Blockchains support a lot of diverse use cases like NFTs, DeFi, DAOs etc., through DAPPs and smart contracts. Most smart contracts store an immutable state on the blockchain in a blockchain-specific data format.
These datasets on blockchains are in the order of several terabytes growing by several gigabytes daily. From a data analytics perspective, these datasets offer valuable insights into smart contracts. These insights help with several things. To name a few:
- Make DeFi / NFT trading decisions
- Track the performance of the smart contracts for data-driven development
- Share critical info stored by smart contracts in a transparent and verifiable way with the community
Accessing the data is technically challenging as it takes specialized skills to handle large amounts of data. And it’s complex as it takes a deep understanding of the implementation details of a smart contract to translate blockchain-specific data format to relevant high-level concepts. Because of the challenges, it often takes a team of data engineers within a Web3 company to build custom data pipelines for them to draw insights.
MakerDojo solves this problem by offering a conversational analytics platform where interested users can draw insights without needing technical skills. Users can ask for insights in spoken English on the platform and get relevant plots back as an answer. After which, users can add those plots to dashboards that can be private, public, or embedded. MakerDojo also offers advanced use cases like setting alerts on data trends, joining the on-chain data with off-chain private datasets, etc.
At MakerDojo, we believe that data is critical to building great products. As Web3 sees wider adoption, we would like to help the ecosystem by enabling anyone to draw insights from blockchain data through our platform.
PS: 0th block on any blockchain is called the Genesis Block, and this post is the genesis post of several to come.