DOUBLE TOP Chat, 09.12.2021
Footprint – is a powerful tool to index blockchain data and visualises it into tables, infographics, diagrams and so on. Since it has been mainly concentrated on interface, there is no need to use SQL requests and code to get information. The project will easily get massive and soon enough new functions and tools will be added.
Participants of the AMA session: Andrew – DOUBLE TOP representative, senior project analyst. Brian – Footprint Analytics representative, business manager and the one responsible for the project marketing.
Andrew [DOUBLE TOP]
So, let’s start with the first question we ask all guests.
Brian, how did you come to crypto and what have you been up to?
Brian [Footprint Analytics]
Really glad to be here! I started my journey into blockchain since 2018, I realized that it’s a time for the huge explosion in following years, and I am definitely an enthusiast for DeFi and excited to see Footprint our team, is on its right track to the core of blockchain.
We got an intro clip here: https://www.youtube.com/watch?v=sYTKKrOjUcc
Andrew [DOUBLE TOP]
Sounds great.
Thanks for the intro!
So let’s get to the main questions. Could you tell our community, what is Footprint?
Brian [Footprint Analytics]
First of all, I would like to introduce why we make data analysis products.
Since 2017, our team has been exposed to blockchain and invested in some Token and chains, from which we have gained some considerable profits.At the beginning of this year, we also tried to launch Token. As an operator of DeFi protocol, we hope to make clear statistics on various operational data, such as the number of users participating in each Pool, TVL, growth trend,etc.
At the same time, as investors of DeFi, we have encountered many problems, such as:
Lost money because of the inability to grasp the flow of funds;
Missed some good investment opportunities due to the lack of information;
Can’t manage and know the invested funds, and I don’t know how to calculate APY.
We urgently need some tools that can help us understand our investment status and history, and make objective and accurate analysis so as to optimize our investment strategy.
As a project operator and investor, we could not find a product in the market that meet our needs, the team decided to develop an easy-to-use blockchain data analysis platform, namely Footprint Analytics, to serve itself and users.
In summary,difficulties and challenges of data analysis on the chain:
1. For investors: I want to invest in a good Pool and play new shares.
2. For the data analysis platform: multi-chain and numerous complex protocol, lacking data standards, it is difficult to provide highly available services.
Footprint is one such product that provides an in-chain data analytics solution: provide a panoramic on-chain data service that meets the needs of multiple users:
1. For institutional investors: provide simple and fast tools to analyse the real APY of each pool and discover new investment opportunities.
2. For Protocol Developers: Get to know the operational data of protocols and understand industry trends.
3. For media and analysts: Get access to industry analysis data without writing a single line of code.
Our mission is to be the decentralized Bloomberg and the first choice for obtaining DeFi data.
Andrew [DOUBLE TOP]
Thank you for your reply. This is impressive.
Next question. How does Footprint index data from the blockchain?Could you tell us simply?
Brian [Footprint Analytics]
Data comes from the chain. At present, there are more than 2,000 protocol in the chain, generating 1 million event tables.
1.We develop Footprint’s intelligent model, and through this model, the unstructured data in the chain is analyzed into data with business significance, Dex,Lending;
2.Footprint classifies business data and gives business meaning. The practice of industry data providers, which directly opens the underlying unstructured Raw data, faces the problems of slow speed and redundant data for users.Footprint’s data categorization solves this problem with the advantages that users can use it simply, quickly and directly.
3.Footprint is the first data analysis around Pool in the market.
We have developed 3 intelligent data parsing models: analysis of Pool, data parsing of the analyzed Pool, automated verification of the parsed data, and finally formation of structured business data.
Other data providers in the market need 3 days to parse a platform, we have 3 hours to parse a platform, which is 10 times more efficient.
Andrew [DOUBLE TOP]
I see huge benefits in your protocol mechanics.
Moving on to the next question. How accurate is the Footprint data? We know very well that data accuracy is the most important thing for analytics.
Brian [Footprint Analytics]
Thanks for the appreciation!
As of now, our data accuracy is over 96%, actually it’s very difficult to reach 100% from a technical point of view. We will keep improving ourself to get closer to that. And we have a full system of monitoring the error of data by using both internal and external methods.
Data parsing is a tough job without instant repayment, even though all data is traceable on chain. For varied requirements on cross-chain or cross-platform data , which makes data that should be much “personalised”,which leads to data users have to spend effort on data cleansing when using this data.
When we started Footprint Analytics, there were already some platforms ahead of us running for quite a long time, and we were in the process of catching up with them, trying to figure out how to improve our efficiency and overtake them.
We have built 3 Smart Models: a pool model, a contract parsering model, and a validation model.
Rather than just stacking manpower and programmers, we have built unique, highly automated, efficient and intelligent tools that are our nuclear weapons.
For example, if a new protocol is deployed, our competitors may take 1–3 days to interpret and analyse it, our model can parse and analyse it within 3 hours and produce hundreds of metric calculations.
Our goal is to be fastest new platform coverage, deepest parsering, widest coverage.
More visualized can be referred to the images below:
Andrew [DOUBLE TOP]
This is really impressive. I think our community is already interested.
The following question is probably asked to you a lot.
How is your project different from other outstanding projects currently on the market such as Nansen and Dune? What are the advantages of a Footprint over them?
Brian [Footprint Analytics]
To be frank, we are really impressive by the works of Nansen’s and Dune’s team!
Footprint’s core strengths are the data sources we mentioned earlier and the technology solutions.
Regarding Nansen, we believe that in a decentralized ecosystem, the positioning of tools must not be an “information cocoon”, that is, “what do I think you should look at”.
The tool should be “built for user, built by user” that conforms to the definition of decentralized ecology. We are only responsible for the data foundation, application ecology, how to use, what to use, and what to do, all are determined by the user.
We hope that in the future we will be a data analysis community, not a data portal. At present, we have more than 5,000 charts, most of which are created by users.
We really like Dune’s idea of crowdsourcing their tagging and table making.
But we have more advantages in UX on the application side. We have served millions of individual users, and we have strong competitiveness in how to hear users’ voices, how to discover their deep needs, and how to solve their real problems.
A typical example is that Dune’s data is raw data, and analysts need to write SQL to use it, while footprint.network provides a drag-and-drop UX .
As you can see, Footprint is easy to use. You can create a form by dragging and dropping in 1 minute.
Andrew [DOUBLE TOP]
Yes, I want to say it’s true, Footprint is easier for me to use than Dune.
So, next question. Can you talk about paid subscriptions? What are the benefits they provide?
Brian [Footprint Analytics]
Good question!
First of all, we provide many free features for our users to use all our data for free, to use many chart types, and to view all our data dashboard, which is enough for basic data analysis.
If you are a professional analyst and want to analyze the data further, we offer a larger number of dashboard and chart credits for paid users, SQL for exploring the data, as well as the ability to download data, remove watermarks, etc. to meet more personalized usage needs.
We are also launching an enterprise version, customizing the parsing data, using data APIs to expand data application scenarios, etc.
Andrew [DOUBLE TOP]
Let’s talk about NFT. Do you plan to interact with the NFT?
Brian [Footprint Analytics]
I am really a big fan for NFT and truely believe in metaverse as my perspective
More and more well-known companies get involved in NFT and the metaverse.
NFT now there is still some controversy, I personally think that in the metaverse, NFT has entertainment value, financial value, I am very optimistic about the future of NFT.
For footprint.network, where the demand is, where the data is, that’s where we will serve.Some of NFT’s data is now available to users on Footprint. Regarding our direction, we also have a development plan to set up data-centric explorations, such as metaverse oriented early trend exploration.
Andrew [DOUBLE TOP]
Thanks for your point of view. Our community is interested in the current status of the project.
Could you tell us at what stage is the development of the project now? Are you planning any major partnerships?
Brian [Footprint Analytics]
Currently, Footprint is 4 months old and we have achieved a lot of success and the product has been well received by the community.
In terms of product application, Footprint has completed the breakthrough from 0 to 1. Footprint Analytics has been liked by many users and more than 3,000 charts were contributed by the community.
Technically: we have established data standards and an intelligent data parsing model to speed up the parsing of data.We have covered 3 chains and parsed more than 500 protocols.
We have established automated content production and multi-channel distribution mechanisms, resulting in 300,000 brand exposures per month.Our brand influence is growing.
In the next phase, we will cover more data, multiple chains, and multiple types. Extend more product applications and build DAO model.
We believe that the on-chain data analytics track is stiil at a blue-ocean stage and will be one of the key infrastructures of Web 3.0.
We are also now in contact with some investors who want to help accelerate Footprint’s growth. We have made some progress and will announce when everything is ready. We welcome all teams, project parties and investors interested in blockchain data to join us and build a blockchain data Lego community.
Andrew [DOUBLE TOP]
Thank you for this invitation. Your work is impressive.
Partnerships and Community Support are the most important thing for a project to grow. So for project, can you tell us how do you plan to keep community alive?
Brian [Footprint Analytics]
Yes, community support is very important and we are already working on the DAO model.
The implementation of Dao is divided into 4 phases and is expected to be completed by the end of 2022
1）Implement community proposal and voting process.
2）Launch decentralized data analyzer node.
3）Grow Footprint network with tokenization and economic model; Launch decentralized data validator node.
4）Complete decentralized Footprint node; Launch decentralized data indexer node.
The core point: the establishment of a vault, from which the entire community ecology is stimulated, including developers, data analysts, data nodes, data validators.
Gradual transition from web 2.0 to web3.0 data lego community.
Here got four phases in an image for better understanding:
Friends!
I want to remind you that you can study the project in more detail at these links:
Website: https://www.footprint.network/
Twitter: https://twitter.com/Footprint_DeFi
Discord: https://discord.com/invite/3HYaR6USM7
Telegram: https://t.me/joinchat/4-ocuURAr2thODFh
Youtube: https://www.youtube.com/channel/UCKwZbKyuhWveetGhZcNtSTg
Andrew [DOUBLE TOP]
Thanks, Brian! It was a great AMA. I hope our community has received all the necessary answers.
Links to our web-resources:
Website: https://doubletop.io/
Twitter: https://twitter.com/doubletop_io
Telegram: https://t.me/doubletop
Youtube: https://www.youtube.com/c/DOUBLETOP_IO
