Logic and Value of the Encrypted Data Index Market in FUNGRAM’s Opinion
Data has always played a vital role in the blockchain world, for example, the information reflected by the data on a public chain has many references for secondary market investment and the operation of the public chain itself. Although the public chain data is naturally open and complete, data providers can help avoid the investment cost of nodes, thus giving birth to such leading companies as Coinmetrics and Chainanalysis.
At present many data providers label the source of addresses on the exchange chain manually or algorithmically and monitor the exchange’s deposit and withdrawal activities. DApp data is a newly emerging field in the crypto market, and developers have to track DApp data and rankings to know user preferences, keep an eye on market trends and changes in competing product data, and optimize the product experience by adjusting product development strategies in a timely manner and analyzing DApp data indicators in multiple dimensions.
In the past, the pain point was that the state of smart contracts on almost all public chains and the blockchain data generated by DApps often did not provide an easily accessible data interface, and it was therefore difficult to convert the data into a readable format. Most of the information was stored in the form of logs presented by logical mechanisms like event trigger (for example: the token balance of a wallet address).
Most project parties and developers, in other words, need a way to query, obtain, and transform data from basic data sources, and also to store data in a format directly used in applications, but the market used to be extremely lacking similar products and services.
According to statistical data, although the Ethereum network has fewer than 1 million transaction records per day, developers query the Ethereum Laas platform Infura more than 10 billion times a day, but the platform does not provide indexing services. The official Ethereum clients Geth and Parity are able to meet some of the requirements, however, they neither provide powerful search functions nor expand large-scale queries in any way.
The important difference between data and other production factors is that the endowment of data is a “public attribute” of incomplete privatization, an attribute that determines the necessity of a broader connotation and extension for the infrastructure carrying its liquidity, instead of the limitation by the traditional processing methods of a single data format, a single asset type, a single clearing mechanism, and a single vertical field. The infrastructure inevitably requires comprehensive processing capabilities covering multiple types of data sources, multiple structured data, multiple stakeholders, and multiple computing configurations.
In this context, the API-based data index market emerges at a historic moment. The API encapsulates all data, functions, and services into a black box, and developers can, according to their own needs, use it easily only by calling an interface call.
As the search network of Web3.0, FUNGRAM has attracted close attention to the market. By establishing index computing power and distributed storage resources, FUNGRAM has become the search root node and resists the data hegemony of Web2.0, making the return of rights and interests monopolized by giant platforms, i.e. Google and Facebook, to the public, and Web3.0 belongs to all the aborigines who pioneered digital civilization.
Compared with Google, FUNGRAM has different approaches but equally satisfactory results, only difference in the application areas. The traditional Internet is inseparable from accurate search engines, so as to obtain the data we need. Similarly, a powerful indexing protocol is also needed in the world of blockchain to adapt to continuous growth.
By utilizing such innovative technical solutions as the underlying Multi-Overlay algorithm and homomorphic encryption technology, secure multi-party computing (SMC) and smart contract data management, and Federated Learning, FUNGRAM has solved the problem of failure to obtain gains or collaboration from the protocols, making it possible to build server-free decentralized applications on the public underlying network.
FUNGRAM also encourages independent and rational participants to store and index the subset of a large number of data sets, and ensure that these query providers return valid responses (instead of wrong results) and if any, the indexer will return wrong response and severe punishment will be imposed. Assuming that the indexer has lied, the blockchain will reduce the FUN pledged by the indexer and reward those who report malicious behavior so that token holders are liable for the services they provide.
Starting from accumulating index computing power and storage resources, users purchase indexers as primary nodes, and obtain index computing power through FUN fuel in the early stage, and perform data mining to produce FIT. Then users can upgrade FIT to resource nodes, and participate in-network services (indexing service, transaction data, bidding ranking, etc.) to earn equity token FUN of decentralized search network, which finally becomes the search root node based on Web3.0 distributed search network.
Most of the existing similar platforms in the blockchain indexing field represented by Dune analytics and defuse are centralized solutions, indicating that they operate their own servers, resulting in the risk of security and operation suspension, accompanied by expenses such as server rents, increased cost of the application. As data analysis and indexing platform for issuing tokens, FUNGRAM has also demonstrated its comparative advantage in community construction and influence and has been a project worthy of long-term attention in the economic era of Web3.0 data.
