Genfinity interviewed Tokenicer last week to discuss his take on current on-chain data difficulties, how he entered the Web3 space, and what makes ChainStats unique for the crypto community. He also covered how the STATS token will be utilized within the platform. If you are interested in a new way to source data, read below for more details!
What is ChainStats?
ChainStats seeks to expand on-chain data applications within blockchains. Their ecosystem includes the platform, Node Portal and the STATS token. The platform, an all-in-one tool, empowers you to utilize on-chain statistics for research and analysis. The Node Portal acts as a central hub by gathering data from diverse DLT ecosystems. It offers tailored services for enterprises, such as integrating private consortium DLTs or extracting validated data for personal applications.
Their aim is to make blockchain data versatile for market analysis, research, and aggregation. The platform allows you to monitor exchanges and wallets, accessing analytics on activity and development in various blockchain ecosystems. Regardless of experience level, you can easily navigate their platform.
Chainstats whitepaper states that the blockchain space is expected to grow at an 87.7% annual growth rate. Big data is also forecasted to grow to $745 billion USD by 2030. The company is grabbing the opportunity to mirror both markets with tokenizing on-chain data and providing compensation through node operators through the STATS token.
Furthermore, big data is currently aimed at enterprises and higher net-worth individuals, but you can easily access the same data that they are using for your investing needs.
What makes ChainStats stand out?
Per Tokenizer, ChainStats will allow the community to decide which blockchains to integrate and what data to display through voting with the STATs token. They are different by focusing on being community-driven. Users like you will have a say in the platform development rather than just being a mere subscriber. It also aims to directly source data rather than rely on APIs to avoid incorrect data.
“We want to make it so that the community has a say in every part of it. So, let’s say our platform is officially launched a year from now…you guys want to see some more advanced statistics…you guys can vote for your favorite blockchain ecosystems.” -Tokenicer
Moreover, the ChainStats team comes directly from the crypto community, having direct experience with trading and tracking on-chain activities. Tokenicer states, “Coming from the crypto space, our team understands user issues and data distrust.”
Because Web3 is a relatively new industry that has only surged in popularity over the past few years, you may have experienced scammers! This experience is common. Moreover, you may want to work with a data company that has encountered the exact data issues that you have also experienced.
What is the STATS token?
The STATS token within the ChainStats ecosystem unlocks access to on-chain data for participants like you. It serves as a utility token, providing various functionalities for data utilization. However, it’s crucial to understand that STATS is strictly a utility token and not an investment in ChainStats, Inc.
The purpose of the STATS token is to facilitate access to on-chain data and enable various transactions within the ecosystem. It will be used for subscriptions, data access passes, rewards for data validation, NFT purchases, and governance participation. STATS token governs all operations within ChainStats, including subscriptions, fees, utilities, and voting for the ecosystem’s advancement.
Furthermore, Tokenicer noted that the STATS token will allow you to vote on integrations and analytics. All payments like subscriptions will be converted to STATS. This will keep the token at the core of the ecosystem. You can vote and pay for premium features. Additionally, businesses can get customized dashboards using the STATS token.
The STATS token offers various utilities and benefits to you, including premium subscription access to the platform. It serves as a required access key for data validation by Chain Guardian NFT holders and rewards them for their contributions. Additionally, the token plays a crucial role in governance decisions and offers discounts on your ChainStats merchandise.
Looking forward
Tokenicer notes blockchain’s expansion beyond its inception as a peer-to-peer exchange of assets. He notes that many industries are moving to blockchain from finance to the supply chain. He mentioned that CBDCs are also a hot topic. Regardless of the industry involved, all the data will be exchanged on-chain.
“Every transaction that goes on the chain gets minted on the blockchain, and it’s immutable for the rest of the history of that network. So, we believe that’s a very powerful tool that can be used far beyond just in crypto transactions.”
Have you used the ChainStats platform? Leave a comment below!
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