During Token2049 in Singapore, Ouke Cloud Chain Research Institute was invited to participate in the Corporate Alternative Asset Investment Summit 2024 hosted by Bloomberg and had in-depth exchanges with many experts on future data forms and prospects.

After the event, Lola Wang, head of the Ouke Cloud Chain Research Institute, and Jason Jiang, a senior researcher, published a signed article “How to measure the true value of on-chain data?” on Dagong.com. 》, conducted an in-depth analysis of the open value and application potential of on-chain data in the Web3 ecosystem。

1. On-chain data usage is a key indicator for measuring Web3 applications

Just like the number of active users (DAU) and page views (PV) are used to evaluate platform activity in the Web2 era, on-chain data usage also shows the true vitality of Web3.0 applications.: It not only includes on-chain transactions, but also focuses on multi-dimensional data such as user behavior, smart contract execution, on-chain interaction and voting during the process, reflecting the comprehensive capabilities of Web3.0 applications in terms of user stickiness, interaction quality and innovation and expansion.

According to incomplete statistics from the Ouke Cloud Chain Research Institute, there are currently more than 1,000 public chains on the market.Take OKLink as an example. In just a few years, it has accumulated 2,000+TB of on-chain data, which is equivalent to 660,000 movies, 1 billion photos and 2 billion e-books.

Image source: OKLink

In addition to public chains, other types of blockchain projects are also paying more and more attention to the usage of data on the chain. Take Ant Chain as an example. When it first explored blockchain technology, Ant Chain focused on increasing on-chain transaction volume, but recently when it introduced its first RWA product to the outside world, it focused on the increase in on-chain data usage for the first time: By 2023, Ant Chain The number of data reads on the chain has reached an average of 100 million times per day. therefore,Regardless of whether it is a public chain, a consortium chain, or a private chain, although there are differences in technical architecture and development paths, the amount of data used on the chain is an important indicator for measuring the activity and value of blockchain applications.

But similar to other types of data, on-chain data can truly show the real usage of its corresponding blockchain, but it cannot directly create value. Therefore, it has become more important to refine and analyze the originally “visible but unavailable” on-chain data and further provide better-use data productivity tools to stimulate more powerful data co-creation.Hong Kong-listed company Ouke Cloud Chain (01499.hk), as a local on-chain data service provider in Hong Kong, can provide more than 50 mainstream public blockchain browsers, data API services and the latest on the market based on its huge on-chain data reserves. The EAAS (Explorer As A Service) service for technology developers continues to improve the efficiency of data usage on the chain and release the value of data.

Image source: OKLink

From this point of view, whether it is Bloomberg, which serves the traditional financial market, or Web3 Technology Company, which is deeply involved in the on-chain data track, mining the value of data is what they have in common.

2. The open value of data on the chain is far beyond imagination

Of course, these are not enough to fully unleash the application potential of on-chain data.

When more and more social production and economic activities begin to migrate to the chain on a large scale, the scale and open value of data on the chain will further increase. Whether the Hong Kong government chooses to issue tokenized green bonds on the blockchain network, or institutions such as JPMorgan Chase and DBS use the Aave protocol to complete foreign exchange and bond transactions on the Ethereum network, the global traditional financial industry is constantly exploring blockchain Integration of the chain with its existing business.

As Justin Chapman, Global Head of Digital Assets and Financial Markets at Northern Trust, previously said,

“ There are compelling use cases that promise to bring new asset classes and products to market, leveraging the power of tokenization, platforms, ecosystems and new data sources to deliver benefits through the value chain and provide better governance and actionable insights.”

Behind these innovations based on blockchain technology, there is actually a massive amount of on-chain data flowing.

The openness of data on the chain essentially stems from the openness and transparency of blockchain technology:All on-chain activities, including smart contract execution and asset transfers, will be accurately recorded in the blockchain network, and anyone can query and verify them in real time. This value of data openness brought about by technology openness is particularly obvious in crypto-native projects. In the DeFi market, all fund flows and transaction records are open to users. Users can view the liquidity status in the fund pool in real time without relying on centralized institutions. This not only increases users’ trust in the platform, but also significantly reduces the cost of funds. Moral risks in the use process; in NFT trading activities, the openness and transparency of on-chain data make it easier for creators and buyers to verify the authenticity of artworks and historical transaction records, and avoid forgery and fraud.

More importantly, the data on the chain is not only open, but also public: any person, organization or institution can use the data on the chain for analysis, research and innovation. Developers can build decentralized applications (DApps) based on on-chain transaction data, researchers can analyze on-chain economic behavior based on user data, and commercial institutions can also use on-chain data to conduct market insights. This publicity greatly improves data utilization, not only creating value for individual users or companies, but also promoting the prosperity of the entire Web3 ecosystem.

Image source: Bloomberg🇸🇬Closed meeting scene

OKG Research served as a keynote speaker to demonstrate the application of on-chain data.

However, openness and publicity can only ensure that the data on the chain is theoretically credible and available, but more work needs to be done on how to utilize and use it in practice to maximize its value. But obviously, it is not realistic for everyone to have all-round capabilities from on-chain data capture, processing, storage, integration to analysis. There will also be a phenomenon of “reinventing the wheel”, so more developers and technology companies are needed. Good data analysis and preliminary work before use make on-chain data more accessible and better to use.Just as generative AI makes it possible for everyone to become a “content creator,” better-used data analysis tools will also give everyone the opportunity to become a true “on-chain data analyst.”

Today, the value of data is undergoing quiet but far-reaching changes. In the past, we always compared data to oil or treasure in the digital age, but now it has gradually become as necessary as water and air. Unlike oil or treasure, water and air are everywhere, yet always open and inclusive.Compared with the closure of traditional data systems, on-chain data, with its openness and publicity, redefines the use, production, sharing and value creation models of data elements, and has gradually become an indispensable “water” in Web3.0 innovation activities. and air”.

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