Data analytics helps maximize business performance with data-driven solutions. It allows businesses to analyze their processes, products, and services to improve their current processes and make data-driven decisions based on insights from data analysis.
Data is the new gold in the information age. Web2 provides access to a treasure trove of data, with powerful insights into retention, engagement, and traffic. But this has also given rise to a series of privacy issues since data such as the user's current location, signed-in device, and referral sources are routinely packaged, monetized, and used without the user’s consent.
On the one hand, with on-chain Web3, users will have unprecedented control over their personal data by anonymization. And on the other, businesses can still get powerful insights to build better products and services, and users can protect themselves from constant tracking.
According to Market Research Future, in 2023, the Web 3.0 blockchain technology sector will be worth more than six trillion dollars, and Web3.0 will continue to grow at a CAGR of 44.6% from 2023 to 2030.
When stepping into this new and rapidly developing era, understanding how to control and leverage business data in these new conditions is critical to gain a competitive advantage in the market.
Web3 analytics can turn raw data into valuable inputs and show metrics such as new user retention, daily/weekly/monthly active users,user engagement, transaction volumes, business KPIs, etc. While Web3 analytics don’t collect personal information, it still allows businesses to understand how users engage with a product or service.
With it, businesses get a more profound understanding of the data emerging from their activities to refine their workflows. For example, Web3 analytics can help developers understand how users reacted to a new feature and how it impacted core metrics such as usage frequency and short/long-term retention.
In the era of Web 3, businesses to stay ahead of the competition will have to overcome completely new obstacles. Having valuable data insights on the market helps them decide on the best course of action to improve efficiency and generate more revenue.
It comes as no surprise that with new opportunities, new challenges often appear. Web3 and blockchain technology affect the way businesses used to perceive their data. However, it’s quite a new concept on the market that presents new challenges to developers. Here are the top Web3 challenges and how Datrics overcomes them:
The entire technology landscape around blockchain is non-trivial. There are no pre-built analytical tools, as in the case of well-established web analytics. So there are many complexities associated with accessing data. You can't just pull data and build a dashboard like you would in Google's Data Studio. But with Datrics, you can process data from various sources and chains.
With the popularity of DeFi and the Web3 revolution just around the corner, the need for blockchain data is also growing. But this data is tricky to access and work with. Each blockchain comes with its own standards and specifications that require deep subject matter expertise to set up nodes and collect all the data. Datrics gives users greater flexibility with loading data and adding it to a data lake or warehouse.
People making transactions often worry about their personal data being exposed. They want to ensure it won’t get into the wrong hands. Therefore it is critical for blockchain projects to retrieve the insights about the products and ecosystem usage without the user's personal information.
Data analytics is a complex procedure even when it comes to Web2, so you cannot just open a data set and review every insight. Turning raw data into actionable insights requires the hard work of data engineers, data scientists, and dozens of tools. But Datrics simplifies and automates the process of data preparation and makes it highly visual so that even non-technical users can evaluate the results and make instant predictions using ML models and build dashboards.
Blockchain cannot engage with information existing outside the network. Without tools that match on-chain and off-chain information, you cannot analyze your service or product to the fullest. Datrics bridges the gap between blockchain data and real-world data.
Data supports businesses in decision-making regardless of whether they’re a Web2 or Web3 product. Businesses that cannot respond with externally-facing solutions are at risk of losing their clients to rivals. An evolving analytics ecosystem that could work with multiple on-chain and off-chain data sources can lead to better service and consumer engagement.
Web 3 analytics has a number of different applications. We’ve highlighted the most striking and relevant in our opinion today.
Datrics is a data analytics parters for Web3. We empower blockchain teams with meaningful insights from on-chain and off-chain data. We apply our blockchain and data analytics expertise to deliver bespoke solutions to businesses. Some of our use cases with blockchain:
On-chain and off-chain user and marketing for Near Foundation
The task that the NEAR Foundation set for Datrics was to build end-to-end analytics that could measure the ecosystem's health and key success metrics. The uniqueness of the analytical system developed for NEAR Foundation lies in building a seamless connection between the web activity and its on-chain component.
The entire set of analytics is presented as a series of dashboards that allow custom filtering and provides insights into the success of the NEAR community as both developers and general users.
The set of metrics is widely-used at the company to identify and nurture the most successful projects, select strong product and marketing strategies and prioritize product development.
Read more: Datrics for Near Foundation
Leveraging the AI potential for Yanda
Yanda, an innovative crypto trading platform, turned to Datrics to automate trading tools and enrich the user experience with data-driven trading signals and analytics. A series of ML solutions were built with Datrics and integrated into the platform to enable quicker, more accurate, and more profitable decision-making about trading strategies based on AI-powered data analysis.
Datrics offers competitively fast implementation, ML infrastructure out of the box, fast preparation date, and scheduling. Therefore, cases can be easily integrated as retrainable pipelines in the matter of days.
Read more: Datrics for Yanda
Leverage your data and outperform competitors with Datrics.
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