Applications
Below is a non-exhaustive sample of how Azorus customers can leverage the platform for their needs whether as an individual or a web2/web3 company.
Data Feed
Every project can run their own node to retrieve blockchain data as they see fit. But what if it is just an early proof of concept and they want to validate its use case? It may not be worth figuring out how to set all of that up from the start, but instead, invest their time on building the product. Similarly, there might be a blockchain analyst who developed a unique predictive model that pulls in data offchain as well. It may be beneficial for an existing project to integrate this with their services and pay for the API usage.
Trading Bots
Most, if not all, cryptocurrency trading bots on the market rely on price action to determine if they should initiate a buy or sell order. There might be an opportunity worth exploring to disrupt the space by leveraging onchain data to predict or supplement future price movement. For example, in very broad terms, someone could: create a richlist, identify coin transfers, classify address behavior, then develop a machine learning model on top of the data to extrapolate what could happen next across the market. Being able to unlock this feature would offer the trader a significant advantage in the cryptocurrency exchanges, decentralized or not.
Portfolio Management
Tracking asset performance is important for getting a read on overall investment health. However, it is just as important to log minute transaction details, especially for customers in particular jurisdictions that have stricter tax laws. This is where accounting software can integrate with Azorus data pipelines to not only warehouse historical data, but also utilize it as the base layer to categorize when an asset or NFT was bought/sold and calculate the profit/loss at the time of the transaction. Using blockchain data would ultimately remove this manual record keeping work for a large number of investors.
Community Engagement
Querying blockchain data is one way for project owners to interact with ecosystem participants without directly asking them to provide sensitive information like their email or cryptocurrency address. An example of this is with the Mi Goreng memecoin airdrop in March 2022. The token creator, along with the author of this whitepaper and another ErgoDEX mod, queried the blockchain to identify all addresses that ever interacted with ErgoDEX. We then proceeded to airdrop tokens to each one of them which caused quite a stir in the Ergo community1. Using this method, the team went on to airdrop a few more rounds picking out different cohorts on the platform: addresses holding 1 or more $ERG, addresses that contributed to a specific liquidity pool, etc.
Massive Open Online Course
The MOOC industry has taken off in the last few years to close the gap in the specialized labor market, specifically for data scientists and machine learning practitioners. For example, the global market value was estimated at $6.85 billion in 2020 and forecasting to $18.93 billion by 20262. The advantage of these programs is that they eliminate the initial technical setup to get the customer development environment running. This means the individual only needs a computer, access to stable internet, and a web browser to participate and acquire a new skillset.