The Benefits Of Unblockching Blockchains

Date : 02/07/2019 @ 1:51AM
Source :ADVFN Crypto NewsWire
Stock : Bitcoin (BTCUSD)
Quote : 8032.52000000  20.52000000 (0.26%) @ 12:23AM
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The Benefits Of Unblockching Blockchains


 
 

Bitcoin Global News (BGN)

February 06, 2019 -- ADVFN Crypto NewsWire -- In September of last year, Google added the Ethereum network to their big data analytcs platform BigQuery. For most commonly used cryptocurrencies there is an API for doing simple searches on the given blockchain for thigns like checking transaction status or wallet balances. For cryptocurrencies like Bitcoin that are used primarily as stores of value and normal transactions, this is sufficient. However, blockchain networks with a more diverse toolset, it becomes more complicated.

The addition of more complex search capcity allows all of the Ethereum’s network data to be searched, which is most relevant to the networks abilty to form intricate smart contracts. Google has since added many other cryptocurrencies to their data analytics platform, and most recently this previous Ethereum addition has allowed them to easily add the Ethereum Classic (ETC) network.

 

Visualization and Accessability

The system synchronizes the ethereum blockchain to computers running Parity, and takes the data from the ethereum ledger on a daily basis. It  "de-normalizes and stores date-partitioned data to BigQuery for easy and cost-effective exploration." The purpose of continually “blocking” a blockchain network is to reduce the amount of data, while maintaining a running ledger that has a components of all previous. This is important because any changes to the network would affect the network as a whole.

This allows cryptocurrency network or more robust network with smart contracts like Ethereum or Ethereum Classic to operate quickly. It would be impossible to funciton without condesing the data to blocks. However, this makes it very difficult to pull useful data from who the network is being used.

This visualization could help prioritize improvements to the Ethereum architecture itself. A Brazilian entrepreneur Edilson Osorio Junior, CEO of OriginalM believies access to this data will make it easier for his startup to function. He started a blockchain voting and verification startup back in 2016, and was even a particiapant in  Google’s Startup Residency Program in 2017. Google’s data analytics platform takes some of the work off his company:


“Retrieving from BigQuery will be so fast, so I don’t need any more to have a local database to be redundant.”

 

 

By: BGN Editorial Staff

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