Overview
Web3Go is an open data platform that focuses on the formatting, visualization, sharing, and collaborative analysis of the on-chain data generated in the Polkadot ecosystem.
With the boom of DeFi, NFT, and metaverse, there is a large amount of data generated on the blockchain every day. Beyond all doubt, data is exceedingly valuable — it’s the signal that empowers media companies, investment institutions, and blockchain participants to make informed decisions and make sense of the on-chain world. However, it is difficult for non-professionals to obtain and understand blockchain data due to the abstractness and sparseness of its nature. To curb this challenge, our project is to build a data platform for the Polkadot ecosystem and provide a series of toolsets so that everyone can easily obtain visualized results of data analysis.
Specifically, we are able to track numerous smart contracts on-chain with various parameters, such as staking and CDPs (Collateralized Debt Positions) in DeFi protocols, NFTs circulation, as well as the flow of cross-chain assets on the Polkadot ecosystem. All indexed data will be formatted and persisted. Alongside the data of ERC 20 tokens, which the majority of existing data platforms provide, we also support Kusama, Karura, Moonriver and potentially more networks.
We noticed that there is a big gap between professional users and normal users in terms of the technical know-how of data. On one hand, we want to lower the hurdle for people to contribute their data sources and know-how. Using the well-designed infrastructure and tools provided by Web3Go, everyone can easily create, publish and share their industrial insights using nice charts created upon real, formatted blockchain data. On the other hand, we create an interesting dynamic where users can support each other and patronize those who contributes with great work. With the help of the Substrate parachain smart contract, Web3Go users can publish their data needs on the platform and add rewards to motivate professionals to perform data analysis work; Our platform also allows data professionals to publish and monetize their data analysis. They might choose to provide data analysis for free or a fee, as one can gradually gain trust and reputation within the community.
By restructuring the way data analysis is produced and providing an open data platform, we aim to break the existing monopoly on data analysis and interpretation, such that everyone can truly enjoy the untapped value behind blockchain data. The interpretation and analysis of data should not be in the hands of a few centralized professionals, but rather, all users should have a say and benefit from it. Our vision is to build a Polkadot-based data analytics infrastructure, toolset, and incentive system where everyone can publish and be rewarded for fulfilling data tasks. As such, an open and free data platform will be built to surface the signals of what is happening in the Polkadot system.
We’re standing in a very primitive stage of the Polkadot ecosystem. But as Polkadot grows and expands, more on-chain data will emerge and the value behind this data is giant. Building and running a data platform will not succeed in one night — it takes time and patience to accumulate and evolve.
Architecture
- Indexer: An indexer of the blockchain extracts the on-chain data and saves the data in the database in a formatted manner. Since the Polkadot network is composed of relay chain and parachains, each parachain can define its own Event or Call, so each indexer of the parachain must adapt to its metadata. There will be multiple instances of the indexer of Polkadot.
- Data Board: A data board is the visualization result of data analysis created by analysts, which can display the curated and formatted information on the Polkadot ecosystem such as token transactions, holders, NFT transfers, or history of a transaction, the statistics of a Defi protocol, or a special event like the parachain slot auction and governance.
- Contract on Substrate: We’re using smart contracts on the Substrate nodes to request, publish, share and reward data analytics activities within Web3Go. There are primarily two kinds of players involved in the smart contract: 1) Data Demander, who has a need of professional, visualized results of data analysis regarding events that happened on the blockchain. Data demanders will publish the needs through the contract with bounty to incentive whoever fulfill those needs; 2) Data Analyst, who has professional knowledge and skills and take on data tasks, or who publish and share self-created data boards to the community in a paid or free manner. The smart contracts have integrated a reputation system in which people who create more valuable data boards will gain a higher reputation so as to incentive active contributions in the ecosystem.
- Query Module: The Data Query Module provides a user interface to the data analyst to generate data boards. Because data stored on the blockchain is in the form of key-value pair, it is very hard to use and analyze the on-chain data directly. With the UI provided by the Query Module and along with the Chart Display Module, the analyst can easily make use of formatted data and visualize it in an automatic and customizable manner. Also, data boards are automatically synchronized with the blockchain, so updates will be reflected on the data board in real-time.
- Chart Display Module: The Chart Display Module can visualize the result of data analysis and is the main component of the Data Board. The Chart Display Module provides different charts such as bar charts, pie charts, scatter plot, and so on.
- Subscription Module: For each created data board, the data demander of this data board can subscribe to the notification signaled from this board. Notifications can be triggered by a big transaction of a given token or an APR vary of a DeFi protocol. This module provides the functional capabilities of the subscription feature.
- Label/Tag Module: This module assigns different labels to addresses based on their historical activities on the blockchain, e.g. token transfer, Defi participation, etc. It is surveyed that at least 50% of the total addresses on Blockchain are inactive. This module can filter active addresses according to its activities and label as “Big Whale”, “High Activity” and so on. The labeled addresses are a very useful dataset that can be monitored to signal what is happening on the blockchain.
- Data Mining Module: The Data Mining Module is used to look for regulations and patterns in large batches of data come from the blockchain. Data mining is widely used in some traditional industries like retail, manufacturing, financial and financial insurance, and we believe that apply this technology will benefit the blockchain industry as well. The module will dig through historical data to discover hidden connections and predict future trends in the specific area in the blockchain, like token price prediction, Defi earns prediction, etc.
- Community Module: The community module is a public place where data activities participants can communicate. For example, data demanders can publish their demands, the data analysts can take on the tasks or share their own data boards, and the most welcome data boards will be listed here.
PoC
This web application containing several data boards has been built as a proof of concept:
- We have used the architecture mentioned above to index three ERC 20 tokens, which are LIT, ATA, and POLS. Using nice charts and tables, the data of transactions and holders are visualized and some addresses are labeled according to the labeling rules;
- The “Kusama Crowdloan” data board lists the crowdloan events on the Kusama Network. This data board listed the token staking contributions and the corresponding participants for each project which attends the Kusama crowdloan event;
- The “CDP status of Karura lending” data board tracks the CDP (Collator Debt Position) status of the Karura lending system and provides the real-time status of each account.
Ecosystem Fit
Most (if not all) successful data analysis projects are rooted in the Ethereum ecosystem. They usually focuses on a specific area such as DeFi tracking, token tracking, or wallet profile tracking. Similar projects include Nansen, Dune Analytics, 0xTracker, and DeBank. However, there is no existing data analytics project designed for the Polkadot ecosystem.
We aim to be a niche player in the Polkadot ecosystem. Because we believe that what Polkadot is building and facilitating is the future of the blockchain space, and there will emerge more interested data as the unique structure of the Polkadot Network continue to grow and evolve. We believe the whole community needs a data analysis tool as soon as possible to leverage the data.
What makes us different?
- We are the very first project that focuses on the data analysis for the Polkadot world
- Designed to let everyone benefit from the value of data in the Polkadot world and make data accessible to everyone, rather than in the hand of a few of centralized institutions or projects
- An incentive mechanism that gets everyone involved and participates in the data related activities
- A comprehensive analysis not only focuses on one field but will include all data such as cross-chain assets, governance, slot auctions, DeFi, staking, and tokens.
About Web3Go
Web3Go is an open data analytics platform that allows users to extract, curate and visualize data with powerful yet easy-to-use tools.
Deeply rooted in the Polkadot ecosystem, Web3Go provides a series of Web 3 data related services: Micro-level analysis and visualization of cross-chain assets transactions, parachain slot auctions, DeFi activities and token transaction histories; Sophisticated address labeling system to create user portraits and accumulate user identity library according to the behavior data on the chain; Utilizing Substrate Smart Contract, a reward system is deployed to incentivize users to post data task and patronize data professions on Web3Go. Being said, Web3Go will provide the essential technical infrastructure for data applications of all kinds in the Polkadot ecosystem.
