finance (DeFi) projects requires advanced forensic tools.

bitsCrunch’s Role in Enhancing Web3

AI-Enhanced Decentralized Data Analytics:
- bitsCrunch offers a community-driven AI-enhanced protocol for data analytics and forensics.
- It serves as an intelligence hub, compiling data in areas such as NFTs, DeFi, and GameFi.

Platform Features:
- Decentralized Community-Driven Data Platform: Developers can contribute algorithms, enhancing the reliability of data analytics.
- Customizable Platforms: Tailored to meet specific needs and branding of projects, promoting user engagement through gamified tasks.
- Delegation Mechanism: Allows users to participate in network security and decentralization without running nodes by delegating authority to expert participants.

Key Contributions:
- Fraud Detection: Provides precise statistics, valuations, and fraud detection, including insights into fake trading patterns.
- Historical Price Data API: Launched for Ethereum tokens, catering to crypto enthusiasts and traders.
- Unleash NFTs Platform: Helps users distinguish between real and fake trading volumes, making informed decisions about NFTs.
- Support for Solana Blockchain: Enhances ecosystem versatility and reach.

Delegation Process:
1. Bridging BCUT Tokens: Users holding BCUT tokens on the Ethereum network must bridge them to the Polygon PoS chain via the Polygon Bridge portal.
2. Delegation Steps:
- Connect digital wallets to the bitsCrunch network interface.
- Select a node operator and delegate BCUT tokens.
- Monitor authorization status and rewards through the bitsCrunch interface.
3. Undelegation:
- Use MetaMask for undelegation.
- Navigate to the operator section in bitsCrunch to access the undelegation tab.
- Confirm the undelegation transaction via MetaMask.

Incentives and Rewards:
- To celebrate the enhanced scalability through the delegation mechanism, bitsCrunch has doubled reward incentives for May and June.

Conclusion

bitsCrunch addresses the challenges of accessibility and ease of use in the Web3 ecosystem through its AI-enhanced data analytics and forensic tools. By providing decentralized, community-driven platforms and innovative solutions like the delegation mechanism, bitsCrunch enhances user engagement, promotes network security, and supports the growth of the NFT and DeFi ecosystems. As the Web3 sector continues to evolve, bitsCrunch’s role in fostering genuine user interactions and driving ecosystem growth becomes increasingly pivotal.