Nodes — Time-Consuming, Resource Intensive, and a Distraction From Your Core Product
Trusting PARSIQ for Your Data Needs is the Fastest Way to Market
Welcome to Web3 🤝
For new projects which decide to launch into the Web3 space, it doesn’t take long for teams to realize that getting data from the blockchain will be essential to the functionality and durability of their new venture. With new core products for dev teams to focus on, and time to market so critical — every minute spent on the peripheral (but necessary) details, can be costly and inefficient.
Amongst these Web3 peripheral details is the need to grab reliable and dependable data from the blockchain. Ultimately, what is a Web3 business or decentralized application (dApp) without any on-chain data?
Upon this realization, new projects may look into various options — one of which being the hosting of their own node. After all, running a node does contribute to the spirit of blockchain and decentralization, and brings a certain level of assuredness of the availability that is needed to support the new project. But is this really the best approach for new Web3 businesses?
A Time-Consuming Path — Setting Up Your Own Node
Admittedly, setting up your own node is not the most complex of activities, although it is one that does take time, additional resources, and energy. As well, once the node is up and running, there will always need to be one (or more) persons who will need to be dedicated to ensure that the node continues to run smoothly, and that any issues (related to space, performance, or otherwise) are addressed timely. Lack of doing so would have negative impacts on the rest of the project which may be relying on these node(s) to provide information to their customers and end-users.
As an example, spinning up an Ethereum node from scratch will require some upfront costs. This includes the initial acquisition of a dual core CPU, some RAM, a (very big) hard drive, and a strong internet connection with decent bandwidth. Of course, there are also indirect costs — including physical storage (where the node will actually be sitting in the real world), energy bills, as well as the time and salary of the individual working on this task.
New projects who wish to establish a node for the sole purpose of grabbing data from the blockchain will need to go through the process of acquiring this equipment, as well as making various decisions on which client to run, the type of node to operate (in the case of Ethereum — Full, Light, or Archive), and then reacting as needed to get the device up and running. Factoring in the fact that the initial sync of the node could take anywhere between several days to several weeks (depending on the approach, blockchain, and internet connection), and the project will have spent precious time setting up something that isn’t even their core offering (although extremely critical).
Adding in the knowledge that there is a need to continue to monitor and maintain this node, projects may begin wondering if there are other options for something that must be so fundamental to the Web3 space.
Tsunami API, Data Lakes, Custom Endpoints For Everything You Need Across Multiple Chains
PARSIQ has recognized the common data infrastructure problems which all Web3 projects face at launch. Understanding this, the we’ve built a comprehensive API — which continues to be refined in terms of performance and the amount of available endpoints. Further, understanding that many projects are (or aiming to be) multi-chain, PARSIQ’s Tsunami API has been built such that Web3 businesses which require streams of data from multiple chains can get them all through one API — Tsunami.
In contrast to projects setting up their own node — for which they would need to set up one for each chain which they might want to operate on, PARSIQ has simplified the entire process for them. All through one API.
Going beyond Tsunami, the Company recognized that each Web3 project is unique, and that not all of the available endpoints may satisfy a new project’s needs. It is with this understanding that the concept of Data Lakes was born, which offer project-specific API endpoints that are designed exclusively to meet the data needs of their customers.
While PARSIQ knows that there are other API providers out there, as well as RPC node solutions and other blockchain data infrastructure businesses, this is a highly tailored customization is not regularly offered as part of onboarding a new customer. PARSIQ knows that while standard APIs may often be adequate, to fully meet the demands and needs of the customer, customized solutions need to be built to match the requirements of their business.
The Future is Multi-Chain
As in Web2, Web3 data needs will only continue to grow from here on out. Each passing day brings new advancements in the decentralized space, and new chains, more blocks, and more information to be pulled into dApps and other Web3 businesses.
Many projects who wish to establish themselves in the industry will face significant headwinds up front. The hassle of setting up their own node(s) only serves to be a distraction — and can be easily remediated by working with an established API provider. With so many solutions out there, it is also important for Web3 projects to plan in advance — especially if they decide that a multi-chain future may be in store for their product.
By leveraging PARSIQ, as well as the unique customization which the company offers through designing endpoints that meet the specific needs of Web3 businesses, projects can at a minimum ensure that the acquisition of data can be the least of their worries when launching a new project.
Excited to extract data from the blockchain? So are we! For more information on the Tsunami API and custom Data Lakes, reach out to bdteam@parsiq.net.
To check out everything that the Tsunami API can do — check out our docs here. Make sure to bookmark and visit regularly for updates!
