Blockchain Transparency
Most blockchains are built to be transparent, meaning you can retrieve the transaction details without requiring to ask for permission to do so. Whether you’re an investor, software developer, or just a typical user, one should first gain insights about whether their involvements are going to be worth it.
The activities within a blockchain ledger is full of unorganized data that cannot be easily summed into information of value. Data is the new oil! Get insights into what activities are happening and that’ll provide a point of reference as to where the state of a particular blockchain initiative is at.
Curiosity Strikes
Blockchain enthusiasts can go about hypothesizing how often each transactions occur on any blockchain.
Software Developers within this subset of enthusiasts go write all the beautiful code that interacts with the blockchain, test and retest their work, and then roll them out to the wild to let real-world market forces take hold. Sometimes it’s prestige, more often than not, for economic wealth incentives.
Don’t Just Build, Ask Why are We Building This!
Speculative Investors might think certain activities are happening hence the entire blockchain is valuable, and priced them according to what they hear on social media, without actually researching on what’s actually really transacting within the network to give it the network effect value that it deserves.
Don’t Buy a Token, Ask Why is it Valued this much
Common Users trying to choose between using Wallet A with blockchain A vs. Wallet B with blockchain B, to perform certain activity of value, maybe tipping a writer, buying coffee, might be wondering whether this service will even be around in a few months*, given all that effort to sign up for a wallet offered.
Don’t Just Use any Service, Ask whether it will Prevail
* NOTE: In recent developments this is going away with multi-coin wallets with swap capabilities over centralized/decentralized exchanges
Transaction Patterns
When we’re bootstrapping to have KysenPool to run and test a distributed blockchain ledger, we realized that most of these chains aren’t recording anything in each ledger since it’s such a nascent space. Our validator (or baker or block proposer) were signing and confirming empty blocks.
From observations, we saw these transactions recorded on the chain:
- A new Wallet is created (quite often)
- Send a finite amount of tokens from Wallet A to Wallet B (quite often)
- A transaction was attempted but failed (quite often)
- Announcements such as exchange ratios between two tokens (often)
- A native blockchain operation such as delegating tokens (often)
- A new program or smart contract is registered (not very often)
- A native blockchain operation such as reward withdrawals (rare)
- A blockchain name registration as a legitimate operator (very rare)
- A governance action such as proposal submission or a vote (very rare)
The list goes on…
Benefits of Visualization
While staying curious, folks at KysenPool began working voluntarily on an insights dashboard to reveal the activities with the Cosmos Network. We discovered really interesting insights on network activity around transaction throughput per day and decided to visualize it to be made public to the community. Hence, CosmosOutpost.io was born.
Below are some screenshots from which it was first designed
What would you like to see?
I often wonder how useful this might be to you and what you’d like to see in additional (or instead of) what’s available now on CosmosOutpost.io
Drop me a message on Twitter or a comment at the end of this piece and let’s start a conversation about this.
Official Channels
Twitter: twitter.com/KysenPool
Medium: medium.com/kysenpool
Telegram: https://t.me/kysenpool
WeChat: KysenPool
LinkedIn: www.linkedin.com/company/kysen-technologies
