Vijay Pravin, the CEO of bitsCrunch, a decentralized NFT data platform powered by AI, recently spoke in an exclusive interview with Cryptonews. He discussed the importance of data and why his team refers to themselves as “the blockchain police.” Pravin emphasized the role of AI and ML in blockchain analytics, as well as the significance of data integrity and transparency in NFT markets. He also touched on navigating the regulatory landscape, staking mechanisms, sustainable economies, network security, and anti-fraud efforts.
As the founder of bitsCrunch, Pravin described the company as a data analytics firm that specializes in providing insights for non-fungible tokens (NFTs) and digital assets across multiple blockchain networks. Using AI technology, their decentralized data platform enables developers to create NFT applications. Pravin explained that their mission is to enhance blockchain transparency and support individuals like ZachXBT, a well-known on-chain researcher, by simplifying complex blockchain data. By doing so, they aim to empower more individuals to participate in the blockchain ecosystem.
Pravin also highlighted the company’s efforts in investigating and combating on-chain malicious activities such as wash trading and money laundering. He gave examples of how bitsCrunch helps brands protect their intellectual property by identifying instances of infringement within the NFT space. The company has already gained customers in both brand IP protection and data analytics.
Regarding the convergence of AI and cryptocurrency, Pravin stated that while AI has been around for over a decade, its recent growth has been unprecedented. bitsCrunch has been at the forefront of using AI to clean up the blockchain space. Pravin believes that the combination of AI and crypto has limitless potential and can be applied to any field. He emphasized the value of data and the role AI plays in identifying malicious patterns in the blockchain.
Pravin expressed his optimism about the future of AI and blockchain, particularly with the potential approval of Bitcoin and Ethereum ETFs. He believes that the integration of AI and blockchain will be significant and that bitsCrunch is well-positioned to capitalize on this momentum. The company has already indexed five chains and plans to expand its data analysis to other chains in the future.
Recently, bitsCrunch announced the indexing of all Solana blocks, describing Solana as a leading blockchain. Pravin explained that the integration process was challenging but successful with the support of the Solana Foundation. He expressed gratitude for the collaboration and trust between the two organizations.
Pravin discussed the company’s initial focus on the NFT space, particularly during the NFT boom of 2021. While many praised the sector, bitsCrunch aimed to explore the dark side of NFTs and investigate issues such as wash trading and money laundering. The company has indexed over 200 massive brands and artists on its platform, allowing them to detect any malicious activity related to their art pieces.
One of the key aspects of bitsCrunch is its decentralized nature. Pravin emphasized that while other data protocols are centralized and can be difficult to access, bitsCrunch aims to democratize data by providing affordable and user-friendly services. The company’s data package starts at $75 per user, and all that is required is a wallet to connect to the system. Pravin believes that transparency and integrity are crucial for the industry’s growth and adoption.
bitsCrunch also has its own token, BCUT, which is traded on various exchanges. Pravin clarified that the company focuses on adding value to the ecosystem rather than asking people to buy the token. He highlighted the participation of nearly 50 node operators and over 700 token delegators, demonstrating the community’s engagement with the project.
Finally, Pravin touched on the gaming industry within the Web3 space, stating that it has been an area of interest for bitsCrunch since 2019. He believes that this sector will see significant growth and that the company will explore gaming, real-world assets (RWAs), and NFTs within the gaming ecosystem.
Overall, Pravin’s interview highlighted the importance of AI-enhanced decentralized data analytics, blockchain forensics, and staking mechanisms in the blockchain industry. bitsCrunch’s efforts to enhance transparency, integrity, and accessibility in the NFT space position them as a key player in the evolving blockchain ecosystem.