We recently hosted an AMA in the Crypto Wizards community, on October 11th at 1 PM UTC. Check out what Saravanan, our Chief Data Scientist, had to say!
Introduction Questions Asked By Team Crypto Wizards
Q1. Can you briefly introduce the Project bitsCrunch?
Answer: We are a Blockchain Analytics firm, providing AI-enabled securing services to bolster the NFT Ecosystem.
We make sure NFTs are safe and secure
Our products include :
Liquify — Quickly assess the fair price for NFT’s
Crunch DaVinCi — Verify whether an NFT Digital Asset is forged or not.
Scour — Confront the wash trades within the marketplaces.
NFT MarketCap — Real-time NFT analytics for marketplaces and portfolio tracker
Q2. Could you please give a brief intro to the key features of bitsCrunch ? What are the advantages offered ?
Answer: Key Features :
We are a Cross-functional team with more than 25+ years of experience in Data Analytics & Artificial Intelligence and Blockchain.
- We already have all the NFT data since it’s inception.
- We blend our AI expertise with the Blockchain to bolster the NFT ecosystem
Q3. Can you share the achievements the team has made so far ? What are the major achievement targets bitsCrunch is yet to achieve? If possible also share your roadmap
- On-boarded Rarible and Polygon as Customers.
- Grown from being a participant in the Scaling Ethereum Hackathon to one of the SPONSORS for the Hackathon.
- NFT Market Cap and Liquify
- Scour application to Production release
- Token Generation Event
- Liquify beta release
Notable : We have closed deals with big players like Rarible, Polygon & Covalent.
Q4. Could you share a bit about security and also what benefits you provide to incentivize users to choose your platform?
Answer: We are offering our services in a SaaS (Software as a Service) manner!
Customers can stake our native tokens (BCUT) to avail our services.
More on our Tokenomics will be released in the coming months.
Q5. Now share with us about your native token, What are the some of utilities of $BCUT Token in Your Ecosystem?
Answer: $BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network.
It is designed to play a vital role in the functioning of the bitsCrunch ecosystem and is intended to be solely used as the primary utility token on the network.
BCUT token will have additional utility when we go into decentralization of bitsCrunch network and services. More details on this will be available in Q1–2022 with our white paper.
Questions Asked on Twitter For bitsCrunch Team
Q1. bitsCrunch is one of the top 4 AI companies in Munich, Germany that excels in Blockchain technology. But can you tell us how AI tech has helped in blockchain? How can you create value to NFTs, solve wash trading problems, etc.?
Answer: We have built the knowledge graph of all the NFT transactions, Our algorithms are capable of sensing the malicious transactions and prevents the wash traders from obtaining undeserving rewards.
We use AI to determine the Fair price of NFTs — that could give NFT enthusiasts a picture on their investment.
Q2. Something very interesting about the project is its characteristic of artificial intelligence to identify the transactions of identity impersonation but how does this product work and what relationship does it have with the native token? Will this service be paid or free?
Answer: We have built a model to identify the impersonation of artworks, thereby preventing the Provenance of the artist and the artwork. We are offering our services in a SaaS manner, wherein the customers can stake a certain amount of our native tokens to avail our services.
Q3. What is the structure of this project, is it decentralised or an open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Answer: As of now, the projects are handled by the bitsCrunch team (Centralised), going forward, we will be a DAO in the future, and open our products to the community and members can contribute from thereon.
Q4. What are your top priorities in 2021? Could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Answer: We are working on the NFT Market Cap product alongside Covalent, so NFT Market Cap and Liquify will be the top priorities for us in 2021.
We will also release our lite paper in the next few weeks.
We will begin the next year with the TGE.
Q5. Is the BitsCrunch project a global or a local one? Which market are you currently focusing on, or are you building and expanding to gain customers, users, and partners?
Answer: Obviously Global. We are focusing on the NFT marketplaces across different blockchains like Ethereum, Polygon, Avalanche.
Yes, we are constantly working on marketing for acquiring and onboarding the new business partners and customers.
Questions Asked on AMA Live Session
Q1. The BitsCrunch project has a series of products called Crunch DaVinci, Liquify and Scour so could you explain to me the main features of these products and what is the relationship that the native token has within the original BitsCrunch products?
Answer: Only if customers stake our native tokens they could use our products to secure their marketplaces
Q2. Revenue is a very important aspect for all projects, to survive and maintain the project / company. What is the way to generate profit / revenue of token? What is the income model?
Answer: SaaS model. We are generating some revenue already :)
Q3. How can I buy this token? Is it available on any exchange?
Answer: bitsCrunch Utility tokens (BCUT) has not been launched yet. You can expect the TGE early next year.
Q4. In their roadmap they mention something about a community of black artists empowered by providing NFT. Honestly, it gives a bad thought. Can you explain a little what you mean by this? I understand this happened in March, can you give us details?
Answer: We are not pointing at anyone here! We are proud that we support the Black Community! XX1Off is the community and we are working alongside them for tracking the individual artists portfolio.
Q5. Have you planned an ambassador program?
Answer: Yes, you will get an announcement this week
It’s time for Wrapping Up, any last words you would like to say to the community?
Answer: I would like to spread the message to the community that WE (bitsCrunch) are working on securing services using AI for safe guarding the NFT ecosystem ! Thank you everyone !
bitsCrunch is the Guardian of the NFT ecosystem. We are one of the top 4 AI companies in Munich, Germany that excels in Blockchain technology. We believe that blending a proven technology like Artificial Intelligence with Blockchain technology can do wonders and make the ecosystem much more safer and reliable ! Our mission is to create impactful insights from intricate data sources, by harnessing predictive analytical systems which are empowering organizations with actionable intelligence.
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