CPS Proposal: Analytics for Smart Contracts

Full proposal HERE

A. Description

We are building a platform for smart contract owners across different chains to visualize what is happening in their contracts. Imagine Google Analytics for Web 3.

There is an abundance of data on the Blockchain. The web3 analytics platforms are focused on letting the end user know what is happening with their wallets. There have been many successful use cases like Zapper, Zerion, and Nasen. They help the users visualize their wallet activities across different projects and allow users to know details that users can easily miss. However, no current platform can help smart contract owners visualize what is happening on their smart contracts.

Contract owners will be able to visualize different events and understand the patterns around the same. They will be able to compare the nature of events with similar smart contracts. They will be able to compare based on events, activity volume, users, and transaction timelines.

Smart contracts are the websites in Web 3, and a platform like this will help contract owners make better business decisions based on user interaction data with their contracts.

B. Community Research

We spoke with some major technical teams from the ICON community, and they would be the first people who will try this product out. They also loved the idea and thought that it would be beneficial. We will make this product blockchain-agnostic in the future, but we are starting with ICON as we know the community well here. The next chain would be Ethereum as soon as we finalize the background for ICON.

C. Blockchain and Data Science

The global data science market is more than 90 billion dollars as of 2022. Multiple industries have been able to get tremendous value by applying data science to their domain-specific data. The application of data science in Blockchain is still in its initial days, and different products are being made. We are developing a product that serves the blockchain application, and use cases like Google Analytics helps web products and businesses.

Over the next decade, we will undoubtedly notice the vast implications of Blockchain in the global economy. Emerging conversations and products in the industry use data science methods on blockchain data. Fundamentally, Blockchain validates and records data, whereas data science allows us to create valuable business insights using data from any domain.

Data analysis in any domain can provide meaningful insights. However, getting high-quality data, making real-time analyses, ensuring the legitimacy of the data, and sharing data always require much work. Blockchain solves these pain points for data analysis quite easily. This reality will help create better and real-time analysis of data that needs less processing, is trustworthy, and is available in real-time.

The applications on top of the Blockchain can sometimes confuse product owners and their users. Data science can help these applications make sense of the blockchain data which otherwise can look challenging to comprehend. Using data science on blockchain data, we can create analysis that can provide real-time business insights helpful for blockchain product owners to make business decisions.

D. Development Phases

We will develop the project in three phases. The primary focus of development will be to help smart contract owners visualize the activities in their contracts, followed by helping them compare with other similar smart contracts.

Phase One

In this phase, we will build the product so that the smart contract owner can visualize the different user interactions with the smart contract. Some of the features that will be available for the smart contract owners are as follows:

  • Timeline of transaction / trading volume.
  • The number of users who interact with the contract sorted by the volume of their transactions.
  • The percentages of wallet addresses that could be bots.
  • Wallet addresses that could be closely linked with each other.

Phase Two

In this phase, we will build the product to help the smart contract owners compare their user activities with other similar smart contracts. They can choose the smart contracts of their choice and compare different features that highly relate to their business.

  • Comparison of transactions on a timeline
  • Comparison of top user volume
  • Comparison of wallet addresses that are bots

Phase Three

In this phase, we will build the product to help the smart contract owners identify their high/medium/low-value users. They can also understand the transactions of their users across different projects. This feature will allow them to make business decisions that are more community-centric.

E. How can different projects use the platform?

In the first three months, we will build the basic functionality as demonstrated above. In the future, different projects can use the platform to analyze information regarding features that impact the gameplay, the associated tokens and the community associated with the same.

Projects can look into features like Token usage in gameplay, Tokens burnt, secondary market trading volume, clusters of users as per their usage and the wallet addresses that have claimed airdrops amongst others.

F. Project Milestones

Milestone One ( 1 month)

  • Create the data structures necessary for the project.
  • Start development of the website.
  • Start onboarding early adopters. Some of our early adopters could be Balanced, OMM, GangstaBet, and Craft.

Milestone Two (1 month)

  • Get the product ready for independent, smart contract user testing.
  • Complete dashboard development for independent smart contract users.
  • Complete user testing with early adopters.
  • Get the products ready for comparison between smart contracts.

Milestone Three (1 month)

  • Finalize the website and make it ready for launch.
  • Finish final testing with the feedback from early adopters for single contract use and comparison between contracts.
  • Finish integration and make it ready for new users.
  • Finish early categorization of users in smart contracts as high/medium/low-value users.

G. Funding Amount Requested

We are requesting the funds for initial development, design, and product management. The funds will hire data engineers, front-end developers, designers, and cover other miscellaneous expenses. The total amount requested is 20,000 USD.

  • 1 Data engineer @ $2,500 = $2,500 x 2 = $5,000
  • 1 Full-stack Developer @ $2,500 = $2,500 x 3 = $7,500
  • 1 Designer @ $2,000 = $2000 x 3 = $6,000
  • 1 Part-time Project Manager = $500 x 3 = $1,500

We will apply for further funds after completing the work in 3 months. These funds will be used towards future enhancements, development, and product roadmap.

H. General FAQs

  1. How will this help the ICON community?

A product like this does not exist in the broader web3 ecosystem yet. We want to start building with the ICON community as it’s one of the most constructive communities. We plan to develop a multi-chain product that will have its inception in the ICON blockchain. This process can help draw better and more innovative projects to the ICON ecosystem.

What kind of smart contracts will the platform serve in the first three months?
We will start by building this system for Defi, tokens, and NFTs on the ICON blockchain. We have selected these smart contracts because they can add immediate value to many projects in the ecosystem.

We are aiming to build a multi-chain product. ICON can be the perfect place for a project like this to start, as the community is welcoming to new ideas and provides constructive feedback. We also want the ICON community to grow. We will move to build for Ethereum after the first three phases are completed.

We have good relationships with the major teams in Defi (OMM, Balanced, Karma) and NFT (GangstaBet, Craft). These teams can provide us with valuable feedback before we launch in Ethereum. In addition, our team has developed some of the major products in ICON, and hence we know the core blockchain, tooling, teams, and community well inside ICON.

Can you tell us more about the future of this project?
We want to build this project on the ICON blockchain. We want to scale the product to be able to adapt to different blockchains and provide services to users in those communities.

What is this product solving that the other services in the market do not solve?
The product provides analytics to smart contract owners. The available services in the market now offer analytics services to users and are centered around their wallets.

Will there be any tokens?
There are no future plans for any tokens in this project.

I. Implementation

Our team will be leveraging the ICON ETL tool built by sudoblock for ICON Tracker. We plan to consult closely with their team to understand the in-depth data from the ICON blockchain and build our own data layer to transfer and filter data for analysis. The final data will be used in the smart contract analytics dashboard.


J. Future Enhancements

The platform we are building has enormous possibilities. We will keep building the project to provide users with more sophisticated data science visualizations that can help them make business decisions quickly.

K. Team

The project is built by Techflow.space team in collaboration with the ICONOsphere & GangstaBet team. Our team has built several projects in the ICON ecosystem in partnership with ICONOsphere. Some of our projects include:

  1. We have the core developers of Balanced Network, OMM Finance, and Bridge.
  2. We supported the building of GangstaBet NFT Collectible.
  3. Dice Roll Game: Developed ICX DiceRoll app – See it on GitLab here, play it here – http://diceroll.win/
  4. We contributed to the development of Balanced Network, OMM, Bridge & ODI projects.
  5. We host the Testnet Faucet: ICX Testnet Faucet, which the developer community still uses.- http://bit.ly/iBrizfaucet
  6. We run the ICON Testnet Node.
  7. We have developed payment gateways for clients to receive their IRC-2 tokens.
  8. We demonstrated a working non-fungible token (IDOL Token) and dApp development using tbears before the Testnet launch at the ICX Station SF Launchpad Kickoff event (9/6/2018) – - YouTube
  9. We built the ICON Contribution Proposal system.
  10. We are currently hosting the open Dev ICON contract libraries.

Message from Sponsor

Although there has been few data related projects in ICON, this is a very focused endeavor from the smart contract optics focusing on devs and apps builder rather than individual users. This is has been lacking in the space. We feel that this will helps devs and apps developers get a better understanding of how users are interacting with their product to make a more intelligent future iterations etc.