Digital tokens and nonfungible tokens (NFTs) are being used to foster deeper connections between companies, organizations, and influencers, and their online communities. Thanks to NFTs, there is now an even wider variety of ways to engender a sense of belonging and engagement in Web3. But with such technologies comes the need to ensure their safety and reliability.
BitsCrunch has emerged as a solution to this challenge. A data analytics company founded in 2021, BitsCrunch allows NFT issuers and holders to manage risks and avoid undesirable practices like wash trading, price manipulation, and fraud. BitsCrunch relies on artificial intelligence (AI) to collect data and refine it through advanced computational and algorithmic analysis. This results in high-quality, reliable statistics, precise pricing, and effective fraud detection.
BitsCrunch is far more than a traditional data network. It is a blockchain-based, decentralized platform that relies on active user participation. Its decentralized network is a work in progress and will provide total access to NFT data, both on-chain and off-chain. In its final form, it will allow developers to add functionality to the algorithms and improve the accuracy of the data analytics.
To fully decentralize its operations, BitsCrunch has launched an incentivized testnet. The main goal of the testnet is to achieve unrestricted access to the NFT data within the BitsCrunch network. By collaborating and engaging with users, the company believes it can achieve its goals and provide additional valuable insights into NFTs.
In order to encourage engagement and interaction between BitsCrunch and its community, it is offering token-based rewards to incentivize participation in its testnet. The rewards, which will constitute 1% of the company’s token supply, will be distributed across several phases over a multi-year period. The first phase of testing will begin in May 2023 and end in September 2023.
Candidates can earn rewards by participating in a variety of tests, such as node setup and operation, API consumer onboarding testing, and testing the Unleash NFTs platform. It is important to note that participants in the United States may not be eligible for token-based rewards but can still receive remuneration by other means.
By creating a decentralized, AI-powered data analytics platform, BitsCrunch is revolutionizing the NFT data analysis space. Its community-driven platform will empower users to make informed decisions and make the NFT market safer for all participants. Additionally, its incentivized testnet provides an opportunity for individuals to participate in the nascent Web3 industry and earn rewards for their contributions.
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According to https://cointelegraph.com/news/decentralized-nft-data-networks-empower-communities-and-make-the-market-safer
The material in this article is written on the basis of another article.