Learn about blockchain network analysis tool with Metrika
REDeFiNE TOMORROW 2023 has welcomed back Nikos Andrikogiannopoulos, CEO and founder of Metrika, a platform for monitoring and analyzing blockchain operations. Featured with Arthit Sriumporn, CEO & Founder of RakkaR Digital, focusing on solutions for analysis, blockchain networks monitoring, risk management, and future plans for Metrika to demonstrate the importance of monitoring and analytics platforms and their continued widespread use.
Why is a blockchain analysis solution crucial?
Nikos explained how Metrika developed synthetic indicators and differential simulations using a combination of on-chain, off-chain, and other Web2 data. This technology assisted in evaluating the effectiveness of blockchain networks and offered in-depth information to manage risk and adhere to regulations.
The protocol team found that this process was very helpful in creating blockchain networks because it helped to lower the risk associated with the introduction and scaling of new products. Later, financial institutions and applications began to demand blockchain. Data analysis has been recognized in the past as crucial to reducing potential risk because it helps financial institutions become more reliable for risk management, regulatory compliance, and future innovation.
Challenges in managing Metrika's enormous data volume.
Nikos emphasized the significance of robust decentralized network operation to boost credibility and promote the use of blockchain and digital assets. Metrika's massive data volume was still difficult to manage, particularly when a lot of it was generated by blockchain networks. Basically, people needed to comprehend the project's goals, the amount of data needed, and the data's current value.
To prepare for handling an increasing volume of data as time passed, Metrika continually used integrated data-storing methods and new solutions. The stored data was categorized by type and value. Some crucial information would be kept and possibly some other information would be removed later when it was brought in to be analyzed.
However, bringing data to the market for use was challenging because it took a lot of time and resources to develop the most efficient solution.
In order to manage the complexity and regulations, Metrika's analysis team also worked with protocol and foundational parts. They collected information for internal research as well as comprehensive data that would be helpful to the blockchain community.
Cooperation between the supervisory authority and blockchain monitoring platforms.
Nikos claimed that Metrika's framework for managing risk for financial institutions was the creation of regulations. This initiative was developed into a project to educate the supervisory authority and promote business growth. Both the Web3 and digital asset industries had large TestNet and MainNet that could benefit from lessons learned from actual use to enhance appropriate risk management.
Data from the traditional financial world VS data from Web3 and cryptocurrency. How could they possibly collaborate?
Nikos clarified the differences between combining crypto tools with those used in the traditional financial data monitoring industry. Metrika created entirely new things by combining the power of Web2 tools with the potential of Web3 and cryptocurrency. It expanded new capabilities in the area and made the use of digital assets more efficient.
He added that maintaining protocol updates was essential for Metrika's continued growth. In order to use digital assets in a variety of ways and create tools to support a wide range of uses, it aimed to collaborate with financial institutions and top organizations.
His team was also working on AI trends. However, Metrika's present strategy is still centered on the significance of the current problem, for which a plan had already been developed prior to AI development.
As AI was undeniably useful and had the potential to increase customer value and improve future user experiences, he anticipated improving it. Metrika had a lot of measuring information, rules, regulations, and risk management to deal with. AI can make using products easier for customers by, for example, answering their questions based on relevant data.
The state of the industry's competition and the difficulties faced by blockchain monitoring platforms
Both Web2 platform developers and startups trying to launch comparable network monitoring projects in the crypto world exist. These new businesses faced challenges in finding their beginnings, spreading their products, and overcoming obstacles. Nikos thought that Metrika's success depended on its capacity to dominate this area of the cryptocurrency industry, break down any barriers, and draw in businesses interested in digital assets and Web3 technology.
Metrika collaborated with protocols and projects in some blockchain ecosystems to continuously improve the plan to drive future innovation. It also required quick tool development, increased capacity, and collaboration with the top financial institutions and Web3 organizations in the world of digital assets. Because Metrika used general data from networks rather than personal or private data, it was transparent and in compliance with security regulations and privacy policies.
M12 (Microsoft) and Nyca have recently invested in Metrika. This fundraising opportunity offered a good chance to quicken the development of its tools to get them ready for the coming cycle of the crypto economy and Web3, as well as to concentrate on organizational and institutional clients.
Watch on YouTube at https://youtu.be/cZTpHygIX9k