“The fundamentals of Bitcoin are payments and data,” says Fueng Li, founder of BSV data analytics platform BSVdata.com. Watch this week’s episode of The Bitcoin Bridge to hear all about why that’s important and catch up on some of the latest developments coming from China.
There are four aspects of Bitcoin that will emerge to form a new market: data computation, storage, sharing, and pricing. “My work is around these four aspects but first I have to discover what’s happening on-chain,” Fueng says.
Fueng registered the domain for BSVdata shortly after the 2018 BSV/BCH split, realizing that a dedication to big blocks and focus on data processing would someday create entirely new markets. Bitcoin is the future of data and economics, he says. It will change how users and corporations deal with data, and that’s BSVdata’s mission. The company’s aim is to build products and services based on the four aspects mentioned above.
BSVdata shows bright visual representations of the data flowing through the BSV network. It charts their progress by app, by protocol, and by service type (since BSV’s model allows for a wide variety of use cases from finance and payments to social media and enterprise-tier contracts).
It’s not a “block explorer” like most other blockchain data sites. BSVdata isn’t a transaction detail tracker or fee/block size recorder, and it doesn’t compare BSV to other similar networks. It’s interested only in what’s happening on the BSV chain.
In the interview, Fueng shares some of the reasons why this is important to know, and how it’s useful to projects looking for the best ways to get involved with BSV.
Data sharing, analytics and cloud
Interested users can check out and compare usage statistics for different data standards and protocols/tools, choosing the one that’s best for their own app. It could also help them understand their customers’ and users’ behavior.
BSVdata also helps to incentivize “honest economic activities,” since its data is straight from the blockchain and provides a more accurate view of what’s going on than existing (non-blockchain) sites like Alexa or Appannie. The company also plans to build services based around auditing, tracing, and regulatory compliance, as well as customized data monitoring tools based on shared (i.e., non-encrypted) data.
Cloud computing these days is dominated by cloud servers and containers, which makes them difficult for outsiders to analyze (and subsequently, guarantee how accurate any data gathered is). The same is true for trading data and exchanges—how does anyone know if it’s “real” or not (hint: it often isn’t).
More open records, such as government records and non-confidential business activities, are stored publicly on the chain, making them traceable and auditable. BSVdata also aims to build tools to analyze this information.
Watch the full interview to hear Fueng’s thoughts on some of the current BSV network activity, as well as his thoughts on the ecosystem in general, its growth in China, and what he thinks is necessary for continued healthy growth.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.