Q&A session with Danil Yakovlev
What is CryptoEYE?
CryptoEYE is the news and market data provider based on artificial intelligence that can be customized for each user. It was developed to help investors and portfolio managers follow a complex and unstructured world of cryptocurrencies.
What are the main features of CryptoEYE?
With CryptoEYE, you can receive a customized feed of the latest news, which is related to your interests or current portfolio. Additionally, we provide you with accurate market data and advanced charts of hundreds of cryptocurrencies. If you need a glance at the market, just check our family of cryptocurrency indices — Blue Coins, Second Tier, and three others for every sector. In-depth analysis of coins and tokens is available in Crypto Wiki.
Who is the target audience of your platform?
CryptoEYE’s features are best suited for investors, traders, or asset managers. They who need information right at their fingertips to know what’s happening in the markets right now.
So is your product developed exclusively for professionals?
Not at all! While professionals get in-depth market data, advanced news filtering and opportunity to develop trading strategies with the help of backtesting, cryptocurrency newcomers and enthusiasts can benefit from understanding the basics of every cryptocurrency or blockchain project via Crypto Wiki. Powered by Big Data and AI, CryptoEYE acts as a digital financial advisor delivering all the latest news and the most accurate market data from various sources. We believe that CryptoEYE can become a homepage for every crypto trader or investor.
What do you mean by “backtesting” trading strategies?
Assume you need to know what will happen to the price of Ethereum if some event repeatedly occurs in the market or some pattern appears on a chart? Backtest helps you find a detailed answer with a variety of metrics: returns, volatility, maximum drawdown, trading frequency, and so on. It is an efficient way to build your own trading strategy and start earning money
What gave you the idea to create such a platform?
Back in 2017, our team faced a problem while researching the cryptocurrency market. There were no solutions available for receiving the latest news and reliable market data in one place — something akin to a Bloomberg Terminal. The demand for a professional analytical instrument resulted in the concept of CryptoEYE.
Will it be free or do I need to have some ZCN to use it?
The basic features such as news, market data, charts or Crypto Wiki are absolutely free and available for any user. Yet there are paid services that offer advanced analytics to be used for trading or in asset management. Zitoken (ZCN) is a payment token, so customers can purchase our services with ZCN, fiat money or any cryptocurrency such as Bitcoin or Ethereum. Users have an opportunity to hold tokens and get 50% off the price or just pay with ZCN and receive 30% discount.
How do you plan to monetize it then?
Our main sources of revenue are expected to be advertising and sales of analytical products of CryptoEYE.
And what is the current status of development?
Most of the features are already available at CryptoEYE.com. On the website, you can check the most relevant news, trading and market data, Crypto-wiki, crypto-indexes, investment calculator, and currency converter.
May I know what is the main goal?
CryptoEYE is designed to make your cryptocurrency journey comfortable, simple, and straightforward. Whole crypto space in one place — it is the phrase that accurately describes our information portal
Could you tell us about the problems you encountered while developing this product?
CryptoEYE has to overcome two technical challenges — ETL (extract, transform, load) and data processing. The first challenge is all about aggregating different data sources with different APIs, data streams, content structure and so on. Our team develops a scalable, robust infrastructure to obtain and store consistent market data or relevant news. The second challenge is how we work with the large volumes of information. With regards to market data, one of the key features of our system is its fault-tolerance that allows to handle all API downtimes or errors originating from exchanges.
How does CryptoEYE aggregate information? Describe the mechanics in more detail, please.
CryptoEYE uses a set of crawlers, which aggregate the market data from the major cryptocurrency exchanges (more than20 at the moment) and news from various sources. Raw data processing takes several levels (transformation, classification, calculation, storage) to finally come up with the information that is ready for the user.
What sources do you use to collect information?
CryptoEYE aggregates information from millions of different sources including Twitter, Facebook, crypto news sites, blogs and forums, and Telegram channels
What about advertising? Is it eliminated during data collection?
Yes, our system is capable of detecting and filtering out paid publications and advertisements.
What is the mechanism for building my own news feed?
At the moment, you can use basic filters on our website to customize news. Later, we will introduce the fully functional CryptoEYE account, which can provide you with news based exclusively on your portfolio, interests or preferences, or even sophisticated queries created by yourself
What is the calculator feature on CryptoEYE and how does it work?
Calculator is a very simple, yet very useful tool. If you want to estimate your potential performance from having invested a particular amount of money in digital currency or cryptocurrency index some time ago, our calculator is the most convenient tool for it. Moreover, you can analyze the difference between performances of two different assets of your choice.
What other features do you plan to implement at a later stage?
In the near future we plan to expend our analytical tools which help our users to filter the flow of news and other important information according to their specific needs. One can receive news related to his or her portfolio (for example, only about Bitcoin, Ethereum, and Ripple), another one can follow the Bitcoin regulation news, someone else may want to test a pattern of events, after which Ethereum price grows up.
Do you have tools for promoting projects on the platform? Something like a marketplace?
CryptoEYE is projected to have a marketplace of investment products (at the first stage, funds created with BAMP) where users can pick the most suitable fund or trading strategy and earn money from investing. For fund managers, CryptoEYE will become a steady source of clients.
Will it be possible to invest directly from CryptoEYE?
Of course! Imagine having a convenient cryptocurrency financial supermarket!
Nice solution. Is it possible to track changes andportfolio statusin real time?
Yes — all information regarding portfolio performance is updated in real time.
Do you plan to develop a mobile application?
Yes, we are planning to launch a mobile app for CrytpoEYE in 2019.